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Does It Matter When Labor Market Reforms Are Implemented? The Role of the Monetary Policy Environment. (2019). Lastauskas, Povilas ; Stakenas, Julius.
In: CESifo Working Paper Series.
RePEc:ces:ceswps:_7844.

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  66. Output gap Cyclical component of real gross domestic product filtered with the Hodrick Prescott filter (λ = 1600) Source and definition of GDP as in this Table Own calculations Short term interest rate 3-month money market rates Percentage Eurostat; Swedish data for 1982Q1 -1986Q4 was taken from the OECD database Variable Definition Measure Source Adjustments Real gross domestic product Value of all final goods and services produced within an economy per quarter/year, taking into account changes in the general price level.
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  68. P̃ (w) u 0 I − P̃ (w) z (m)0 a (m) − 1 T I − P̃ (w) z (m)0 a (m) 0 P̃ (w) u = 1 T u0 u + 2 1 √ T 1 √ T z (m)0 a (m) 0 I − P̃ (w) 0 u − 2 1 T u0 P̃ (w) u + LT (w) , from the standard properties of the projection matrix (symmetry and idempotence). Following Cheng and Hansen (2015), call r1T (w) = 1 √ T z (m)0 a (m) 0 I − P̃ (w) 0 u and r2T (w) = u0 P̃ (w) u − σ̂2 T P m=1 w (m) dim (zt (m)) (refer to the criterion in the equation (4.3)), it then follows that CT (w) = 1 T u0 u + 2 1 √ T r1T (w) − 2 1 T r2T (w) + LT (w) .
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  69. Percentage Eurostat Labour Market database, IMF International Financial Statistics database, OECD Labour database Q1 1983 - Q2 1998 data for Greece was interpolated from OECD annual data using Denton’s interpolation method. For Austria, Finland and Germany, where Eurostat quarterly unemployment data were not available, it was constructed from annual IMF data using Chow-Lin interpolation method (quarterly indicator series was constructed from quarterly registered unemployed series and interpolated annual labor force series). In the case of Spain, as Eurostat and OECD annual data for this country exhibit certain differences, Eurostat annual data were extrapolated using annual OECD data and then the latter annual series was interpolated using Chow-Lin method (quarterly indicator series was constructed from quarterly registered unemployed series and interpolated annual labor force series). The data were also logarithmically transformed.
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  79. Unemployment replacement rate Proportion of net in-work income that is maintained when unemployed. The OECD summary measure is defined as the average of the gross unemployment benefit replacement rates for two earnings levels, three family situations and three durations of unemployment. For further details, see OECD (1994), The OECD Jobs Study (chapter 8) and Martin J. (1996), ‘Measures of Replacement Rates for the Purpose of International Comparisons: A Note’, OECD Economic Studies, No. 26. Pre-2003 data have been revised.
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  80. Values between 0 and 1 (before log transformation) OECD, Eurostat, van Vliet and Caminada (2012) Biannual data were interpolated to quarterly frequency using Denton’s method.
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  83. What Cheng and Hansen (2015) prove is the convergence in distribution of r1T (w) and r2T (w) to mean-zero random variables. Using results in Bai and Ng (2006), estimated projection using unobserved factors may be approximated by the true projection and the estimated factors span column space of the true factors, u0 P̃ (w) u = u0 P (w) u + op (1) . Clearly, r1T (w) = Op T−1/2 and r2T (w) = Op (T−1 ) , whereas LT (w) is non-zero for any w as long as we rule out a degenerate case with a true model receiving a full weight.
