Table 4: Dynamic correlation at real earnings cycle frequencies
|
period |
GFCF |
Y |
я |
II | ||||
|
phase |
Pc |
phase |
Pc |
phase |
Pe | |||
|
P |
4.18 |
0.01 |
0.82*** |
0.01 |
0.94*** |
0.05 |
0.86*** |
06 0.74*** |
|
ʌ |
5.94 |
0.02 |
0.49** |
0.03 |
0.86*** |
0.04 |
0.56*** | |
|
W/Cp |
5.82 |
0.04 |
0.71*** |
0.12 |
0.60** |
0.18 |
0.25 | |
|
W/Pp |
6.74 |
-0.09 |
0.41* | |||||
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) pc: in-phase correlation, phase shift: relative to cycle length;
(iii) */**/***; dynamic correlation is significant at the 10/5/1 per cent level.