Table 7: Budget balances, labour and product market reforms: estimating fiscal rules (see table 1 for sample
definition)
|
Dependent variable: Explanatory variables |
(1) |
(2) |
|
Constant |
-1.35*** |
-1.58*** |
|
(-5.49) |
(-5.15) | |
|
Lagged dependent |
0.75*** |
0.76*** |
|
variable |
(23.74) |
(23.71) |
|
Output gap |
-0.21 |
-0.06 |
|
(-0.48) |
(-1.43) | |
|
Lagged debt/GDP ratio |
0.032*** |
0.036*** |
|
(6.78) |
(6.21) | |
|
Dummy for labour |
-0.306* | |
|
market reforms |
(-1.65) | |
|
Dummy for product |
-0.29 | |
|
market reforms |
(-1.53) | |
|
N. obs. |
342 |
293 |
|
R sq. |
0.73 |
0.76 |
|
Chi sq |
1121 |
1171 |
Notes: Estimations method: fixed effects, instrumental variables
regression. The output gap is instrumented with its own lag and the US
lagged output gap. All fiscal variables are expressed as shares on
potential output.
Z statistics are reported in parentheses. *, **, and *** denote,
respectively, significance at the 10, 5 and 1 per cent level.
Coefficients for country fixed effects are not reported.
Source: Authors’ calculation on data described in table 1 and DG ECFIN
AMECO database.
125
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