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  84. With MP interaction No MP interaction 0 200 400 600 800 1000 0.00 0.02 0.04 0.06 0.08 0.10 Unemployment response to ALMP %
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  85. With MP interaction No MP interaction 0 200 400 600 800 1000 0.00 0.02 0.04 0.06 0.08 0.10 Unemployment response to ALMP %
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  86. With MP interaction No MP interaction 0 200 400 600 800 1000 0.00 0.02 0.04 0.06 0.08 0.10 Unemployment response to ALMP %
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  87. With MP interaction No MP interaction 0 200 400 600 800 1000 0.00 0.02 0.04 0.06 0.08 Unemployment response to ALMP %
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  88. With MP interaction No MP interaction 0 200 400 600 800 1000 0.00 0.04 0.08 Unemployment response to ALMP %
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  89. With MP interaction No MP interaction 0 200 400 600 800 1000 0.00 0.05 0.10 Unemployment response to ALMP %
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  90. With MP interaction No MP interaction 0 200 400 600 800 1000 0.00 0.05 0.10 Unemployment response to ALMP %
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  91. With MP interaction No MP interaction 0 200 400 600 800 1000 0.00 0.05 0.10 Unemployment response to ALMP %
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  92. With MP interaction No MP interaction 0 200 400 600 800 1000 0.000 0.005 0.010 GDP response to ALMP %
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  93. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.015 −0.005 0.005 CPI response to rep. rate %
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  94. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.02 0.00 0.02 0.04 CPI response to ALMP %
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  95. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.02 0.00 0.02 0.04 CPI response to ALMP %
    Paper not yet in RePEc: Add citation now
  96. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.03 −0.01 0.00 0.01 0.02 CPI response to ALMP %
    Paper not yet in RePEc: Add citation now
  97. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.03 −0.01 0.00 0.01 0.02 CPI response to ALMP %
    Paper not yet in RePEc: Add citation now
  98. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.03 −0.01 0.00 0.01 0.02 CPI response to ALMP %
    Paper not yet in RePEc: Add citation now
  99. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.03 −0.01 0.01 0.02 CPI response to ALMP %
    Paper not yet in RePEc: Add citation now
  100. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.03 −0.01 0.01 0.02 CPI response to ALMP %
    Paper not yet in RePEc: Add citation now
  101. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.03 −0.01 0.01 0.02 CPI response to ALMP %
    Paper not yet in RePEc: Add citation now
  102. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.06 −0.02 0.02 0.04 GDP response to ALMP %
    Paper not yet in RePEc: Add citation now
  103. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.06 −0.02 0.02 0.04 GDP response to ALMP %
    Paper not yet in RePEc: Add citation now
  104. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.06 −0.02 0.02 0.04 GDP response to ALMP %
    Paper not yet in RePEc: Add citation now
  105. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.06 −0.02 0.02 0.04 GDP response to ALMP %
    Paper not yet in RePEc: Add citation now
  106. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.06 −0.02 0.02 0.04 GDP response to ALMP %
    Paper not yet in RePEc: Add citation now
  107. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.06 −0.02 0.02 0.04 GDP response to ALMP %
    Paper not yet in RePEc: Add citation now
  108. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.15 −0.05 0.05 0.10 REER response to ALMP %
    Paper not yet in RePEc: Add citation now
  109. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.15 −0.05 0.05 REER response to ALMP %
