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Table 3 Wage Phillips curve in Italy: firm-level estimates (p values in brackets)

From: Has the wage Phillips curve changed in the euro area?

  OLS OLS GMM
  All firms
Δw t − 1 −0.00006 −0.00006 0.274
  (0.152) (0.155) (0.000)***
U t −0.00015 −0.225 −0.169
  (0.972) (0.000)*** (0.000)***
U t  * D post2008 −0.006 −0.066 −0.083
  (0.014)** (0.000)*** (0.000)***
E t Δp t + 1   0.004 0.006
   (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
  All firms (already operating before 2008)
Δw t − 1 −0.0004 −0.0004 0.334
  (0.002)*** (0.002)*** (0.000)***
U t 0.001 −0.223 −0.18
  (0.775) (0.000)*** (0.000)***
U t  * D post2008 −0.006 −0.065 −0.082
  (0.016)** (0.000)*** (0.000)***
E t Δp t + 1   0.006 0.008
   (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
  All firms (already operating before 2008 + present until 2013)
Δw t − 1 −0.002 −0.002 0.200
  (0.045)** (0.045)** (0.000)***
U t 0.004 −0.301 −0.230
  (0.432) (0.000)*** (0.000)***
U t  * D post2008 −0.009 −0.053 −0.082
  (0.000)*** (0.000)*** (0.000)***
E t Δp t + 1   0.005 0.006
   (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
  1. Robust p values in parentheses
  2. Significant at *10%, **5% and ***1%
  3. Dependent variable: percentage change in the annual average wage per worker