mpacts of minimum wage policy and formal labor taxation on family well-being and decisions
investing in education, physical capital or leisure?
DOI:
https://doi.org/10.5433/2317-627X.2024.v12.n2.48430Keywords:
Fiscal policy, general equilibrium computable model, minimum wageAbstract
This paper presents an approach of the interaction between fiscal policy and unemployment through a stochastic general equilibrium model (DSGE), which mainly analyzes the effects of labor tax policies on unemployment. The model allows us to consider formal and informal labor markets, to evaluate the qualification award in Brazil, and it corroborates the idea that the Brazilian formal labor market is strongly explained by its own rigidity rather than by economic dynamics. The theoretical model was calibrated for the Brazilian economy and using a partial equilibrium analysis, the results showed the tradeoff between investment in capital and education, leisure and labor supply in the formal and informal sector of the families.
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