Table 2 Estimation results for the employment equation (GMM estimation)

Wage

−0.3592^***

0.0731

−0.3009^***

0.0724

Capital

0.2956^***

0.0136

0.2807^***

0.0130

Producer price index

0.2277^***

0.0806

0.1800^***

0.0797

Openness

−0.1217^***

0.0495

−0.1064^***

0.0401

Union density

0.8677

0.5560

0.7273^*

0.3658

Foreign ownership

0.1735

0.2542

–

–

Austria and Switzerland

0.1444

0.1162

Belgium and Netherlands

0.1797

0.0970

Denmark

0.1307

0.1372

UK and Ireland

−0.2233^***

0.0859

Finland

−0.1049

0.0820

France

0.0543

0.0987

Germany

0.0130

0.0773

Italy

−0.2355

0.1939

Norway

−0.0741

0.1194

US and Canada

0.0502

0.0708

Time

2.16 × 10⁻³

2.25 × 10⁻³

0.0010

0.0022

Constant

−4.9627

4.4617

−0.6338^***

0.0818

Mean Φ ₂

0.6036^***

0.083^a

0.6424^***

0.0702^a

R-squared

0.3216

0.3331

Durbin-Watson

0.4385

0.7626

F test

7.5218