Do labor market institutions matter for business cycles?∗ - European ...

8 TABLES AND FIGURES 23
6 x 10−4 vol(y)
x 10 −4
vol(n)
4
2
0
−10 −9 −8 −7 −6 −5 −4 −3 −2 −1
m acro econ om ic factor
1.5 x 10−3 vol(pi)
1
0
−10 −9 −8 −7 −6 −5 −4 −3 −2 −1
m acro econom ic factor
1.5 x 10−3 vol(w)
1
1
0.5
0.5
0
−10 −9 −8 −7 −6 −5 −4 −3 −2 −1
0
−10 −9 −8 −7 −6 −5 −4 −3 −2 −1
0.015
0.01
m acro econ om ic factor
vol(u)
0.5
m acro econom ic factor
1
cor(y,n)
0.005
0
0
−10 −8 −6 −4 −2 0
−0.5
−10 −8 −6 −4 −2 0
m acro econ om ic factor
m acro econom ic factor
1
cor(w,y/n)
1
0.5
0.5
0
0
cor(y,y/n)
−0.5
−10 −8 −6 −4 −2 0
m acro econ om ic factor
−0.5
−10 −8 −6 −4 −2 0
m acro econom ic factor
0.5
0
cor(n,y/n)
0.4
0.2
cor(y,pi)
0
−0.5
−0.2
−1
−10 −8 −6 −4 −2 0
m acro econ om ic factor
−0.4
−10 −8 −6 −4 −2 0
m acro econom ic factor
Figure 2: Business cycle statistics and macroeconomic indicators.