Table 3 Definitions of variables

n

total employment (log)

 c

private consumption (% of GDP)

 l

total labour force (log)

fd

exports-imports (% of GDP)

w

real compensation per employee (log)

 b

social security benefits (% of GDP)

 u

unemployment rate (≃l−n)

 τⁱ

indirect taxes (% of GDP)

po

total population (log)

 k

real capital stock (log)

 z

participation rate $\left(\frac{\text{labour force}}{\text{working-age pop.}}\right)$

pr

real labour productivity (log)

d ⁹⁶

dummy (1 in 1996-2008; 0 other)

 r

real long-term interest rate

d ⁰⁰

dummy (1 in 2000-2008; 0 other)