How quickly does structural reform pay off? An empirical analysis of the short-term effects of unemployment benefit reform

Table 2 Baseline estimation results

Year after the shock	Year 1	Year 2	Year 3	Year 4	Year 5
Decline of initial UB replacement rate	0.027	0.047	0.069**	0.095**	0.123**
	(0.017)	(0.035)	(0.033)	(0.043)	(0.046)
No. observations	503	474	446	418	390
R²	0.453	0.455	0.435	0.427	0.427
No. of countries	29	28	28	28	28
Country fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes

Note: ** represents statistical significance at the 5% level. Robust standard errors are in parentheses.