Table 2 Empirical result Estimated... | Emerald Publishing

Table 2

Empirical result

Estimated parameters		Deduced values
$α$ (labour productivity growth rate)	0.0514***	$u^{*}$ (model wage share)	0.5953
$α$ (labour productivity growth rate)	(0.0019)	$u^{#}$ (modified wage share)	0.2976
$β$ (workforce growth rate)	0.0177***	$\bar{u}$ (data wage share)	0.2915
$β$ (workforce growth rate)	(0.0017)	$v^{*}$ (model employment rate)	0.7973
$γ$ (Phillips curve intercept)	−1.0213*	$\bar{v}$ (data employment rate)	0.7690
$γ$ (Phillips curve intercept)	(0.5813)	Relative Error
$ρ$ (Phillips curve coefficient)	1.3458*	$(u^{*} - \bar{u}) / \bar{u}$	1.0415
$ρ$ (Phillips curve coefficient)	(0.7528)	$(u^{#} - \bar{u}) / \bar{u}$	0.0208
$σ$ (capital-income ratio)	5.8540	$(v^{*} - \bar{v}) / \bar{v}$	0.0368
$λ$ (capital accumulation rate)	0.5764

Estimated parameters		Deduced values
$α$ (labour productivity growth rate)	0.0514***	$u^{*}$ (model wage share)	0.5953
$α$ (labour productivity growth rate)	(0.0019)	$u^{#}$ (modified wage share)	0.2976
$β$ (workforce growth rate)	0.0177***	$\bar{u}$ (data wage share)	0.2915
$β$ (workforce growth rate)	(0.0017)	$v^{*}$ (model employment rate)	0.7973
$γ$ (Phillips curve intercept)	−1.0213*	$\bar{v}$ (data employment rate)	0.7690
$γ$ (Phillips curve intercept)	(0.5813)	Relative Error
$ρ$ (Phillips curve coefficient)	1.3458*	$(u^{*} - \bar{u}) / \bar{u}$	1.0415
$ρ$ (Phillips curve coefficient)	(0.7528)	$(u^{#} - \bar{u}) / \bar{u}$	0.0208
$σ$ (capital-income ratio)	5.8540	$(v^{*} - \bar{v}) / \bar{v}$	0.0368
$λ$ (capital accumulation rate)	0.5764

Note(s): Econometrically estimated parameters have standard error that represent in parenthesis. * and *** refers the statistical significance at the 10 and 1% level

Source(s): Authors’ calculation