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Table 5 Real wage cyclicality by age 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
16-29 (a) −0.306*** *** −0.497*** *** −0.611*** *** −0.318*** no
  (0.046)   (0.049)   (0.080)   (0.079)  
Test a = b no   **   no   no  
30-45 (b) −0.227*** *** −0.364*** *** −0.469*** *** −0.224*** no
  (0.037)   (0.040)   (0.065)   (0.063)  
Test a = c ***   ***   ***   *  
45+ (c) −0.146*** *** −0.264*** *** −0.353*** *** −0.146* no
  (0.035)   (0.037)   (0.061)   (0.060)  
  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.