Crisis, What Crisis? Patterns of Adaptation in European Labor ... - IZA

SERIES PAPER DISCUSSION

IZA DP No. 5045

Crisis, What Crisis? Patterns of Adaptation in European Labor Markets Werner Eichhorst Michael Feil Paul Marx

July 2010

Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor

Crisis, What Crisis? Patterns of Adaptation in European Labor Markets Werner Eichhorst IZA

Michael Feil IAB

Paul Marx IZA

Discussion Paper No. 5045 July 2010

IZA P.O. Box 7240 53072 Bonn Germany Phone: +49-228-3894-0 Fax: +49-228-3894-180 E-mail: [email protected]

Any opinions expressed here are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author.

IZA Discussion Paper No. 5045 July 2010

ABSTRACT Crisis, What Crisis? Patterns of Adaptation in European Labor Markets* The current crisis, while of a global nature, has affected national labor markets to a varying extent. While some countries have experienced a steep increase in unemployment, employment in other developed economies has not fallen in parallel with a significant decline in GDP. Our analysis shows that labor market institutions frequently used to study employment performance can explain the development of unemployment in the situation of crisis in some clusters of countries much better than in others. One major factor to be incorporated in capturing national variations is the role of internal flexibility, in particular working time adjustment. This calls for a broader concept of labor market flexibility which takes into account different channels of adjustment.

JEL Classification: Keywords:

J23, J21, J58

labor market institutions, internal flexibility, employment protection, economic crisis

Corresponding author: Werner Eichhorst IZA P.O. Box 7240 53072 Bonn Germany E-mail: [email protected]

*

The authors thank Tim Schwarzmüller and Max Sties for their research assistance, as well as Antje Mertens for her insightful suggestions. Any remaining errors are our own.

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R=

OK råÉãéäçóãÉåí=ÄÉåÉÑáíë= PK q~ñÉë=çå=ä~Äçê= QK bãéäçóãÉåí=éêçíÉÅíáçå= RK ^ÅíáîÉ=ä~Äçê=ã~êâÉí=éçäáÅáÉë= SK bÇìÅ~íáçå=~åÇ=íê~áåáåÖ= TK tçêâáåÖ=íáãÉ=~êê~åÖÉãÉåíë= UK eìã~å=Å~éáí~ä=áåîÉëíãÉåí=áå=~=ÑáêãJëéÉÅáÑáÅ=ëÉííáåÖ= = _~ëÉÇ=çå=~=ëóëíÉã~íáÅ=~ÖÖêÉÖ~íáçå=çÑ=íÜÉëÉ=áåëíáíìíáçå~ä=é~ê~ãÉíÉêëI=~å=çîÉê~ää=áåÇáÅ~íçê= çÑ=ä~Äçê=ã~êâÉí= ÑäÉñáÄáäáíó=EëÉÉ=^ååÉñ=OF=~ë=ïÉää=~ë=~=íóéçäçÖó=çÑ=ÅçìåíêáÉë=Å~å=ÄÉ=Éëí~ÄJ äáëÜÉÇ= EÑçê= ãÉíÜçÇçäçÖáÅ~ä= ÇÉí~áäë= ëÉÉ= ~äëç= báÅÜÜçêëí= Éí= ~äK= OMMVFK= cáÖìêÉ= N= éêçîáÇÉë= íÜÉ= ãçëí= êÉÅÉåí= áåëíáíìíáçå~ä= áåÑçêã~íáçå= çå= lbà= ÅçìåíêáÉë= êÉÖ~êÇáåÖ= ÉñíÉêå~ä= ~åÇ= ï~ÖÉ= ÑäÉñáÄáäáíó=ïáíÜ=íÜÉ=^åÖäçJp~ñçå=ÅçìåíêáÉë=~åÇ=pïáíòÉêä~åÇI=Äìí=~äëç=aÉåã~êâI=~í=íÜÉ=íçéK= = cáÖìêÉ=NW=^ÖÖêÉÖ~íÉ=ÑäÉñáÄáäáíó=áåÇáÅ~íçê=EsÉêëáçå=NW=bñíÉêå~ä=~åÇ=ï~ÖÉ=ÑäÉñáÄáäáíóI=OMMTF= 15.1

