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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.