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Table 2 Beveridge curve estimations (whole sample 2004 Q1–2015 Q2)

From: Unemployment dynamics and the Beveridge curve in Greece

 

1

2

3

4

5

6

Dependent variable

Unemployment rate

Unemployment rate t − 1

0.967 (39.94)***

0.894 (25.58)***

0.977 (49.28)***

0.971 (54.30)***

0.853 (27.40)***

0.885 (23.13)***

Job vacancy rate t

−1.342 (−2.24)**

−0.586 (−1.31)

−0.657 (−1.36)

−0.095 (−0.22)

−6.620 (−2.74)***

−0.835 (−0.45)

Job vacancy rate t 2

19.878 (2.03)**

10.470 (1.41)

11.037 (1.38)

2.095 (0.31)

12.139 (1.24)

0.896 (0.14)

CRISIS t

 

0.007 (3.91)***

0.008 (4.11)***

0.019 (4.07)***

 

0.015 (0.44)

EPL t

 

−0.022 (−2.54)**

  

−0.049 (−2.74)***

−0.028 (−2.19)**

Job vacancy rate*CRISIS t

   

−0.954 (−2.83)***

 

−1.807 (−0.58)

Job vacancy rate*EPL t

    

2.086 (2.00)*

0.308 (0.41)

CRISIS*EPL t

     

0.002 (0.11)

Job vacancy rate*CRISIS*EPL

     

0.305 (0.25)

Constant term

0.022 (2.31)**

0.076 (2.87)***

0.008 (1.15)

0.003 (0.49)

0.163 (3.52)***

0.086 (0.47)

Effect of job vacancy if CRISIS = 1

   

−1.050532 (−2.77)***

  

Effect of job vacancy conditional on EPL

    

−4.534 (−3.25)***

 

Effect of job vacancy conditional on EPL if CRISIS = 1

     

−2.029 (−1.38)

Effect of job vacancy conditional on EPL if CRISIS = 0

     

−0.528 (−0.47)

Obs

46

46

46

46

46

46

F-test (p value)

F(3, 42) = 1371.26 (0.000)

F(5, 40) = 1447.58 (0.0000)

F(4, 41) = 1431.98 (0.000)

F(5, 40) = 1472.98(0.0000)

F(5, 40) = 1322.13 (0.0000)

F(9, 36) = 2090.63 (0.0000)

R 2

0.9921

0.9954

0.9944

0.9951

0.9942

0.9960

  1. Note: Standard errors are corrected for autocorrelation using Newey-West procedure. ***, **, * denote statistical significance at 1, 5, and 10 % levels, respectively (t-statistics in parenthesis). The effect of job vacancy if CRISIS = 1 is the non-linear combination: Job vacancy rate + job vacancy rate*CRISIS (z-statistic in parenthesis). The effect of job vacancy conditional on EPL is the non-linear combination: Job vacancy rate + Job vacancy rate*EPL (z-statistics in parenthesis). The effect of job vacancy conditional on EPL if CRISIS = 1 is the non-linear combination: Job vacancy rate + Job vacancy rate*EPL + job vacancy rate*CRISIS + job vacancy rate*CRISIS*EPL (z-statistics in parethesis). The effect of job vacancy conditional on EPL if CRISIS = 0 is the non-linear combination: Job vacancy rate + Job vacancy rate*EPL (z-statistics in parenthesis)