USA

20.2

12.9

Korea

17.5

14.5

Canada

23.9

14.6

20.6

18.1

Switzerland

13.9

21.2

Denmark New Zealand

Ireland

17.9

18.0

14.5

19.0 17.0

8.7

22.1 15.5

13.5

Japan

20.0 13.6

18.3

19.3

Norway

9.8

15.0

Australia Sweden

Finland

15.0

8.6

23.2

16.4

7.1

13.3

France Italy

6.2

Portugal

5.9 0

17.7

11.5

7.3

Slovakia

16.1

7.5

9.4

Czech Republic

16.4 18.9

9.0

Belgium

Wage

19.8

9.3

7.6

Hungary

17.7

9.4

11.7

Functional

15.6

8.4

12.4

Numerical

19.2 9.4

16.1

Germany

15.0

9.6 18.7

Netherlands Spain

15.6

15.4

10.5

United Kingdom

16.6

17.8

11.4

Poland

16.8

11.0

12.9

Austria

24.2

16.3

11.3 13.4

17.5

8.5 5

10

16.2 15

20

25

30

35

40

45

50

55

60

=

S=

= cáÖìêÉ=O=~äëç=áåÅçêéçê~íÉë=áåÑçêã~íáçå=çå=áåíÉêå~ä=ÑäÉñáÄáäáíóK=aìÉ=íç=Ç~í~=äáãáí~íáçåë=íÜáë= áë=êÉëíêáÅíÉÇ=íç=íÜÉ=br=~åÇ=OMMPK=qÜáë=îÉêëáçå=çÑ=íÜÉ=áåÇáÅ~íçê=ëÜçïë=íÜÉ=ÉñíÉåí=íç=ïÜáÅÜ= ÇáÑÑÉêÉåí= ÑäÉñáÄáäáíó= çéíáçåë= ~êÉ= ~î~áä~ÄäÉ=áå= bìêçéÉ~å= ÅçìåíêáÉëK= b~ÅÜ= Åçìåíêó=Ü~ë= ëÉîÉê~ä= çéíáçåëI= Äìí= ÄçíÜ= íÜÉ= çîÉê~ää= ~ÖÖêÉÖ~íÉ= äÉîÉä= ~åÇ= íÜÉ= ëíêìÅíìêÉ= çÑ= ÑäÉñáÄáäáíó= î~êáÉë= ~Åêçëë= ÅçìåíêáÉëK=dÉêã~åóI=Ñçê=Éñ~ãéäÉI=ëí~åÇë=çìí=~ë=~=ÅÜ~ãéáçå=áå=áåíÉêå~ä=åìãÉêáÅ~ä=ÑäÉñáÄáäJ áíó=EïçêâáåÖ=íáãÉFX=ïÜÉêÉ~ë=íÜÉ=rh=ëÜçïë=ãìÅÜ=ä~êÖÉê=ÉñíÉêå~ä=åìãÉêáÅ~ä=~åÇ=ï~ÖÉ=ÑäÉñáJ ÄáäáíóK=aÉåã~êâ=ëÉÉãë=íç=éêçîáÇÉ=~=Ñìää=ê~åÖÉ=çÑ=ÑäÉñáÄáäáíó=ÅÜ~ååÉäëX=ïÜÉêÉ~ë=áå=pçìíÜÉêå= bìêçéÉ=ÑäÉñáÄáäáíó=áë=ãçêÉ=êÉëíêáÅíÉÇ=EÉñÅÉéí=Ñçê=íÉãéçê~êó=ÉãéäçóãÉåíFK= = cáÖìêÉ=OW=^ÖÖêÉÖ~íÉ=ÑäÉñáÄáäáíó=áåÇáÅ~íçê=EsÉêëáçå=OW=fåíÉêå~äI=ÉñíÉêå~ä=~åÇ=ï~ÖÉ=ÑäÉñáÄáäJ áíóI=OMMPF= Denmark Finland Ireland Germany United Kingdom Sweden Netherlands Czech Rep. Austria Hungary Belgium

