From: A fiscal job? An analysis of fiscal policy and the labor market
Time-varying Okun’s coefficient (employment) | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | |
Central Bank policy rate (−1) | −0.257** | −0.318* | −0.493*** | −0.492*** | −0.164 | −0.224 | −0.227 | −0.567 | −0.234*** | −0.440 | −0.469 | −0.392 |
(0.119) | (0.158) | (0.173) | (0.174) | (0.421) | (0.409) | (0.445) | (0.478) | (0.046) | (0.391) | (0.395) | (0.379) | |
Employment Protection | −0.107*** | −0.111** | −0.086 | −0.085 | −0.660* | −0.644* | −0.667** | −0.384 | −0.112* | −0.0931* | −0.100** | −0.086* |
(0.038) | (0.049) | (0.091) | (0.091) | (0.314) | (0.329) | (0.302) | (0.330) | (0.062) | (0.047) | (0.047) | (0.0444) | |
Discretionary expenditure | 0.149 | |||||||||||
(0.262) | ||||||||||||
Discretionary current exp. | 0.298 | |||||||||||
(0.188) | ||||||||||||
Discretionary capital exp. | 0.0115 | |||||||||||
(0.298) | ||||||||||||
PIT rate (−1) | 0.118 | |||||||||||
(0.127) | ||||||||||||
VAT rate (−1) | −0.498 | |||||||||||
(0.450) | ||||||||||||
CIT rate (−1) | 0.204 | |||||||||||
(0.221) | ||||||||||||
SSR rate (−1) | −0.166 | |||||||||||
(0.167) | ||||||||||||
Tax wedge rate (−1) | −0.148 | |||||||||||
(0.256) | ||||||||||||
LMP | 4.741 | |||||||||||
(2.832) | ||||||||||||
PLMP | 3.667 | |||||||||||
(3.100) | ||||||||||||
ALMP | 15.54** | |||||||||||
(6.488) | ||||||||||||
Observations | 753 | 634 | 509 | 509 | 231 | 231 | 231 | 190 | 400 | 604 | 645 | 604 |
R-squared | 0.748 | 0.801 | 0.819 | 0.818 | 0.731 | 0.733 | 0.733 | 0.736 | 0.916 | 0.763 | 0.735 | 0.771 |
Number of code | 34 | 34 | 29 | 29 | 14 | 14 | 14 | 13 | 34 | 32 | 32 | 32 |