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).
More intriguing information
1. The Impact of Hosting a Major Sport Event on the South African Economy2. Short report "About a rare cause of primary hyperparathyroidism"
3. GENE EXPRESSION AND ITS DISCONTENTS Developmental disorders as dysfunctions of epigenetic cognition
4. The name is absent
5. Job quality and labour market performance
6. PROFITABILITY OF ALFALFA HAY STORAGE USING PROBABILITIES: AN EXTENSION APPROACH
7. Who is missing from higher education?
8. The duration of fixed exchange rate regimes
9. Strategic monetary policy in a monetary union with non-atomistic wage setters
10. Transport system as an element of sustainable economic growth in the tourist region