External numerical

France

External functional

Poland

Wage

Italy Portugal

Internal numerical

Spain

Internal functional 0

10

20

30

40

50

60

70

80

=

= _~ëÉÇ= çå= íÜáë= áåÇáÅ~íçêI= ÅäìëíÉêë= ïáíÜ= ëáãáä~ê= é~ííÉêåë= çÑ= ÑäÉñáÄáäáíó= Å~å= ÄÉ= ÑçêãÉÇK= qÜÉ= ÖêçìéáåÖë=ëíêçåÖäó=êÉëÉãÄäÉ=Éëí~ÄäáëÜÉÇ=íóéçäçÖáÉë=EcáÖìêÉ=PFK=qÜÉ=Ñáêëí=ÅäìëíÉê=Å~å=ÄÉ=ä~J ÄÉäÉÇ= ÚÉÇìÅ~íáçåJÄ~ëÉÇÛ= ~åÇ= ÅçãéêáëÉë= åáåÉ= pÅ~åÇáå~îá~å= ~åÇ= `çåíáåÉåí~äJbìêçéÉ~å= ÅçìåíêáÉëK=fí=áë=ÅÜ~ê~ÅíÉêáòÉÇ=Äó=äçï=ÉñíÉêå~ä=åìãÉêáÅ~ä=~åÇ=ï~ÖÉ=ÑäÉñáÄáäáíóI=ïÜáäÉ=ÉñíÉêå~ä= ÑìåÅíáçå~ä= ÑäÉñáÄáäáíó= áë= ÜáÖÜK= qÜÉ= ëÉÅçåÇ= ÅäìëíÉê= E^ëá~å= ~åÇ= íÜÉ= ^åÖäçJp~ñçå= ÅçìåíêáÉëF= ÅçãÄáåÉë= ÜáÖÜ= ÉñíÉêå~ä= åìãÉêáÅ~ä= ~åÇ= ï~ÖÉ= ÑäÉñáÄáäáíó= ïáíÜ= áåíÉêãÉÇá~íÉ= ÉñíÉêå~ä= ÑìåÅJ íáçå~ä=ÑäÉñáÄáäáíó=~åÇ=Å~å=ÄÉ=Å~ääÉÇ=Úã~êâÉíJçêáÉåíÉÇ=fÛK=qÜÉ=íÜáêÇ=Öêçìé=Åçåëáëíë=çÑ=íÜÉ=Ñçìê= `bb=ÅçìåíêáÉëI=ïÜáÅÜ=Ü~îÉ=ÜáÖÜ=ÉñíÉêå~ä=ÑìåÅíáçå~ä=~åÇ=ï~ÖÉ=ÑäÉñáÄáäáíó=Äìí=îÉêó=äçï=ÉñíÉêJ

T=

å~ä= ÑìåÅíáçå~ä= ÑäÉñáÄáäáíó= EÚã~êâÉíJçêáÉåíÉÇ= ffÛFK= cáå~ääóI= íÜÉ= pçìíÜÉêå= bìêçéÉ~å= ÅçìåíêáÉë= ÑáåÇ=íÜÉãëÉäîÉë=áå=~=ÅäìëíÉê=ïÜáÅÜ=áë=ÅÜ~ê~ÅíÉêáòÉÇ=Äó=ê~íÜÉê=äçï=ÑäÉñáÄáäáíó=áå=~ää=ÇáãÉåëáçåë= EÚäçï=ÑäÉñáÄáäáíó=ÅäìëíÉêÛFK= = cáÖìêÉ=PW=`äìëíÉê=qêÉÉ=ÉñíÉêå~äLï~ÖÉ=ÑäÉñáÄáäáíóI=OMMP=EÜáÉê~êÅÜáÅ~ä=ÅäìëíÉê=~å~äóëáëI=ÇÉåJ ÇêçÖê~ã=ìëáåÖ=ï~êÇ=ãÉíÜçÇF= = =

Num

Rescaled Distance Cluster Combine 0 5 10 15 20 25 +---------+---------+---------+---------+---------+

