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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)  
  1. ***Significant at the 1 percent level.
  2. **Significant at the 5 percent level.
  3. *Significant at the 10 percent level.
  4. no: Non-significant.