Table 3: Real earnings and economic cycles: explained variance
|
(!) |
GFCF (2) |
(3) |
(!) |
(2) |
(3) |
(!) |
я (2) |
(3) |
(!) |
II (2) |
(3) | |
|
F |
0.00* |
0.04** |
0.32 |
0.00 |
0.05*** |
0.47** |
0.00 |
0.04** |
0.47** |
0.01* |
0.04 |
0.34** |
|
ʌ |
0.05** |
0.58** |
0.17*** |
0.07*** |
0.62*** |
0.18*** |
0.07*** |
0.62*** |
0.19*** |
0.06 |
0.62 |
0.14 |
|
W/Cp |
0.10** |
0.36** |
0.08 |
0.09* |
0.37** |
0.13 |
0.06 |
0.34** |
0.10 |
0.09 |
0.34 |
0.06 |
|
W/Pp |
0.12 |
0.31* |
0.06 |
0.09 |
0.30 |
0.13 |
0.06 |
0.25 |
0.11 |
0.08 |
0.25 |
0.03 |
Notes:
(i) W: standard hourly wage; μ: premium markup; λ: proportion of workers working overtime; Pp: producer
price index; Cp: consumer price index, GFCF: gross fixed captial formation, Y : output, N: employment, II:
inventory investment; (ii) explained variance: share of variance explained by variance of cycle measure in the
respective frequency range; (iii) (1): 7-10 years (Juglar cycle), (2): 5-7 years, (3): 3-5 years (Kitchin cycle); (iv)
*∕rr /***: share of total variance is significant at the 10/5/1 per cent level.