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Table 4 Wage Phillips curve in Italy: individual estimates; job stayers (p values in brackets)

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

  OLS OLS GMM
  All workers (employed at both time t and t + 1)
Δw t − 1 −0.211 −0.205 0.077
  (0.000)*** (0.000)*** (0.000)***
U t 0.005 −0.417 −0.178
  (0.461) (0.000)*** (0.000)***
U t  * D post2008 −0.008 −0.063 −0.072
  (0.053)* (0.000)*** (0.000)***
E t Δp t + 1   0.010 0.009
   (0.000)*** (0.000)***
Year dummies Yes No No
Firm fixed effects Yes Yes Yes
Observations 3,588,786 3,588,786 3,173,763
Number of firms 683,357 683,357 648,836
  All workers (already employed before 2008; same firm, not changing position from t to t + 1)
Δw t − 1 −0.186 −0.181 0.082
  (0.000)*** (0.000)*** (0.000)***
U t −0.003 −0.318 −0.178
  (0.595) (0.000)*** (0.000)***
U t  * D post2008 −0.007 −0.061 −0.078
  (0.082)* (0.000)*** (0.000)***
E t Δp t + 1   0.010 0.010
   (0.000)*** (0.000)***
Year dummies Yes No No
Firm fixed effects Yes Yes Yes
Observations 2,585,290 2,585,290 2,460,382
Number of firms 507,951 507,951 497,330
  All workers (already employed before 2008 and working until 2014; same firm, not changing position from t to t + 1)
Δw t − 1 −0.189 −0.18 0.109
  (0.000)*** (0.000)*** (0.000)***
U t −0.023 −0.367 −0.204
  (0.004)*** (0.000)*** (0.000)***
U t  * D post2008 0.002 −0.039 −0.055
  (0.780) (0.000)*** (0.000)***
E t Δp t + 1   0.009 0.009
   (0.000)*** (0.000)***
Year dummies Yes No No
Firm fixed effects Yes Yes Yes
Observations 1,063,247 1,063,247 1,057,311
Number of firms 132,092 132,092 132,015
  1. Robust p values in parentheses
  2. Significant at *10%, **5%, ***1%
  3. Dependent variable: percentage change in the daily wage