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 28<br />
0.7<br />
WB1 re<strong>for</strong>ms: dummy coefficients<br />
0.7<br />
WB2 re<strong>for</strong>ms: dummy coefficient<br />
0.6<br />
0.6<br />
0.5<br />
0.5<br />
0.4<br />
0.4<br />
0.3<br />
0.3<br />
0.2<br />
0.2<br />
0.1<br />
0.1<br />
0<br />
0<br />
-0.1<br />
-0.1<br />
-0.2<br />
-0.2<br />
growth rates HP data BP data<br />
growth rates HP data BP data<br />
0<br />
WB1 re<strong>for</strong>ms: initial condition coefficients<br />
1<br />
WB2 re<strong>for</strong>ms: initial condition coefficient<br />
-0.2<br />
0.5<br />
-0.4<br />
0<br />
-0.6<br />
-0.8<br />
-1<br />
-0.5<br />
-1<br />
-1.2<br />
-1.5<br />
-1.4<br />
-2<br />
growth rates HP data BP data<br />
growth rates HP data BP data<br />
Figure 6: Effects of WB 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.