Aggregate Wage Flexibility in Selected New EU Member States 17
Table 5: Cointegration and Error Correction
|
__________________Czech Republic________________ |
Estonia_________________________ | |||||
|
Cointegrating Eq. |
CointEq1 |
CointEq1 | ||||
|
WR(-1) |
1 |
1 | ||||
|
PROD(-1) |
-1.576 *** |
-0.953 *** | ||||
|
-(0.104) |
-(0.024) | |||||
|
UR_STD(-1) |
-0.014 |
0.127 *** | ||||
|
-(0.024) |
-(0.031) | |||||
|
C_________________ |
0.011 |
-0.249 | ||||
|
Error Correction |
D(WR) |
D(PROD) |
D(UR) |
D(WR) |
D(PROD) |
D(UR) |
|
CointEql |
-0.061 |
0.063 |
0.733 *** |
-0.347 *** |
0.283 *** |
0.049 |
|
-(0.116) |
-(0.079) |
-(0.240) |
-(0.129) |
-(0.097) |
-(0.338) | |
|
D(WR(-1)) |
0.022 |
-0.002 |
-0.254 |
-0.032 |
-0.167 |
0.043 |
|
-(0.185) |
-(0.126) |
-(0.385) |
-(0.151) |
-(0.114) |
-(0.396) | |
|
D(PROD(-1)) |
0.247 |
0.176 |
-0.508 |
-0.054 |
0.049 |
-0.622 |
|
-(0.290) |
-(0.197) |
-(0.602) |
-(0.181) |
-(0.137) |
-(0.476) | |
|
D(UR(-1)) |
-0.076 |
-0.031 |
0.542 *** |
0.016 |
-0.087 |
0.667 *** |
|
-(0.059) |
-(0.040) |
-(0.122) |
-(0.070) |
-(0.053) |
-(0.184) | |
|
C |
0.010 *** |
0.006 *** |
0.014 *** |
0.015 *** |
0.019 *** |
0.006 |
|
-(0.003) |
-(0.002) |
-(0.006) |
-(0.004) |
-(0.003) |
-(0.011) | |
|
Sample: |
1995:1 - 2004:4 |
1995:1 - 2004:4 | ||||
|
Nobs: |
40 |
40 | ||||
|
R-squared |
0.186 |
0.039 |
0.750 |
0.248 |
0.201 |
0.367 |
|
Adj. R-squared_________ |
0.093 |
-0.070 |
0.721 |
0.162 |
0.110 |
0.294 |
|
Hungary |
Lithuania | |||||
|
Cointegrating Eq. |
CointEq1 |
CointEq1 | ||||
|
WR(-1) |
1 |
1 | ||||
|
PROD(-1) |
-1.967 *** |
-0.618 *** | ||||
|
-(0.347) |
-(0.051) | |||||
|
UR_STD(-1) |
-0.254 |
0.005 | ||||
|
-(0.132) |
-(0.031) | |||||
|
C_________________ |
0.674 |
0.102 | ||||
|
Error Correction |
D(WR) |
D(PROD) |
D(UR) |
D(WR) |
D(PROD) |
D(UR) |
|
CointEq1 |
-0.271 *** |
0.057 |
0.122 |
-0.394 *** |
0.092 |
0.405 |
|
-(0.089) |
-(0.049) |
-(0.192) |
-(0.102) |
-(0.107) |
-(0.324) | |
|
D(WR(-1)) |
0.040 |
0.005 |
0.194 |
0.352 *** |
0.221 |
0.223 |
|
-(0.140) |
-(0.077) |
-(0.302) |
-(0.128) |
-(0.135) |
-(0.408) | |
|
D(PROD(-1)) |
-0.407 |
0.220 |
-0.019 |
-0.229 |
-0.301 * |
0.362 |
|
-(0.348) |
-(0.192) |
-(0.751) |
-(0.152) |
-(0.160) |
-(0.484) | |
|
D(UR(-1)) |
0.008 |
0.018 |
0.191 |
0.029 |
-0.009 |
0.583 *** |
|
-(0.083) |
-(0.046) |
-(0.180) |
-(0.047) |
-(0.050) |
-(0.151) | |
|
C |
0.011 *** |
0.006 *** |
-0.010 *** |
0.008 ** |
0.021 *** |
-0.011 |
|
-(0.004) |
-(0.002) |
-(0.009) |
-(0.004) |
-(0.004) |
-(0.013) | |
|
Sample: |
1995:1 - 2004:4 |
1995:1 - 2004:4 | ||||
|
Nobs: |
40 |
40 | ||||
|
R-squared |
0.228 |
0.056 |
0.053 |
0.479 |
0.182 |
0.530 |
|
Adj. R-squared_________ |
0.134 |
-0.059 |
-0.062 |
0.416 |
0.083 |
0.473 |
Note: Estimates of eq. (5), respectively (6), linking real wages (WR), productivity (PROD), and
unemployment (standardized rate of, UR_STD).