    Paper not yet in RePEc: Add citation now
  110. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.15 −0.10 −0.05 0.00 GDP response to ALMP %
    Paper not yet in RePEc: Add citation now
  111. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.2 0.0 0.2 0.4 0.6 0.8 CPI response to EPL %
    Paper not yet in RePEc: Add citation now
  112. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.2 0.0 0.2 0.4 0.6 0.8 CPI response to EPL %
    Paper not yet in RePEc: Add citation now
  113. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.2 0.0 0.2 0.4 0.6 0.8 CPI response to EPL %
    Paper not yet in RePEc: Add citation now
  114. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.2 0.0 0.2 0.4 0.6 0.8 CPI response to EPL %
    Paper not yet in RePEc: Add citation now
  115. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.2 0.0 0.2 0.4 0.6 0.8 CPI response to EPL %
    Paper not yet in RePEc: Add citation now
  116. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.2 0.0 0.2 0.4 0.6 0.8 CPI response to EPL %
    Paper not yet in RePEc: Add citation now
  117. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.2 0.0 0.2 0.4 CPI response to EPL %
    Paper not yet in RePEc: Add citation now
  118. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.2 −0.1 0.0 0.1 REER response to ALMP %
    Paper not yet in RePEc: Add citation now
  119. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.2 −0.1 0.0 0.1 REER response to ALMP %
    Paper not yet in RePEc: Add citation now
  120. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.2 −0.1 0.0 0.1 REER response to ALMP %
    Paper not yet in RePEc: Add citation now
  121. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.3 −0.2 −0.1 0.0 0.1 0.2 REER response to ALMP %
    Paper not yet in RePEc: Add citation now
  122. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.3 −0.2 −0.1 0.0 0.1 0.2 REER response to ALMP %
    Paper not yet in RePEc: Add citation now
  123. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.3 −0.2 −0.1 0.0 0.1 0.2 REER response to ALMP %
    Paper not yet in RePEc: Add citation now
  124. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.5 0.0 0.5 GDP response to EPL %
    Paper not yet in RePEc: Add citation now
  125. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.5 0.0 0.5 GDP response to EPL %
    Paper not yet in RePEc: Add citation now
  126. With MP interaction No MP interaction 0 200 400 600 800 1000 −0.5 0.0 0.5 GDP response to EPL %
    Paper not yet in RePEc: Add citation now
  127. With MP interaction No MP interaction 0 200 400 600 800 1000 −1.0 −0.5 0.0 0.5 1.0 GDP response to EPL %
    Paper not yet in RePEc: Add citation now
  128. With MP interaction No MP interaction 0 200 400 600 800 1000 −1.0 −0.5 0.0 0.5 1.0 GDP response to EPL %
    Paper not yet in RePEc: Add citation now
  129. With MP interaction No MP interaction 0 200 400 600 800 1000 −1.0 −0.5 0.0 0.5 1.0 GDP response to EPL %
    Paper not yet in RePEc: Add citation now
  130. With MP interaction No MP interaction 0 200 400 600 800 1000 −1.5 −1.0 −0.5 0.0 0.5 1.0 Unemployment response to EPL %
    Paper not yet in RePEc: Add citation now
  131. With MP interaction No MP interaction 0 200 400 600 800 1000 −1.5 −1.0 −0.5 0.0 0.5 1.0 Unemployment response to EPL %
    Paper not yet in RePEc: Add citation now
  132. With MP interaction No MP interaction 0 200 400 600 800 1000 −1.5 −1.0 −0.5 0.0 0.5 1.0 Unemployment response to EPL %
    Paper not yet in RePEc: Add citation now
  133. With MP interaction No MP interaction 0 200 400 600 800 1000 −1.5 −1.0 −0.5 0.0 0.5 Unemployment response to EPL %
    Paper not yet in RePEc: Add citation now
  134. With MP interaction No MP interaction 0 200 400 600 800 1000 −1.5 −1.0 −0.5 0.0 0.5 Unemployment response to EPL %
    Paper not yet in RePEc: Add citation now
  135. With MP interaction No MP interaction 0 200 400 600 800 1000 −1.5 −1.0 −0.5 0.0 0.5 Unemployment response to EPL %
    Paper not yet in RePEc: Add citation now
  136. With MP interaction No MP interaction 0 200 400 600 800 1000 −1.5 −1.0 −0.5 0.0 REER response to EPL %
