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Table 4 Real wage cyclicality by contract types: 4 scenarios

From: Real wage responsiveness to unemployment in Spain: asymmetries along the business cycle

  Recession Expansion Expansion Recesion
  Unemp. high Test Unemp. high Test Unemp. low Test Unemp. low Test
  (1) 1 = 2 (2) 2 = 3 (3) 3 = 4 (4) 4 = 1
Permanent (a) −0.207*** *** −0.345*** *** −0.466*** *** −0.209** no
  (0.041)   (0.044)   (0.071)   (0.070)  
Test a = b ***   ***   no   **  
Fixed-term (b) −0.431*** *** −0.520*** * −0.587*** *** −0.414*** no
  (0.043)   (0.046)   (0.074)   (0.072)  
  1. ***Significant at the 1 percent level.
  2. **Significant at the 5 percent level.
  3. *Significant at the 10 percent level.
  4. no: Non-significant.
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