Unemployment dynamics and the Beveridge curve in Greece

IZA Journal of European Labor Studies

Table 3 Beveridge curve estimations with REFORM variable (whole sample 2004 Q1–2015 Q2)

	1	2	3
Dependent variable	Unemployment rate
Unemployment rate_t − 1	0.894 (24.98)***	0.851 (26.21)***	0.884 (22.48)***
Job vacancy rate_t	−0.600 (−1.34)	3.724 (1.31)	0.664 (0.35)
Job vacancy rate_t ²	10.690 (1.43)	12.499 (1.27)	0.959 (0.14)
CRISIS_t	0.007 (3.93)***		0.024 (0.60)
REFORMS_t	0.130 (2.50)**	0.299 (2.67)***	0.164 (2.17)**
Job vacancy rate*CRISIS_t			−0.361 (−0.12)
Job vacancy rate*REFORMS_t		−12.677 (−1.96)*	−1.796 (−0.40)
CRISIS*REFORMS_t			−0.0107 (−0.12)
Job vacancy rateCRISISREFORMS			−1.718 (−0.23)
Constant term	−0.031 (−1.72)*	−0.082 (−1.82)*	−0.049 (−1.72)
Effect of job vacancy conditional on REFORMS		−8.952 (−2.45)**
Effect of job vacancy conditional on REFORMS if CRISIS = 1			−3.210 (−0.90)
Effect of job vacancy conditional on REFORMS if CRISIS = 0			−1.131 (−0.43)
Obs	46	46	46
F-test (p value)	F(5, 40) = 1405.20 (0.000)	F(5, 40) = 1281.60 (0.000)	F(9, 36) = 2092.16 (0.000)
R ²	0.9953	0.9941	0.9959

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 conditional on REFORM is the non-linear combination: Job vacancy rate + Job vacancy rate*REFORM (z-statistics in parenthesis). The effect of job vacancy conditional on REFORM if CRISIS = 1 is the non-linear combination: Job vacancy rate + Job vacancy rate*REFORM + job vacancy rate*CRISIS + job vacancy rate*CRISIS*REFORM (z-statistics in parenthesis). The effect of job vacancy conditional on REFORM if CRISIS = 0 is the non-linear combination: Job vacancy rate + Job vacancy rate*REFORM (z-statistics in parenthesis)