    Paper not yet in RePEc: Add citation now
  137. With MP interaction No MP interaction 0 200 400 600 800 1000 −2.0 −1.0 0.0 0.5 1.0 GDP response to EPL %
    Paper not yet in RePEc: Add citation now
  138. With MP interaction No MP interaction 0 200 400 600 800 1000 −2.0 −1.5 −1.0 −0.5 0.0 REER response to EPL %
    Paper not yet in RePEc: Add citation now
  139. With MP interaction No MP interaction 0 200 400 600 800 1000 −3 −2 −1 0 1 GDP response to EPL %
    Paper not yet in RePEc: Add citation now
  140. With MP interaction No MP interaction 0 200 400 600 800 1000 −4 −3 −2 −1 0 REER response to EPL %
    Paper not yet in RePEc: Add citation now
  141. With MP interaction No MP interaction 0 200 400 600 800 1000 −4 −3 −2 −1 0 REER response to EPL %
    Paper not yet in RePEc: Add citation now
  142. With MP interaction No MP interaction 0 200 400 600 800 1000 −4 −3 −2 −1 0 REER response to EPL %
    Paper not yet in RePEc: Add citation now
  143. With MP interaction No MP interaction 0 200 400 600 800 1000 −4 −3 −2 −1 0 REER response to EPL %
    Paper not yet in RePEc: Add citation now
  144. With MP interaction No MP interaction 0 200 400 600 800 1000 −4 −3 −2 −1 0 REER response to EPL %
    Paper not yet in RePEc: Add citation now
  145. With MP interaction No MP interaction 0 200 400 600 800 1000 −4 −3 −2 −1 0 REER response to EPL %
    Paper not yet in RePEc: Add citation now
  146. With MP interaction No MP interaction Figure B.21: Variation of average responses in macroeconomic variables to the 1% increase in labor market policies (replacement rate, ALMP and EPL), 1st quarter B.4.2 Horizon: 4th Quarter Replacement rate Spending on ALMP EPL Inflation 0 200 400 600 800 1000 −0.08 −0.06 −0.04 −0.02 0.00 CPI response to rep. rate %
    Paper not yet in RePEc: Add citation now
  147. With MP interaction No MP interaction Figure B.22: Variation of average responses in macroeconomic variables due to the 1% increase in labor market policies (replacement rate, ALMP and EPL), 4th quarter B.4.3 Horizon: 8th Quarter Replacement rate Spending on ALMP EPL Inflation 0 200 400 600 800 1000 −0.08 −0.06 −0.04 −0.02 0.00 CPI response to rep. rate %
    Paper not yet in RePEc: Add citation now
  148. With MP interaction No MP interaction Figure B.23: Variation of average responses in macroeconomic variables due to the 1% increase in labor market policies (replacement rate, ALMP and EPL), 8th quarter B.4.4 Cross-sectional Dependence (Horizon: 4th Quarter) Replacement rate Spending on ALMP EPL Inflation 0 200 400 600 800 1000 −0.015 −0.005 0.005 CPI response to rep. rate %
    Paper not yet in RePEc: Add citation now
  149. With MP interaction No MP interaction Figure C.21: Variation of average responses in macroeconomic variables to the 1% increase in labor market policies (replacement rate, ALMP and EPL), 1st quarter C.4.2 Horizon: 4th Quarter Replacement rate Spending on ALMP EPL Inflation 0 200 400 600 800 1000 −0.06 −0.04 −0.02 0.00 CPI response to rep. rate %
    Paper not yet in RePEc: Add citation now
  150. With MP interaction No MP interaction Figure C.22: Variation of average responses in macroeconomic variables due to the 1% increase in labor market policies (replacement rate, ALMP and EPL), 4th quarter C.4.3 Horizon: 8th Quarter Replacement rate Spending on ALMP EPL Inflation 0 200 400 600 800 1000 −0.06 −0.04 −0.02 0.00 CPI response to rep. rate %
    Paper not yet in RePEc: Add citation now
  151. With MP interaction No MP interaction Figure C.23: Variation of average responses in macroeconomic variables due to the 1% increase in labor market policies (replacement rate, ALMP and EPL), 8th quarter C.4.4 Cross-sectional Dependence (Horizon: 4th Quarter) Replacement rate Spending on ALMP EPL Inflation 0 200 400 600 800 1000 −0.015 −0.005 0.005 CPI response to rep. rate %
    Paper not yet in RePEc: Add citation now
  152. With MP interaction No MP interaction Real GDP 0 200 400 600 800 1000 −0.005 0.000 0.005 0.010 GDP response to rep. rate %
    Paper not yet in RePEc: Add citation now
