(1) | (2) | (3) | |
---|---|---|---|
Base wages | Base wages | Base wages | |
Decrease | Unchanged | Increase | |
Demand | |||
No decrease (reference) | - | - | - |
Moderate decrease | 0.043*** | 0.080*** | -0.123*** |
(0.003) | (0.005) | (0.007) | |
Strong transitory decrease | 0.074*** | 0.116*** | -0.189*** |
(0.013) | (0.013) | (0.026) | |
Strong partly persistent decrease | 0.070*** | 0.112*** | -0.182*** |
(0.007) | (0.008) | (0.015) | |
Strong long-lasting decrease | 0.080*** | 0.121*** | -0.200*** |
(0.007) | (0.007) | (0.013) | |
Finance shock | 0.020*** | 0.033*** | -0.053*** |
(0.003) | (0.005) | (0.008) | |
Customers’ ability to pay shock | 0.007*** | 0.011*** | -0.018*** |
(0.003) | (0.004) | (0.007) | |
Availability of supplies shock | 0.007** | 0.012** | -0.019** |
(0.003) | (0.005) | (0.009) | |
Non-base wages | Non-base wages | Non-base wages | |
Decrease | Unchanged | Increase | |
Demand | |||
No decrease (reference) | - | - | - |
Moderate decrease | 0.089*** | 0.053*** | -0.142*** |
(0.005) | (0.003) | (0.007) | |
Strong transitory decrease | 0.138*** | 0.056*** | -0.194*** |
(0.022) | (0.003) | (0.021) | |
Strong partly persistent decrease | 0.159*** | 0.053*** | -0.212*** |
(0.012) | (0.003) | (0.011) | |
Strong long-lasting decrease | 0.177*** | 0.050*** | -0.227*** |
(0.011) | (0.003) | (0.010) | |
Finance shock | 0.037*** | 0.017*** | -0.053*** |
(0.005) | (0.002) | (0.007) | |
Customers’ ability to pay shock | 0.020*** | 0.010*** | -0.030*** |
(0.004) | (0.002) | (0.006) | |
Availability of supplies shock | 0.013** | 0.007** | -0.020** |
(0.006) | (0.003) | (0.008) | |
p-value | 0.000 | ||
Rho | 0.6 | ||
Observations | 19,634 |