The Cyclical Behaviour of Real Wages: Evidence from Australia

Table 3

OLS estimates of (2), when 𝑦≡𝑝.

	𝑥≡𝑒	𝑥≡𝑛	𝑥≡𝑢
𝛽0	−0.608	0.226	0.150
	(−5.076)	(9.384)	(9.892)
𝛽1	0.106	−0.020	−0.030
	(5.794)	(−6.759)	(−6.732)
𝛽2	0.929	0.982	0.974
	(3.251)	(4.043)	(3.421)
𝑅^2	0.9972	0.9851	0.9703
𝑁(2)	1.742	1.996	1.865
𝐻𝑆(2)	2.897	0.586	0.546
𝐹𝐹(2)	2.408	0.701	1.969
𝑆𝐶(2)	1.705	1.741	2.145