7 9 3 2 6 22 17 23 15 4 24 11 16 1 13 14 25 5 20 10 18 8 21 19 12

─┐ ─┼─┐ ─┘ ├─────────┐ ───┘ ├─┐ ───┬─────────┘ │ ───┘ ├─────────────────────────────────┐ ───┬───────┐ │ │ ───┘ ├───┘ │ ───────────┘ │ ─┬───┐ │ ─┘ ├─────┐ │ ─┬─┐ │ │ │ ─┘ ├─┘ ├───────────────────────────┐ │ ───┘ │ │ │ ───┬─────┐ │ │ │ ───┘ ├─┘ │ │ ─────────┘ ├─────────┘ ─┬───┐ │ ─┘ ├─────────────────┐ │ ─┬───┘ │ │ ─┘ ├───────────────┘ ─┬─────┐ │ ─┘ ├─┐ │ ───────┘ ├─────────────┘ ─────────┘

C A S E Label

Low Market II Market I Education=

= Finland Germany Belgium Austria Denmark Sweden Norway Switzerland Netherlands Canada United Kingdom Ireland New Zealand Australia Japan Korea United States Czech Republic Slovak Republic Hungary Poland France Spain Portugal Italy

= = oÉëìäíë=çÑ=íÜÉ=ëÉÅçåÇ=ÅäìëíÉê=~å~äóëáë=áåÅäìÇáåÖ=áåíÉêå~ä=ÑäÉñáÄáäáíó=~êÉ=êÉéçêíÉÇ=áå=cáÖìêÉ=QK= ^ë= Ñçê= ÉñíÉêå~ä= ÑäÉñáÄáäáíóI= `çåíáåÉåí~ä= ~åÇ= pÅ~åÇáå~îá~å= ÅçìåíêáÉë= ~êÉ= èìáíÉ= ëáãáä~êI= ~äJ íÜçìÖÜ=aÉåã~êâ=~åÇ=pïÉÇÉå=Ü~îÉ=íç=ÄÉ=íêÉ~íÉÇ=~ë=~=ëÉé~ê~íÉ=ÅäìëíÉêK=_çíÜ=ÉñÜáÄáí=ëíêçåÖ= áåíÉêå~ä=ÑäÉñáÄáäáíóI=ïÜáäÉ=áåíÉêå~ä=ÑìåÅíáçå~ä=ÑäÉñáÄáäáíó=éêÉî~áäëK=lîÉê~ääI=ÑìåÅíáçå~ä=ÉäÉãÉåíë= EáåíÉêå~ääó=~åÇ=ÉñíÉêå~ääóF=~êÉ=îÉêó=áãéçêí~åí=áå=aÉåã~êâ=~åÇ=pïÉÇÉåI=~åÇ=ëç=íÜÉáê=ÅäìëíÉê= áë= íÉêãÉÇ= ÚÑìåÅíáçå~ä= ãçÇÉäÛK= qÜÉ= êÉã~áåáåÖ= pÅ~åÇáå~îá~å= ÅçìåíêáÉëI= íçÖÉíÜÉê= ïáíÜ= íÜÉ= `çåíáåÉåí~ä=çåÉëI=Ñçêã=íÜÉ=ëÉÅçåÇ=ÅäìëíÉêK=qÜÉó=~êÉ=ÅÜ~ê~ÅíÉêáòÉÇ=Äó=~å=ÉñíÉåëáîÉ=ìëÉ=çÑ= ïçêâáåÖ=íáãÉ=~êê~åÖÉãÉåíë=EÉëéÉÅá~ääó=cáåä~åÇI=cê~åÅÉI=~åÇ=dÉêã~åóFI=Äìí=çåäó=Äó=áåíÉêJ ãÉÇá~íÉ=ÑìåÅíáçå~ä=ÑäÉñáÄáäáíóK=få=íÜÉ=íÜáêÇ=ÅäìëíÉêI=áåíÉêå~ä=ÑäÉñáÄáäáíó=áë=ÅäÉ~êäó=ìåÇÉêÇÉîÉäJ çéÉÇK= fí= áë= ÑçêãÉÇ= Äó= íÜêÉÉ= pçìíÜÉêå= bìêçéÉ~å= ÅçìåíêáÉë= EÚäçï= ÑäÉñáÄáäáíó= ãçÇÉäÛFK= qÜÉ= ÑçìêíÜ= ÅäìëíÉê= Åçåëáëíë= çÑ= Å~ëÉë= íÜ~í= êÉîÉ~ä= îÉêó= ÜáÖÜ= ÉñíÉêå~ä= ~åÇ= ï~ÖÉ= ÑäÉñáÄáäáíó= ~åÇ= áë= íÜÉêÉÑçêÉ= ä~ÄÉäÉÇ= Úã~êâÉí= ãçÇÉäÛK= qÜÉ= ÜÉíÉêçÖÉåÉçìë= Öêçìé= ÅçãéêáëÉë= íïç= ^åÖäçJp~ñçå= ~åÇ=íÜêÉÉ=`bb=ÅçìåíêáÉëK=`çåíê~êó=íç=ïÜ~í=çåÉ=ãáÖÜí=ÉñéÉÅíI=ãçëí=çÑ=íÜÉëÉ=ÅçìåíêáÉë=Çç=

