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 36<br />
Table 8: Treated and control groups <strong>for</strong> re<strong>for</strong>ms<br />
C ountries/R e<strong>for</strong>m s EPL1 RR1 WB1 WB2<br />
C ontrol<br />
N O R (b eg-91:4,92:1-end )<br />
U S(b eg-91:4,92:1-en d )<br />
N O R (b eg-93:1,93:2-end )<br />
U S(b eg-93:1,93:2-en d )<br />
N O R (b eg-84:1,84:2-end )<br />
U S(74:1-84:1,84:2-en d)<br />
N O R (b eg-92:3,92:4-en d)<br />
U S (74:1-92:3,92:4-en d )<br />
AU T (b eg-94:4,95:4-99:4)<br />
Treatm ent<br />
S W (b eg-93:4,94:4-00:4)<br />
F IN (b eg-90:4,91:4-00:4)<br />
IT (b eg-90:4,91:4-end )<br />
P T (b eg-90:4,91:4-02:4)<br />
B E (b eg-91:4,92:4-end )<br />
C A N (b eg-95:4,96:4-en d )<br />
D N (b eg-93:4,94:4-02:4)<br />
F R (b eg-90:4,91:4-end )<br />
N Z (b eg-83:4,84:4-01:4)<br />
AU T (b eg-81:4,82:4-00:4)<br />
C H (b eg-80:4,81:4-04:4)<br />
D N (b eg-87:1,88:1-en d )<br />
IR (b eg-87:1,90:4-en d)<br />
AU S (b eg-95:4,96:4-00:4)<br />
JA P (b eg-96:4,97:4-en d )<br />
C H (81:4-94:4,95:4-en d )<br />
ESP (b eg-91:4,92:4-99:4)<br />
Table 9: Treated and control groups means of groups characteristics<br />
G<br />
X+M<br />
characteristics HD<br />
Y<br />
Y u π Y<br />
control group 0.92 0.18 2.09 7.77 1.94 0.41<br />
(0.023) (0.03) (0.42) (1.04) (0.06) (0.32)<br />
treated groups EPL re<strong>for</strong>ms<br />
treated groups<br />
treated groups<br />
treated groups<br />
0.87<br />
(0.04)<br />
0.89<br />
(0.012)<br />
0.90<br />
(0.01)<br />
0.91<br />
(0.015)<br />
0.22<br />
(0.04)<br />
1.58<br />
(0.22)<br />
RR re<strong>for</strong>ms<br />
0.21<br />
(0.03)<br />
1.71<br />
(0.24)<br />
WB1 re<strong>for</strong>ms<br />
0.19<br />
(0.06)<br />
1.81<br />
(0.17)<br />
WB2 re<strong>for</strong>ms<br />
0.14<br />
(0.029)<br />
standard errors are in parenthesis<br />
H D :hu m an d d evelopm ent ind ex<br />
π : in fl ation rate<br />
1.93<br />
(0.06)<br />
G<br />
Y<br />
X+M<br />
:op eness<br />
Y<br />
8.48<br />
(0.20)<br />
14.2<br />
(7.38)<br />
11.9<br />
(4.76)<br />
12.5<br />
(4.3)<br />
2.87<br />
(1.21)<br />
2.12<br />
(0.70)<br />
1.91<br />
(0.71)<br />
1.65<br />
(0.75)<br />
0.53<br />
(0.18)<br />
0.63<br />
(0.31)<br />
0.82<br />
(0.15)<br />
0.44<br />
(0.22)<br />
CA<br />
Y<br />
0.05<br />
(0.12)<br />
0.009<br />
(0.06)<br />
−0.01<br />
(0.03)<br />
0.04<br />
(0.06)<br />
0.04<br />
(0.08)<br />
:govern m ent size Y : G D P p er cap ita u:u nem p loym ent rate<br />
: current account to G D P<br />
CA<br />
Y<br />
Table 10: Effects of EPL re<strong>for</strong>ms on <strong>business</strong> <strong>cycles</strong><br />
volatilities vol(y) vol(n) vol(u) vol(w) vol(y/n) vol(π)<br />
D i<br />
0.46 0.14 <strong>∗</strong> 0.33 0.01<br />
0.01<br />
(0.40) (0.06) (0.21) (0.10)<br />
(0.12)<br />
X i,pre<br />
−0.25<br />
(0.30)<br />
−0.20<br />
(0.71)<br />
−0.63 <strong>∗</strong><br />
(0.17)<br />
−0.67 <strong>∗</strong><br />
(0.03)<br />
−0.01<br />
(0.03)<br />
−0.08<br />
(0.24)<br />
correlations cor(y,n) cor(w,y/n) cor(y,y/n) cor(n,y/n) cor(y,π)<br />
D i<br />
0.23<br />
(0.14)<br />
X i,pre<br />
−0.16<br />
(0.23)<br />
−0.51 <strong>∗</strong><br />
(0.06)<br />
−0.02<br />
(0.12)<br />
−0.27<br />
(0.24)<br />
−0.18<br />
(0.25)<br />
−0.49 <strong>∗</strong><br />
(0.13)<br />
−0.48<br />
(0.41)<br />
−0.13<br />
(0.23)<br />
−1.08<br />
(0.63)<br />
−0.89<br />
(0.03)<br />
A n * in dicates co effi cients th at are sign ifi cant at th e 5 p ercent level.B o otstrap stan d ard error in parenth esis.
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