Table 4 Real wage cyclicality by contract types: 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 | |
Permanent (a) | −0.207*** | *** | −0.345*** | *** | −0.466*** | *** | −0.209** | no |
(0.041) | (0.044) | (0.071) | (0.070) | |||||
Test a = b | *** | *** | no | ** | ||||
Fixed-term (b) | −0.431*** | *** | −0.520*** | * | −0.587*** | *** | −0.414*** | no |
(0.043) | (0.046) | (0.074) | (0.072) | |||||