Table 4 Zivot-Andrews test Variable Test...

Table 4

Zivot-Andrews test

Variable	Test type	Test statistics
Aggregate unemployment insurance spending	Breaks in intercept	−5.22**
Labor force participation rate	Breaks in intercept	−9.71**
Labor force participation rate: male	Breaks in intercept	−11.50**
Labor force participation rate: female	Breaks in intercept	−10.15**

Variable	Test type	Test statistics
Aggregate unemployment insurance spending	Breaks in intercept	−5.22**
Labor force participation rate	Breaks in intercept	−9.71**
Labor force participation rate: male	Breaks in intercept	−11.50**
Labor force participation rate: female	Breaks in intercept	−10.15**

Note(s): * for 1% and ** for 5%

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