Table A2: Summary statistics
|
Variable |
Description |
Mean |
Std. Dev. |
Min |
Max |
|
u |
unemployment rate (percent) |
7.994 |
4.294 |
0.396 |
24.042 |
|
b |
tax wedge (percent) |
58.385 |
18.212 |
21.008 |
96.973 |
|
PMR |
product market |
3.864 |
1.290 |
1.050 |
6.000 |
|
Union density |
regulation (index, 1-10) |
3.864 |
1.290 |
1.050 |
6.000 |
|
High corporatism |
(dummy) |
0.554 |
0.498 |
0.000 |
1.000 |
|
EPL |
employment protection |
2.080 |
1.082 |
0.200 |
4.188 |
|
gap |
output gap (percent) |
-1.019 |
2.538 |
-12.211 |
6.297 |
|
u* |
Wxu |
2.399 |
3.144 |
0.037 |
13.875 |
|
b* |
Wxb |
18.182 |
23.394 |
0.269 |
89.783 |
|
PMR* |
W x PMR |
1.230 |
1.679 |
0.011 |
8.181 |
|
Union density* |
W x union density |
12.426 |
15.974 |
0.180 |
71.088 |
|
High corporatism* |
W x high corporatism |
0.176 |
0.245 |
0.001 |
1.096 |
|
EPL* |
W x EPL |
0.657 |
0.882 |
0.009 |
4.252 |
|
gap* |
W x gap |
-0.303 |
0.990 |
-5.803 |
2.699 |
|
k*/k |
(W x (K/L)) / (K/L) |
0.942 |
1.798 |
0.000 |
9.474 |
|
TFP shock |
-0.002 |
0.023 |
-0.099 |
0.054 | |
|
TOT shock |
-0.037 |
0.066 |
-0.217 |
0.187 | |
|
Real interest rate shock |
4.759 |
2.194 |
-9.282 |
14.122 | |
|
Demand shock |
0.033 |
0.062 |
-0.138 |
0.236 | |
All data (except weighting matrix W) are from Bassanini and Duval (2006). Number of observations
N = 397. Weights are based on α1 = α2 = 1 and δ = 1; standard normalization. Foreign variables are
not to be interpreted as means, since weights do not add up to 1 (due to inclusion of rest of the world in
calculation of weights).
48
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