# 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 rate*CRISIS*REFORMS    −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
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 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)