Dependent variable:
Nominal wagesNominal compensationExpectations-adjusted wagesExpectations-adjusted compensation
(1)(2)(3)(4)(5)(6)(7)(8)
Unemployment rate-0.339***-0.271***-0.370***-0.302***
(0.033)(0.046)(0.047)(0.057)
Prime employment rate0.352***0.321***0.384***0.352***
(0.017)(0.030)(0.031)(0.040)
Constant4.829***-24.900***4.620***-22.221***2.071***-30.324***1.862***-27.646***
(0.208)(1.370)(0.287)(2.388)(0.294)(2.464)(0.354)(3.132)
Observations105105105105105105105105
R20.5010.7990.2510.5200.3740.5930.2150.431
Adjusted R20.4960.7970.2440.5150.3670.5890.2070.426
Residual Std. Error (df = 103)0.5370.3410.7420.5940.7610.6140.9160.780
F Statistic (df = 1; 103)103.332***408.462***34.525***111.543***61.414***149.894***28.192***78.174***
Note:*p<0.1; **p<0.05; ***p<0.01




Dependent variable:
Nominal wagesNominal compensationExpectations-adjusted wagesExpectations-adjusted compensation
(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)
Unemployment rate-0.351***-0.372***-0.347***-0.368***
(0.033)(0.048)(0.057)(0.069)
Prime employment rate0.353***0.400***0.363***0.410***
(0.019)(0.030)(0.043)(0.052)
Job-to-job separations rate0.806***0.906***0.803***0.903***
(0.073)(0.099)(0.129)(0.153)
Constant4.737***-25.005***-1.524***5.148***-28.369***-1.743***1.692***-28.823***-4.536***2.104***-32.187***-4.754***
(0.215)(1.499)(0.373)(0.311)(2.362)(0.503)(0.372)(3.388)(0.657)(0.454)(4.069)(0.777)
Observations646463646463646463646463
R20.6480.8450.6660.4960.7380.5790.3760.5300.3890.3130.4990.365
Adjusted R20.6430.8420.6600.4880.7330.5730.3660.5230.3790.3020.4910.354
Residual Std. Error0.460 (df = 62)0.306 (df = 62)0.451 (df = 61)0.667 (df = 62)0.482 (df = 62)0.609 (df = 61)0.796 (df = 62)0.691 (df = 62)0.794 (df = 61)0.972 (df = 62)0.830 (df = 62)0.940 (df = 61)
F Statistic114.267*** (df = 1; 62)337.413*** (df = 1; 62)121.441*** (df = 1; 61)61.091*** (df = 1; 62)174.298*** (df = 1; 62)84.065*** (df = 1; 61)37.343*** (df = 1; 62)69.946*** (df = 1; 62)38.772*** (df = 1; 61)28.213*** (df = 1; 62)61.769*** (df = 1; 62)35.030*** (df = 1; 61)
Note:*p<0.1; **p<0.05; ***p<0.01




Dependent variable:
Nominal wages
(1)(2)(3)(4)(5)
Prime employment rate0.353***0.407***0.333***0.385***
(0.019)(0.045)(0.039)(0.046)
Unemployment rate0.068-0.203**0.151**
(0.051)(0.091)(0.075)
Job-to-job separation rate0.0580.374*0.262*
(0.100)(0.206)(0.141)
Constant-25.005***-29.646***-23.739***1.936-29.780***
(1.499)(3.819)(2.597)(1.591)(3.918)
Observations6464636363
R20.8450.8490.8500.6910.860
Adjusted R20.8420.8440.8450.6810.853
Residual Std. Error0.306 (df = 62)0.304 (df = 61)0.304 (df = 60)0.437 (df = 60)0.297 (df = 59)
F Statistic337.413*** (df = 1; 62)171.597*** (df = 2; 61)170.152*** (df = 2; 60)67.186*** (df = 2; 60)120.627*** (df = 3; 59)
Note:*p<0.1; **p<0.05; ***p<0.01




Dependent variable:
Expectations-adjusted compensation
(1)(2)(3)(4)(5)
Prime employment rate0.417***0.654***0.447***0.634***
(0.053)(0.121)(0.108)(0.125)
Unemployment rate0.297**-0.0400.543***
(0.137)(0.200)(0.204)
Job-to-job separation rate-0.0890.829*0.646*
(0.279)(0.453)(0.383)
Constant-32.766***-53.128***-34.618***-4.143-56.321***
(4.109)(10.230)(7.245)(3.503)(10.678)
Observations6464636363
R20.5030.5380.5050.3640.558
Adjusted R20.4950.5230.4880.3430.535
Residual Std. Error0.838 (df = 62)0.814 (df = 61)0.849 (df = 60)0.961 (df = 60)0.808 (df = 59)
F Statistic62.741*** (df = 1; 62)35.565*** (df = 2; 61)30.569*** (df = 2; 60)17.185*** (df = 2; 60)24.816*** (df = 3; 59)
Note:*p<0.1; **p<0.05; ***p<0.01