Abstract
This study aims to comprehensively examine the macroeconomic factors influencing the determination of minimum wage in Turkey from both theoretical and empirical perspectives. The analysis includes variables such as real minimum wage, unionization rates, inflation levels, unemployment rates, real economic growth (GDP), and labor productivity. The findings indicate a positive relationship between unionization rates and the minimum wage, with inflation also leading to an increase in the minimum wage. Conversely, higher unemployment rates are found to decrease the minimum wage, while economic growth positively impacts it. Increased labor productivity, however, is associated with a decrease in the minimum wage. Additionally, dummy variables for crisis periods were not statistically significant. These results highlight the importance of considering various macroeconomic factors in the formulation of minimum wage policies. The outcomes of this study provide valuable insights for policymakers and pave the way for future research. Key Words: Minimum wage, Unemployment, CPI, GDP, ARDL Model. JEL Codes: E1, E24, J3.
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