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) | |||||