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Table 3 Variance decomposition

From: Why do wages become more rigid during a recession than during a boom?

Proxy variables forp

Mean

Decomposition

Std. Dev.

 

100.48

Overall

1.58

Consumer Price Index (CPI)

 

Between

1.30

  

Within

1.13

 

99.61

Overall

1.64

Gross-Output Deflator

 

Between

1.26

  

Within

1.31

  1. Note: The sample is that used in the wage regression. The mean value of each proxy variable of p (i.e., CPI and the gross-output deflator) and its standard error decomposed into between and within components are reported.