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Table 2 Time-varying Okun’s coefficient and fiscal policy instruments

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

  1. Note: Robust standard errors in parentheses
  2. ***p < 0.01, **p < 0.05, *p < 0.1