Dependent variable:
	Nominal wages		Nominal compensation		Expectations-adjusted wages		Expectations-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 rate		0.352***		0.321***		0.384***		0.352***
		(0.017)		(0.030)		(0.031)		(0.040)
Constant	4.829***	-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)
Observations	105	105	105	105	105	105	105	105
R2	0.501	0.799	0.251	0.520	0.374	0.593	0.215	0.431
Adjusted R2	0.496	0.797	0.244	0.515	0.367	0.589	0.207	0.426
Residual Std. Error (df = 103)	0.537	0.341	0.742	0.594	0.761	0.614	0.916	0.780
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 wages			Nominal compensation			Expectations-adjusted wages			Expectations-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 rate		0.353***			0.400***			0.363***			0.410***
		(0.019)			(0.030)			(0.043)			(0.052)
Job-to-job separations rate			0.806***			0.906***			0.803***			0.903***
			(0.073)			(0.099)			(0.129)			(0.153)
Constant	4.737***	-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)
Observations	64	64	63	64	64	63	64	64	63	64	64	63
R2	0.648	0.845	0.666	0.496	0.738	0.579	0.376	0.530	0.389	0.313	0.499	0.365
Adjusted R2	0.643	0.842	0.660	0.488	0.733	0.573	0.366	0.523	0.379	0.302	0.491	0.354
Residual Std. Error	0.460 (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 Statistic	114.267*** (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 rate	0.353***	0.407***	0.333***		0.385***
	(0.019)	(0.045)	(0.039)		(0.046)
Unemployment rate		0.068		-0.203**	0.151**
		(0.051)		(0.091)	(0.075)
Job-to-job separation rate			0.058	0.374*	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)
Observations	64	64	63	63	63
R2	0.845	0.849	0.850	0.691	0.860
Adjusted R2	0.842	0.844	0.845	0.681	0.853
Residual Std. Error	0.306 (df = 62)	0.304 (df = 61)	0.304 (df = 60)	0.437 (df = 60)	0.297 (df = 59)
F Statistic	337.413*** (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 rate	0.417***	0.654***	0.447***		0.634***
	(0.053)	(0.121)	(0.108)		(0.125)
Unemployment rate		0.297**		-0.040	0.543***
		(0.137)		(0.200)	(0.204)
Job-to-job separation rate			-0.089	0.829*	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)
Observations	64	64	63	63	63
R2	0.503	0.538	0.505	0.364	0.558
Adjusted R2	0.495	0.523	0.488	0.343	0.535
Residual Std. Error	0.838 (df = 62)	0.814 (df = 61)	0.849 (df = 60)	0.961 (df = 60)	0.808 (df = 59)
F Statistic	62.741*** (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