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 32<br />
Table 5: Spearman partial rank correlations<br />
Economic factors<br />
Index RR EF2 EF3 EF4<br />
Var(y) -0.21 -0.28 0.03 -0.04<br />
Var(n) -0.04 -0.35 0.34 0.06<br />
Var(u) -0.23 -0.36 0.22 -0.09<br />
Var(w) -0.05 0.55* 0.08 0.07<br />
Var(y/n) -0.04 0.40 0.11 0.07<br />
Var(π) 0.14 0.11 0.10 0.16<br />
cor(y,n) -0.02 -0.35* -0.09 0.01*<br />
cor(w, y n<br />
) -0.22 -0.51* -0.52* 0.45*<br />
cor(y, y n<br />
) -0.04 0.03 0.29 0.01*<br />
cor(n, y n<br />
) -0.24 -0.52* -0.45* -0.10<br />
cor(y,π) 0.35 -0.24 -0.01 0.37<br />
A n * in dicates correlation s th at are sign ifi cant at th e 5 p ercent level. D ata have b een d etrend ed u sin g the 4th d iff eren ces of th e log<br />
series.E F 1= R R = rep lacem ent rates in dex, E F 2= lab or u nion factors, EF3= wage b argain ing factors, E F 4= em p loym ent p rotection factors.<br />
E conom ic factors are con stru cted usin g th e average values of in stitution s b etween 1960 an d 1970.<br />
Table 6: Spearman partial rank correlations: Considering LMI separately<br />
Var(y) Var(n ) Var(u) Var(w ) Var(y/n) Var(π) cor(y,n) cor(w , y n ) cor(y, y n ) cor(n , y n ) cor(y,π)<br />
E P L -0.11 -0.01* -0.18 0.02 0.04 0.16 0.01* 0.38* 0.10* -0.17 0.27<br />
E P R -0.40* -0.05 -0.29 -0.06 -0.37 -0.20 0.22 0.18 -0.16 -0.01* -0.05<br />
E P T 0.03 0.09 -0.04 0.13 0.16 0.23 -0.08 -0.21 0.04 -0.17 0.30<br />
R R -0.21 -0.04 -0.23 -0.05 -0.04 0.14 -0.02 -0.22 -0.04 -0.24 0.35<br />
W C O O D 0.12 0.16 0.05 0.26* 0.25 0.20 0.06 -0.14 -0.16 -0.20 0.15<br />
G OV IN T -0.10 0.17 0.18 -0.06 0.07 0.07 0.07 -0.47* -0.19 -0.36 -0.11<br />
L EV E L -0.20 0.24 0.07 -0.07 -0.07 0.05 0.14 -0.36 -0.27 -0.40* -0.03*<br />
E X T -0.35* -0.24 -0.13 0.25* -0.09 -0.12 -0.15 -0.43* 0.08 -0.08 0.17<br />
M IN W -0.26 -0.05* -0.09 -0.13 -0.34 -0.21 0.42* 0.15 -0.31 0.32 -0.01*<br />
U D 0.40* 0.42* 0.48* 0.59* 0.54* 0.30* -0.33 -0.44* -0.06 -0.60* -0.14<br />
U C -0.34 0.44* -0.27 -0.05 -0.16 -0.25 -0.17 -0.43* 0.18 0.11 0.13<br />
C O N C 0.22 0.41* 0.33 0.43* 0.24 -0.01 -0.22 -0.22 -0.02 -0.49* -0.45*<br />
C E N T -0.06 0.25 0.11 0.22 -0.05 -0.17 0.05 -0.52* -0.19 -0.23 -0.08<br />
A n * ind icates correlation s that are sign ifi cant at th e 5 p ercent level.
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