The Cyclical Behaviour of Real Wages: Evidence from Australia

Table 2

Correlation matrix of the cyclical components.

	𝜙^𝑝	𝜙^𝑤−𝑝	𝜙^𝑒	𝜙^𝑛	𝜙^𝑢
𝜙^𝑝	1.0000
	(∞)
𝜙^𝑤−𝑝	0.2850	1.0000
	(2.914)	(∞)
𝜙^𝑒	0.1582	0.2070	1.0000
	(2.569)	(2.073)	(∞)
𝜙^𝑛	−0.0344	−0.0835	−0.2622	1.0000
	(−3.374)	(−8.209)	(−2.662)	(∞)
𝜙^𝑢	−0.0244	−0.0826	−0.2782	0.9805	1.0000
	(−2.392)	(−8.119)	(−2.838)	(9.890)	(∞)