Do labor market institutions matter for business cycles?∗ - European ...
Do labor market institutions matter for business cycles?∗ - European ...
Do labor market institutions matter for business cycles?∗ - European ...
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8 TABLES AND FIGURES 27<br />
0.8<br />
RR re<strong>for</strong>ms: dummy coefficients<br />
0.6<br />
0.4<br />
0.2<br />
0<br />
-0.2<br />
voly voln volu volw voly/n volpi cor(y,n) cor(w,y/n) cor(y,y/n) cor(n,y/n) cor(y,pi)<br />
-0.4<br />
-0.6<br />
growth rates HP data BP data<br />
0<br />
-0.2<br />
RR re<strong>for</strong>ms: initial condition coefficients<br />
voly voln volu volw voly/n volpi cor(y,n) cor(w,y/n) cor(y,y/n) cor(n,y/n) cor(y,pi)<br />
-0.4<br />
-0.6<br />
-0.8<br />
-1<br />
-1.2<br />
growth rates HP data BP data<br />
Figure 5: Effects of RR re<strong>for</strong>ms on <strong>business</strong> <strong>cycles</strong>, different detrending methods<br />
A n * on top of a colum n in dicates co effi cients th at are sign ifi cantly diff erent from zero at th e 5 p ercent level. grow th rates stand s <strong>for</strong> d ata that<br />
are in 4th d iff eren ce, H P d ata stands <strong>for</strong> H o d rick-P rescott fi ltered data an d B P d ata are d ata d etren d ed u sing a bass p ass fi lter.
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