Table 5 Real wage cyclicality by age groups: 4 scenarios
From: Real wage responsiveness to unemployment in Spain: asymmetries along the business cycle
Recession | Expansion | Expansion | Recesion | |||||
|---|---|---|---|---|---|---|---|---|
Unemp. high | Test | Unemp. high | Test | Unemp. low | Test | Unemp. low | Test | |
(1) | 1 = 2 | (2) | 2 = 3 | (3) | 3 = 4 | (4) | 4 = 1 | |
16-29 (a) | −0.306*** | *** | −0.497*** | *** | −0.611*** | *** | −0.318*** | no |
(0.046) | (0.049) | (0.080) | (0.079) | |||||
Test a = b | no | ** | no | no | ||||
30-45 (b) | −0.227*** | *** | −0.364*** | *** | −0.469*** | *** | −0.224*** | no |
(0.037) | (0.040) | (0.065) | (0.063) | |||||
Test a = c | *** | *** | *** | * | ||||
45+ (c) | −0.146*** | *** | −0.264*** | *** | −0.353*** | *** | −0.146* | no |
(0.035) | (0.037) | (0.061) | (0.060) | |||||