Unemployment in an Interdependent World



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)
(percent)

3.864

1.290

1.050

6.000

High corporatism

(dummy)

0.554

0.498

0.000

1.000

EPL

employment protection
legislation (index, 1-10)

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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