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Jadro 1 John Jadro Webonomics Mr Haessler 17 February 2000 Minimum Wage Regression The proposed increase in minimum wage will do a number of things to the economy The greatest effect it has will be on inflation There is a strong correlation between raises in the minimum wage and raises in inflation The effect of raising the minimum wage on employment is very little The correlation between an increase in inflation and an increase in unemployment is weak also The strongest correlation is between increases in minimum wage predicting increases in inflation The equation for this is CPI -259388 minimum wage The R-sq value is 875 and the R-sqadj value is 868 This is proof of a strong relationship between the two variables Increases in minimum wage predict increases in inflation 868 of the time When minimum wage is increased it brings a rise in inflation There is more money put into the economy with a minimum wage hike but inflation counteracts this As inflation rises the value of the dollar decreases There is very little net change The correlation between increases in minimum wage and increased Jadro 2 unemployment is extremely low The equation that models this relationship is Unemployment 975-844 minimum wage The R-sq value is 190 and the R-sqadj value is 147 This indicates a very feeble correlation Increases in minimum wage predict increased unemployment 147 of the time Basically increases in minimum wage are a very inaccurate predictor for an increase in unemployment The proposed minimum wage increase will have almost no effect on unemployment according to this model Raises in inflation have a very weak correlation to increased unemployment as well The equation that models this fact is Unemployment 930-0227 CPI The R-sq value is 236 and the R-sqadj value is 196 This indicates an increase of inflation predicts an increase of unemployment 196 of the time This again is an inaccurate indicator Increases in inflation have
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