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. Lending to Agribusinesses in Zambia2. The name is absent
3. Are class size differences related to pupils’ educational progress and classroom processes? Findings from the Institute of Education Class Size Study of children aged 5-7 Years
4. The name is absent
5. Types of Cost in Inductive Concept Learning
6. Federal Tax-Transfer Policy and Intergovernmental Pre-Commitment
7. Modeling industrial location decisions in U.S. counties
8. Direct observations of the kinetics of migrating T-cells suggest active retention by endothelial cells with continual bidirectional migration
9. The bank lending channel of monetary policy: identification and estimation using Portuguese micro bank data
10. Education as a Moral Concept