Table 4 Wage Phillips curve in Italy: individual estimates; job stayers (p values in brackets)
| Â | OLS | OLS | GMM |
|---|---|---|---|
|  | All workers (employed at both time t and t + 1) | ||
Δw t − 1 | −0.211 | −0.205 | 0.077 |
| Â | (0.000)*** | (0.000)*** | (0.000)*** |
U t | 0.005 | −0.417 | −0.178 |
| Â | (0.461) | (0.000)*** | (0.000)*** |
U t  * D post2008 | −0.008 | −0.063 | −0.072 |
| Â | (0.053)* | (0.000)*** | (0.000)*** |
E t Δp t + 1 |  | 0.010 | 0.009 |
| Â | Â | (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 |
| Â | (0.000)*** | (0.000)*** | (0.000)*** |
U t | −0.003 | −0.318 | −0.178 |
| Â | (0.595) | (0.000)*** | (0.000)*** |
U t  * D post2008 | −0.007 | −0.061 | −0.078 |
| Â | (0.082)* | (0.000)*** | (0.000)*** |
E t Δp t + 1 |  | 0.010 | 0.010 |
| Â | Â | (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 |
| Â | (0.000)*** | (0.000)*** | (0.000)*** |
U t | −0.023 | −0.367 | −0.204 |
| Â | (0.004)*** | (0.000)*** | (0.000)*** |
U t  * D post2008 | 0.002 | −0.039 | −0.055 |
| Â | (0.780) | (0.000)*** | (0.000)*** |
E t Δp t + 1 |  | 0.009 | 0.009 |
| Â | Â | (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 |