U=

åçí=ÅçãéäÉíÉäó=ÉëÅÜÉï=áåíÉêå~ä=ÑäÉñáÄáäáíó=ÄìíI=áåëíÉ~ÇI=ëÜçï=~å=~îÉê~ÖÉ=äÉîÉä=Ñçê=ÄçíÜ=ëìÄJ áåÇáÅ~íçêëK= = =

cáÖìêÉ=QW=`äìëíÉê=qêÉÉ=çîÉê~ää=ÑäÉñáÄáäáíóI=OMMP=EÜáÉê~êÅÜáÅ~ä=ÅäìëíÉê=~å~äóëáëI=ÇÉåÇêçÖê~ã= ìëáåÖ=ï~êÇ=ãÉíÜçÇF= =

Num

Rescaled Distance Cluster Combine 0 5 10 15 20 25 +---------+---------+---------+---------+---------+

5 22 11 10 24 12 19 17 6 20 2 8 9 3 14 7

─┐ ─┼───┐ ─┘ ├───────┐ ───┬─┘ │ ───┘ ├───────────────────────────────────┐ ─┐ │ │ ─┼───────────┘ │ ─┘ │ ───┬───────┐ │ ───┘ │ │ ─┬─┐ ├─────────────────────────────────────┘ ─┘ ├─┐ │ ───┘ ├─────┘ ─┬─┐ │ ─┘ ├─┘ ───┘=

C A S E Label Work.‐time Funct. Low Market

= Czech Republic United Kingdom Ireland Hungary Poland Italy Spain Portugal Denmark Sweden Austria France Germany Belgium Netherlands Finland

