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Table 8 Robustness: Wedge properties for \(\nu =2\) (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 1.32 0.52 0.64 0.74 0.49 0.60 0.71 0.81 0.93 0.89
Investment wedge 0.57 0.57 0.61 0.62 0.74 0.88 0.83 0.79 0.82 0.75
  1. Data are HP-filtered with \(\lambda = 1600\)