Business cycle and spillover effects on pre-retirement behavior in Spain

IZA Journal of European Labor Studies

Table 7 Robustness checks: interactions between policy parameters and BC variables: UR

	Disability	Unemployment	Inactivity
Year Contributed=15	0.502**	0.0847	−0.0631
	(0.225)	(0.081)	(0.140)
Year Contributed=15*Post1997	3.383***	0.181	−0.531
	(1.065)	(0.533)	(0.574)
15<Year Contributed≤25	0.378***	−0.129**	−0.0751
	(0.129)	(0.058)	(0.069)
15<Year Contributed≤25*Post1997	−0.800***	−0.378	0.238
	(0.284)	(0.297)	(0.181)
25<Year Contributed<35	0.0412	0.253***	−0.313***
	(0.140)	(0.083)	(0.0934)
25<Year Contributed<35*Post1997	0.145	−2.002***	0.786***
	(0.192)	(0.270)	(0.174)
Year Contributed≥35	0.0606	−0.629***	−0.0066
	(0.131)	(0.198)	(0.142)
Year Contributed=15Post1997UnemRate	−0.648***	−0.003	0.00667
	(0.030)	(0.028)	(0.0256)
15<Year Contributed≤25Post1997UnemRate	−0.001	0.0044	−0.0129
	(0.0165)	(0.013)	(0.0079)
25<Year Contributed<35Post1997UnemRate	−0.0168*	0.0208*	−0.0225***
	(0.0101)	(0.010)	(0.0076)
UnemRateCCAA	0.0036	0.0628***	0.0522***
	(0.006)	(0.006)	(0.0053)
UnemRateSector	0.0022	2.184***	−0.0632***
	(0.0095)	(0.063)	(0.0085)
GDP Growth	−0.0471*	−0.295***	−0.396***
	(0.027)	(0.011)	(0.025)
Observations	6,442,191	6,442,191	6,442,191
Log-likelihood	−78806.08

Standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1.
Note: We present only selected results for this model. The omitted categories for the dummy variables are laborers without a high-school degree for the education dummies, public administration for the sector of the economy in which the individual works, Madrid for the regional dummies and the cohort of 1935–40.