Table 5: High unemployment group of regions
|
Labour demand: nit Wage setting: wit Labour supply: lit | |
|
coef. p-value coef. p-value. coef. p-value nit-1 0.52 0.00 wit-1 0.80 0.00 lit-1 0.73 0.00 ( (0.05) ( (0.04) ( (0.05) wit -0.32 0.00 uit -0.14 0.14 wit -0.14 0.00 (0.03) (0.09) (0.03) kit 0.25 0.00 ∆uit 0.63 0.00 wit-1 0.07 0.07 (0.04) (0.09) ’ (0.03) ∆kit 1.22 0.00 prit 0.17 0.00 popit 0.45 0.00 (0.21) (0.05) (0.08) oilt -0.03 0.00 bt 0.34 0.00 ∆popit 0.71 0.00 (0.01) (0.07) (0.22) taxt -0.43 0.20 bt-1 -0.31 0.00 (0.33) (0.07) impt -0.08 0.00 (0.03) impt-1 0.07 0.03 (0.03) MLL=417.85 MLL=399.48 MLL=494.00 S.E.=0.020_______________S.E.=0.022_________________S.E.=0.013_____________ | |
|
Standard errors in parentheses; ∆ denotes the difference operator. MLL is the maximum log likelihood; S.E. is the standard error of the model. | |
|
Table 6: Low unemployment group of regions | |
|
Labour demand: nit Wage setting: wit Labour supply: lit | |
|
coef. p-value coef. p-value. coef. p-value nit-1 0.78 0.00 wit-1 0.64 0.00 lit-1 0.59 0.00 ’ (0.09) ’ (0.01) ’ (0.07) nit-2 -0.27 0.00 uit -0.21 0.14 wit -0.15 0.01 , (0.09) (0.14) (0.05) wit -0.20 0.00 ∆uit 0.63 0.00 wit-1 0.13 0.02 (0.05) (0.15) ’ (0.05) kit 0.17 0.00 prit 0.22 0.03 popit 0.56 0.00 (0.05) (0.09) (0.12) ∆kit 0.69 0.00 bt 0.17 0.21 (0.24) (01.3) oilt -0.05 0.00 bt-1 -0.16 0.15 (0.01) (0.10) taxt -0.80 0.14 impt -0.17 0.00 (0.52) (0.04) impt-1 0.12 0.00 (0.04) MLL=216.13 MLL=210.39 MLL=245.86 S.E.=0.020_______________S.E.=0.025_________________S.E.=0.017_____________ | |
|
Standard errors in parentheses; ∆ denotes the difference operator. MLL is the maximum log likelihood; S.E. is the standard error of the model. |
It is important to note that an essential feature of the above estimations is that the
unemployment rate is influenced by the size of the capital stock both in the short-run
and long-run. This is another salient feature of the CRT and is in sharp contrast to the
influential form of the literature that asserts that policies that shift upward the time path
of capital stock have no long-run effect on the unemployment rate (see Layard et al., 1991).
This assertion derives from the observation that the unemployment rate is trendless in
the long-run. However, Karanassou and Snower (2004) argue that there is no reason to
believe that the labour market alone is responsible for ensuring that the unemployment
15
More intriguing information
1. BODY LANGUAGE IS OF PARTICULAR IMPORTANCE IN LARGE GROUPS2. Motivations, Values and Emotions: Three Sides of the same Coin
3. The name is absent
4. RETAIL SALES: DO THEY MEAN REDUCED EXPENDITURES? GERMAN GROCERY EVIDENCE
5. Evaluating the Success of the School Commodity Food Program
6. The Impact of Individual Investment Behavior for Retirement Welfare: Evidence from the United States and Germany
7. The storage and use of newborn babies’ blood spot cards: a public consultation
8. Long-Term Capital Movements
9. ENERGY-RELATED INPUT DEMAND BY CROP PRODUCERS
10. The English Examining Boards: Their route from independence to government outsourcing agencies