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Table 2 Wedge properties (1980Q1–2016Q3)

From: A neoclassical perspective on Switzerland’s 1990s stagnation

\({\varvec{W}}_{\varvec{t}}\) \(\frac{{\varvec{\sigma}} ({\varvec{W}}_{\varvec{t}})}{{\varvec{\sigma}} ({\varvec{Y}}_{\varvec{t}})}\) \({\varvec{Corr}}({\varvec{W}}_{{\varvec{t+k}}}, {\varvec{Y}}_{\varvec{t}})\) \({\varvec{Corr}}({\varvec{W}}_{{\varvec{t+k}}}, {\varvec{X}}_{\varvec{t}})\) \({\varvec{Corr}}({\varvec{W}}_{{\varvec{t+k}}}, {\varvec{H}}_{\varvec{t}})\)
k = −1 k = 0 k = 1 k = −1 k = 0 k = 1 k = −1 k = 0 k = 1
Efficiency wedge 0.71 0.87 0.93 0.73 0.66 0.67 0.56 0.67 0.54 0.38
Government wedge 3.53 0.30 0.44 0.44 − 0.04 − 0.09 0.03 0.21 0.23 0.21
Labour wedge 0.78 0.35 0.45 0.57 0.30 0.39 0.54 0.64 0.78 0.77
Investment wedge 0.58 0.44 0.45 0.45 0.68 0.83 0.75 0.65 0.66 0.60
  1. Data is HP-filtered with \(\lambda = 1600\)