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Table 5 Wage-setting equations, 3 SLS

From: More alike than different: the Spanish and Irish labour markets before and after the crisis

 Dependent variable:w t

 Spain, 1967-2009:

 

Ireland, 1974-2009:

 
 

coefficient

 

coefficient

cnt.

0.67 [0.019]

cnt.

1.97 [0.000]

w t−1

0.76 [0.000]

w t−1

0.65 [0.000]

Δ w t−1

0.29 [0.020]

Δ w t−2

-0.42 [0.000]

u t

-0.42 [0.000]

u t

-0.21 [0.010]

p r t

0.16 [0.006]

p r t

0.15 [0.003]

b t

0.97 [0.003]

b t

0.57 [0.030]

d t 00

-0.03 [0.001]

d t 96

-0.02 [0.070]

r ¯ 2

0.996

 

0.990

s.e.

0.013

 

0.017

LL

130.31

 

100.41

  1. Note: p-values in brackets; Δ is the difference operator; r ¯ 2 the adjusted r-squared; s.e. the standard error of regression; and LL the log likelihood.