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Table 5 Dynamic results on the impact of STW on the labour market outcomes of (Cont.)

From: The role of short-time work schemes during the global financial crisis and early recovery: a cross-country analysis

  Change in employment Change in average hours worked Change in total hours worked
  Model 1: Model 2: Model 3: Model 1: Model 2: Model 3: Model 1: Model 2: Model 3:
  OLS OLS with institution IV with institution OLS OLS with institution IV with institution OLS OLS with institution IV with institution
Lagged dependent variable in level -0.060 ** -0.087 *** -0.142 **     -0.248 *** -0.300 *** -0.372 ***
   (0.026) (0.030) (0.057) (0.046) (0.052) (0.081)
Output 0.015 0.014 0.093*     0.112 *** 0.098 *** 0.364 ***
   (0.016) (0.016) (0.052) (0.032) (0.034) (0.093)
Output growth t 0.125 *** 0.215 ** 0.381 0.321 *** 0.442 1.946 *** 0.392 *** 0.777 ** 4.224 ***
(0.048) (0.108) (0.387) (0.108) (0.294) (0.655) (0.111) (0.302) (0.912)
t-1 0.100 * 0.140 0.151 -0.216 ** -0.333 -1.394 ** -0.082 -0.128 -0.970 *
(0.059) (0.122) (0.234) (0.107) (0.347) (0.566) (0.102) (0.341) (0.549)
t-2 0.271 *** 0.227 ** 0.301 * -0.094 -0.192 0.281 0.234 ** 0.081 0.439
(0.045) (0.100) (0.177) (0.103) (0.338) (0.507) (0.106) (0.308) (0.504)
STW take-up rate t 0.001 0.001 -0.016 0.008 0.006 -0.090 *** 0.008 0.005 -0.177 ***
(0.002) (0.002) (0.018) (0.005) (0.005) (0.018) (0.005) (0.005) (0.037)
t-1 0.000 0.001 0.005 -0.008 -0.006 0.036 *** -0.008 -0.005 0.031 ***
(0.003) (0.003) (0.004) (0.008) (0.008) (0.010) (0.008) (0.007) (0.010)
t-2 -0.002 -0.002 -0.005 * 0.003 0.002 -0.002 0.001 0.001 -0.002
(0.003) (0.003) (0.003) (0.004) (0.004) (0.009) (0.005) (0.005) (0.009)
Output growth times STW take-up rate t 0.055 0.059 0.105 * 0.253 ** 0.267 ** 0.013 0.235 ** 0.250 ** 0.067
7(0.043) (0.042) (0.053) (0.102) (0.109) (0.117) (0.103) (0.100) (0.113)
t-1 -0.053 -0.057 -0.108 ** 0.051 -0.010 0.310 ** 0.011 -0.043 0.187
(0.048) (0.046) (0.048) (0.082) (0.090) (0.142) (0.091) (0.092) (0.135)
t-2 -0.090 ** -0.089 ** -0.081 * -0.148 ** -0.129 -0.327 *** -0.236 *** -0.209 ** -0.314 ***
(0.036) (0.037) (0.041) (0.072) (0.081) (0.103) (0.074) (0.082) (0.095)
Overall strictness of employment protection t   -0.017 0.010   0.084 *** 0.145 ***   0.082 *** 0.289 ***
(0.012) (0.027) (0.029) (0.049) (0.027) (0.064)
t-1   0.012 0.014   -0.202 *** -0.165 **   -0.171 *** -0.135 *
(0.014) (0.022) (0.061) (0.079) (0.058) (0.075)
t-2   0.000 0.010   0.118 ** 0.093   0.076 0.059
(0.009) (0.017) (0.053) (0.068) (0.051) (0.061)
Output growth times overall strictness of employment protection t   -0.099 * -0.265 **   -0.076 -0.390   -0.329 ** -1.226 ***
(0.059) (0.107) (0.147) (0.253) (0.141) (0.285)
t-1   0.006 0.017   0.187 0.130   0.123 -0.014
(0.071) (0.113) (0.174) (0.260) (0.165) (0.228)
t-2   -0.056 -0.217 **   -0.084 -0.033   -0.143 -0.378 *
(0.056) (0.084) (0.165) (0.231) (0.158) (0.223)
UB net replacement rate (average over 60 months) t   0.000 0.000   0.001 0.002 ***   0.001* 0.004 ***
(0.000) (0.000) (0.001) (0.001) (0.000) (0.001
t-1   0.000 -0.001 **   -0.003 *** -0.004 ***   -0.003 *** -0.004 ***
(0.000) (0.000) (0.001) (0.001) (0.001) (0.001)
t-2   0.000 0.000   0.002 *** 0.003 ***   0.002 ** 0.002 ***
(0.000) (0.000) (0.001) (0.001) (0.001) (0.001)
Output growth times UB net replacement rate (average over 60 months) t   0.002 0.003   -0.001 -0.015*   0.002 -0.027 ***
(0.002) (0.005) (0.005) (0.008) (0.005) (0.010)
t-1   -0.002 -0.002   -0.004 0.010   -0.004 0.010
(0.002) (0.003) (0.005) (0.006) (0.004) (0.006)
t-2   0.003 * 0.007 ***   0.006 -0.002   0.009 ** 0.010
(0.002) (0.002) (0.005) (0.006) (0.004) (0.006)
Number of countries 23 23 13 23 23 13 23 23 13
Number of observations 589 573 330 589 573 330 589 573 330
R-squared 0.53 0.58 0.55 0.94 0.95 0.95 0.95 0.95 0.95
  1. Robust standard errors in brackets. Regressions include country time quarter dummies and year dummies.
  2. a) Dependent variables and output in logs.
  3. ***, **, *: Statistically significant at the 1%, 5% and 10% level, respectively.
  4. Source: Authors' estimates.