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Table 1 Regression of change in standardized unemployment rates on real GDP shock and OECD-employment protection index (30 OECD countries)

From: The German labor market response in the world recession – de-mystifying a miracleDie Reaktion des deutschen Arbeitsmarktes auf die Weltrezession – Entzauberung eines Wunders

  Dependent variable: Δ unemployment rate
  OLS Median regression
  Coef. t-stat. Coef. t-stat.
Employment protection index −0.269 −0.500 −0.479 −1.270
Real GDP growth −0.140 −1.470 −0.125 −1.640
Constant 2.068 2.180 2.237 2.710
N 30
R2 (pseudo R2) 0.050 0.079
  1. Notes: Authors' own calculations using OECD data. The change in standardized unemployment rate and real GDP growth rate is for 2009.Q2 vs 2008.Q2. t-statistics for OLS are calculated using heteroscedasticity consistent standard errors; t-statistics for quantile (median) regression are calculated on the basis of bootstrap standard errors with 500 replications.