  153. With MP interaction No MP interaction Real GDP 0 200 400 600 800 1000 −0.030 −0.020 −0.010 0.000 GDP response to rep. rate %
    Paper not yet in RePEc: Add citation now
  154. With MP interaction No MP interaction Real GDP 0 200 400 600 800 1000 −0.030 −0.020 −0.010 0.000 GDP response to rep. rate %
    Paper not yet in RePEc: Add citation now
  155. With MP interaction No MP interaction Real GDP 0 200 400 600 800 1000 −0.030 −0.020 −0.010 0.000 GDP response to rep. rate %
    Paper not yet in RePEc: Add citation now
  156. With MP interaction No MP interaction Real GDP 0 200 400 600 800 1000 −0.04 0.00 0.02 0.04 GDP response to rep. rate %
    Paper not yet in RePEc: Add citation now
  157. With MP interaction No MP interaction Real GDP 0 200 400 600 800 1000 −0.04 −0.02 0.00 0.02 GDP response to rep. rate %
    Paper not yet in RePEc: Add citation now
  158. With MP interaction No MP interaction Real GDP 0 200 400 600 800 1000 −0.04 −0.02 0.00 0.02 GDP response to rep. rate %
    Paper not yet in RePEc: Add citation now
  159. With MP interaction No MP interaction Real GDP 0 200 400 600 800 1000 −0.04 −0.02 0.00 0.02 GDP response to rep. rate %
    Paper not yet in RePEc: Add citation now
  160. With MP interaction No MP interaction REER 0 200 400 600 800 1000 0.0 0.2 0.4 0.6 REER response to rep. rate %
    Paper not yet in RePEc: Add citation now
  161. With MP interaction No MP interaction REER 0 200 400 600 800 1000 0.0 0.2 0.4 0.6 REER response to rep. rate %
    Paper not yet in RePEc: Add citation now
  162. With MP interaction No MP interaction REER 0 200 400 600 800 1000 0.0 0.2 0.4 0.6 REER response to rep. rate %
    Paper not yet in RePEc: Add citation now
  163. With MP interaction No MP interaction REER 0 200 400 600 800 1000 0.0 0.2 0.4 0.6 REER response to rep. rate %
    Paper not yet in RePEc: Add citation now
  164. With MP interaction No MP interaction REER 0 200 400 600 800 1000 0.0 0.2 0.4 0.6 REER response to rep. rate %
    Paper not yet in RePEc: Add citation now
  165. With MP interaction No MP interaction REER 0 200 400 600 800 1000 0.0 0.2 0.4 0.6 REER response to rep. rate %
    Paper not yet in RePEc: Add citation now
  166. With MP interaction No MP interaction REER 0 200 400 600 800 1000 −0.2 −0.1 0.0 0.1 0.2 0.3 REER response to rep. rate %
    Paper not yet in RePEc: Add citation now
  167. With MP interaction No MP interaction REER 0 200 400 600 800 1000 −0.2 −0.1 0.0 0.1 0.2 0.3 REER response to rep. rate %
    Paper not yet in RePEc: Add citation now
  168. With MP interaction No MP interaction Unemployment 0 200 400 600 800 1000 0.00 0.01 0.02 0.03 0.04 Unemployment response to rep. rate %
    Paper not yet in RePEc: Add citation now
  169. With MP interaction No MP interaction Unemployment 0 200 400 600 800 1000 0.00 0.01 0.02 0.03 0.04 Unemployment response to rep. rate %
    Paper not yet in RePEc: Add citation now
  170. With MP interaction No MP interaction Unemployment 0 200 400 600 800 1000 0.00 0.01 0.02 0.03 0.04 Unemployment response to rep. rate %
    Paper not yet in RePEc: Add citation now
  171. With MP interaction No MP interaction Unemployment 0 200 400 600 800 1000 −0.005 0.005 0.015 0.025 Unemployment response to rep. rate %
    Paper not yet in RePEc: Add citation now
  172. With MP interaction No MP interaction Unemployment 0 200 400 600 800 1000 −0.005 0.005 0.015 0.025 Unemployment response to rep. rate %
    Paper not yet in RePEc: Add citation now
  173. With MP interaction No MP interaction Unemployment 0 200 400 600 800 1000 −0.005 0.005 0.015 0.025 Unemployment response to rep. rate %
    Paper not yet in RePEc: Add citation now
  174. With MP interaction No MP interaction Unemployment 0 200 400 600 800 1000 −0.10 −0.05 0.00 0.05 0.10 Unemployment response to rep. rate %
    Paper not yet in RePEc: Add citation now
  175. With MP interaction No MP interaction Unemployment 0 200 400 600 800 1000 −0.2 −0.1 0.0 0.1 0.2 Unemployment response to rep. rate %
    Paper not yet in RePEc: Add citation now

Cocites

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