| |
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
|
|---|
|
16-29 (a)
|
−0.306***
|
***
|
−0.497***
|
***
|
−0.611***
|
***
|
−0.318***
|
no
|
| |
(0.046)
| |
(0.049)
| |
(0.080)
| |
(0.079)
| |
|
Test a = b
|
no
| |
**
| |
no
| |
no
| |
|
30-45 (b)
|
−0.227***
|
***
|
−0.364***
|
***
|
−0.469***
|
***
|
−0.224***
|
no
|
| |
(0.037)
| |
(0.040)
| |
(0.065)
| |
(0.063)
| |
|
Test a = c
|
***
| |
***
| |
***
| |
*
| |
|
45+ (c)
|
−0.146***
|
***
|
−0.264***
|
***
|
−0.353***
|
***
|
−0.146*
|
no
|
| |
(0.035)
| |
(0.037)
| |
(0.061)
| |
(0.060)
| |
- ***Significant at the 1 percent level.
- **Significant at the 5 percent level.
- *Significant at the 10 percent level.
- no: Non-significant.