Table 3 Wage Phillips curve in Italy: firm-level estimates (p values in brackets)
| Â | OLS | OLS | GMM |
|---|---|---|---|
| Â | All firms | ||
Δw t − 1 | −0.00006 | −0.00006 | 0.274 |
| Â | (0.152) | (0.155) | (0.000)*** |
U t | −0.00015 | −0.225 | −0.169 |
| Â | (0.972) | (0.000)*** | (0.000)*** |
U t  * D post2008 | −0.006 | −0.066 | −0.083 |
| Â | (0.014)** | (0.000)*** | (0.000)*** |
E t Δp t + 1 |  | 0.004 | 0.006 |
| Â | Â | (0.000)*** | (0.000)*** |
Year dummies | Yes | No | No |
Firm fixed effects | Yes | Yes | Yes |
Observations | 1.21E + 07 | 1.21E + 07 | 1.15E + 07 |
Number of firms | 2,474,469 | 2,474,469 | 2,381,249 |
| Â | All firms (already operating before 2008) | ||
Δw t − 1 | −0.0004 | −0.0004 | 0.334 |
| Â | (0.002)*** | (0.002)*** | (0.000)*** |
U t | 0.001 | −0.223 | −0.18 |
| Â | (0.775) | (0.000)*** | (0.000)*** |
U t  * D post2008 | −0.006 | −0.065 | −0.082 |
| Â | (0.016)** | (0.000)*** | (0.000)*** |
E t Δp t + 1 |  | 0.006 | 0.008 |
| Â | Â | (0.000)*** | (0.000)*** |
Year dummies | Yes | No | No |
Firm fixed effects | Yes | Yes | Yes |
Observations | 1.04E + 07 | 1.04E + 07 | 9987063 |
Number of firms | 1760753 | 1760753 | 1729694 |
| Â | All firms (already operating before 2008 + present until 2013) | ||
Δw t − 1 | −0.002 | −0.002 | 0.200 |
| Â | (0.045)** | (0.045)** | (0.000)*** |
U t | 0.004 | −0.301 | −0.230 |
| Â | (0.432) | (0.000)*** | (0.000)*** |
U t  * D post2008 | −0.009 | −0.053 | −0.082 |
| Â | (0.000)*** | (0.000)*** | (0.000)*** |
E t Δp t + 1 |  | 0.005 | 0.006 |
| Â | Â | (0.000)*** | (0.000)*** |
Year dummies | Yes | No | No |
Firm fixed effects | Yes | Yes | Yes |
Observations | 6,414,023 | 6,414,023 | 6,354,583 |
Number of firms | 750,235 | 750,235 | 750,235 |