Table 9: Budget balances, labour market reforms (reform dummies defined as policies reducing the
restrictiveness of EPL or the generosity of unemployment subsidies. EU-14 except EL, 1986-2001)
Dependent variable: |
(1) |
(2) |
Constant |
-2.6*** |
-2.48*** |
(-5.11) |
(-4.83) | |
Lagged dependent |
0.73*** |
0.76*** |
variable |
(18.76) |
(23.71) |
Output gap |
-0.014 |
0.034 |
(-0.32) |
(0.08) | |
Lagged debt/GDP ratio |
0.049*** |
0.046*** |
(6.24) |
(5.64) | |
Dummy for labour |
-0.27 | |
market reforms based on |
(-1.36) |
0.036 |
market reforms based on |
(0.19) | |
N. obs. |
238 |
238 |
R sq. |
0.70 |
0.70 |
Chi sq |
1174 |
1164 |
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 FRDB data and DG ECFIN AMECO
database.
127
More intriguing information
1. The technological mediation of mathematics and its learning2. Developmental changes in the theta response system: a single sweep analysis
3. A Rare Case Of Fallopian Tube Cancer
4. HOW WILL PRODUCTION, MARKETING, AND CONSUMPTION BE COORDINATED? FROM A FARM ORGANIZATION VIEWPOINT
5. The name is absent
6. La mobilité de la main-d'œuvre en Europe : le rôle des caractéristiques individuelles et de l'hétérogénéité entre pays
7. Neighborhood Effects, Public Housing and Unemployment in France
8. Federal Tax-Transfer Policy and Intergovernmental Pre-Commitment
9. The name is absent
10. Special and Differential Treatment in the WTO Agricultural Negotiations