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Table 3 Real wage cyclicality by tenure groups: 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
New hires (a) −0.416*** *** −0.548*** ** −0.649*** *** −0.408*** no
  (0.045)   (0.048)   (0.079)   (0.077)  
Test a = b no   no   no   no  
Job movers (b) −0.333*** *** −0.484*** no −0.533*** *** −0.315*** no
  (0.044)   (0.047)   (0.076)   (0.075)  
Test a = c no   no   no   no  
Tenure 1–2 (c) −0.350*** *** −0.486*** ** −0.584*** *** −0.282*** no
  (0.047)   (0.051)   (0.083)   (0.081)  
Test a = d **   no   no   no  
Tenure 2–4 (d) −0.274*** *** −0.456*** *** −0.599*** *** −0.267** no
  (0.047)   (0.051)   (0.083)   (0.082)  
Test a = e ***   **   no   no  
Tenure 4–6 (e) −0.237*** *** −0.381*** *** −0.533*** *** −0.298*** no
  (0.040)   (0.043)   (0.070)   (0.068)  
Test a = f ***   ***   ***   **  
Tenure 6+ (f) −0.130*** *** −0.253*** *** −0.333*** *** −0.134* no
  (0.033)   (0.036)   (0.058)   (0.057)  
  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.