Table 2 Real wage cyclicality: 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 | |
Overall | −0.243*** | *** | −0.383*** | *** | −0.481*** | *** | −0.245*** | no |
(0.038) | (0.041) | (0.067) | (0.065) | |||||