= Q=aáÑÑÉêÉåí=jçÇÉäë=çÑ=cäÉñáÄáäáíó=~åÇ=íÜÉ=`ìêêÉåí=`êáëáë= =

lbà= ãÉãÄÉê= ëí~íÉë= Ü~îÉ= ÄÉÉå= Üáí= ÇáÑÑÉêÉåíäó= Äó= íÜÉ= ÉÅçåçãáÅ= ÅêáëáëK= qÜÉêÉ= ~êÉ= ÉîÉå= ~= ÑÉï=ÅçìåíêáÉë=ïÜáÅÜ=ÇáÇ=åçí=ëìÑÑÉê=~=Çêçé=çÑ=dam=E^ìëíê~äá~I=mçä~åÇI=~åÇ=pçìíÜ=hçêÉ~FK= cáÖìêÉ= R= êÉä~íÉë= ÅÜ~åÖÉë= áå= dam= íç= ÅÜ~åÖÉë= áå= ÉãéäçóãÉåíK= dam= ÖêçïíÜ= ê~íÉë= éÉê= ëÉI= ÜçïÉîÉêI=Ü~îÉ=íç=ÄÉ=~å~äóòÉÇ=ïáíÜ=Å~êÉI=ëáåÅÉ=íÜÉó=Çç=åçí=êÉÑäÉÅí=íÜÉ=ÇÉîá~íáçå=Ñêçã=íêÉåÇ= ÖêçïíÜK= `çåíêçääáåÖ= Ñçê= ÇáÑÑÉêÉåÅÉë= áå= íêÉåÇ= ÖêçïíÜ= ê~íÉëI= ÜçïÉîÉêI= ÇçÉë= åçí= ÅÜ~åÖÉ= íÜÉ= é~ííÉêå=îÉêó=ãìÅÜK=`çãé~êáëçåë=ïáíÜ=ÜáëíçêáÅ=êÉÅÉëëáçåë=~ÑíÉê=NVSM=ëÜçï=íÜ~í=íÜÉ=Çêçé=áå= çìíéìí= Ü~ë= åçí= ÄÉÉå= ìåéêÉÅÉÇÉåíÉÇ= áå= ÅçìåíêáÉë= äáâÉ= íÜÉ= rpI= g~é~åI= çê= fí~äóI= ïÜÉêÉ= íÜÉ= Ñáêëí=çáä=éêáÅÉ=ëÜçÅâ=êÉëìäíÉÇ=áå=~=ä~êÖÉê=~ÄëçäìíÉ=ÇÉîá~íáçå=çÑ=~Åíì~ä=Ñêçã=íêÉåÇ=dam=íÜ~å= íÜÉ=ä~íÉëí=Ñáå~åÅá~ä=íìêãçáäK=^=äççâ=~í=íÜÉ=ÅÜ~åÖÉ=çÑ=dam=íç=íêÉåÇ=ÖêçïíÜ=ê~íáçI=ÜçïÉîÉêI= N êÉîÉ~äë= íÜ~í= íÜÉ= ÉÅçåçãáÅ= ~åÇ= Ñáå~åÅá~ä= Åêáëáë= áë= ê~íÜÉê= éêçãáåÉåíK = få= ~åó= Å~ëÉI= íÜÉêÉ= áë= ÅçåëáÇÉê~ÄäÉ=ÇáîÉêÖÉåÅÉ=áå=íÜÉ=êÉä~íáçå=ÄÉíïÉÉå=dam=~åÇ=ÉãéäçóãÉåí=áå=íÜÉ=ÅìêêÉåí=ÅêáJ ëáëI=~ë=cáÖìêÉ=R=ëÜçïëK= =

N

=tÉ=ìëÉ=~=ëí~åÇ~êÇ=eçÇêáÅâJmêÉëÅçíí=ÑáäíÉê=íç=ÇÉêáîÉ=íêÉåÇ=ÖêçïíÜ=ê~íÉëK=j∏ääÉê=EOMNMW=POUF=~ééäáÉë=íÜÉ= ë~ãÉ=ãÉíÜçÇ=Ñçê=dÉêã~åó=çåäóK

V=

cáÖìêÉ= RW= aÉÅäáåÉ= áå= ÉãéäçóãÉåí= ~åÇ= dam= ÄÉíïÉÉå= ÅçìåíêóJëéÉÅáÑáÅ= éÉ~âë= ÄÉÑçêÉ= íÜÉ= Åêáëáë=~åÇ=íÜáêÇ=èì~êíÉê=çÑ=OMMV= -10

-6

-2 KR AU PL

NO

NZ

CH

Decline GDP (%)

CA

PT

US

BE

-2

FR

AT

ES

CZ

NL

SK SE

DE

GB IT

DK

-7 JP

HU FI

IE

D

Decline Employment (%)

-12

=

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NR=

q~ÄäÉ=OW=cáñÉÇJÉÑÑÉÅíë=é~åÉä=ãçÇÉäë=ìëáåÖ=ÇáÑÑÉêÉåí=Éëíáã~íçêë=

FGLS, heterosked. Panels Lagged Dependent Variable Macro Shocks Labor Market Institutions Interaction: Shocks-Intitutions Bargaining Coordination

coef/se 0.306*** (0.029) -0.255*** (0.017) 0.036 (0.039) -0.011 (0.015) 0.025 (0.023)

PCSE coef/se 0.308*** (0.063) -0.289*** (0.035) 0.053 (0.086) -0.015 (0.019) 0.029 (0.032)

FGLS, heterosked. PCSE, AR1 Error Panels, AR1 Error coef/se coef/se 0.147*** 0.133** (0.029) (0.058) -0.307*** -0.336*** (0.016) (0.030) 0.049 0.066 (0.049) (0.098) -0.008 -0.021 (0.015) (0.019) 0.030 0.027 (0.026) (0.035)

note: *** p