||Ln L tl|Tabl<br>L WBt|e 4:**Industry**<br>L WB1|**Labor Deman**<br>**(standa**<br>|**d for WhiteC**<br>**rd errors in p**<br>|**ollar Workers**<br>**arenthesis)**<br>|**in Colombia**<br>|**(1980-91)**<br>|||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|B|-<br>*|n<br>**|n t-<br>|Ln WWt<br>*|Ln WWt-l<br>|Ln Industry<br>Value<br>Added<br>|Constant<br>|Wald<br>Test: p-<br>value(b)|L.R.<br>Elast.(a)<br>|Sargan<br>Test<br>|Autoco.<br>Test<br>(2nd o.)<br>|No. Obs<br>(Plants)|
|ase<br>Specification(c)|0.290()<br> <br>(0.061)|-0.028()<br>(0.013)|0.009<br>(0.010)|-0.307()<br>(0.016)|0.095(*)<br>(0.021)|0.039(*)<br>(0.013)|0.007<br>(0.010)|--|-0.299|0.354|0.752|22992<br>(1916)|
|Time Variant<br>Specification|0.321(***)<br>(0.174)|-0.051<br>(0.050)|0.015<br>(0.044)|-0.340(*)<br>(0.054)|0.124<br>(0.084)|-0.917<br>(1.185)|0.089<br>(0.102)|-|-0.319|0.212|0.705|22992<br>(1916)|
|Variable* T81<br>*|-0.261<br>(0.201)<br>|-0.029<br>_(0.059)_<br>|-0.029<br>(0.051)<br>|0.028<br>_(0.059)_<br>|-0.113<br>(0.093)<br>|0.959<br>(1.184)<br>|-0.072<br>(0.102)<br>|0.898|-0.321||||
|Variable T82|0.071<br>0279|-0.025<br>0062|-0.007<br>|-0.029<br>|-0.030<br>|0.933<br>|-0.046<br>|0.959|-0.452||||
|*|(.)<br>|(.)<br>|(0.062)<br>|(0.071)<br>|(0.109)<br>|(1.191)<br>|(0.102)||||||
|Variable T83<br>il*|-0.085<br>(0.260)<br>|0.016<br>(0.061)<br>|-0.031<br>(0.056)<br>|-0.007<br>(0.068)<br>|0.001<br>(0.111)<br>|0.960<br>(1.188)<br>|-0.084<br>(0.102)<br>|0.914<br>|-0.294||||
|Varabe T84|-0.230<br>0239|0.076<br>0063|0.023<br>|0.066<br>|-0.081<br>|0.986<br>|-0.084<br>|0.494|-0.255||||
|*|(.)<br>|(.)<br>|_(0.054)_<br>|(0.066)<br>|_(0.105)_<br>|(1.185)<br>|(0.102)||||||
|Variable T85|0.353<br>|-0.547<br>|-0.486<br>|-0.318<br>|0.310<br>|5.689<br>|-0.309<br>|0.765|-2.590||||
|il*|(0.556)<br>|(0.728)<br>|(0.569)<br>|(0.396)<br>|(0.508)<br>|(5.740)<br>|(0.268)<br>||||||
|Varabe T86<br>*|0.074<br>(0.291)<br>|0.030<br>(0.118)<br>|0.029<br>(0.116)<br>|0.026<br>(0.089)<br>|0.006<br>(0.113)<br>|0.929<br>(1.734)<br>|-0.062<br>_(0.150)_<br>|0.916|-0.304||||
|Variable T87|-0.234<br>|-0.015<br>|0.012<br>|0.023<br>|-0.045<br>|2.868<br>|-0.087<br>|0.951|-0.260||||
|ibl*|(0.408)<br>|(0.203)<br>|(0.102)<br>|(0.282)<br>|(0.207)<br>|(5.573)<br>|(0.146)<br>||||||
|Varae T88|-0.038<br>0340|0.053<br>|0.016<br>|0.072<br>|-0.043<br>|0.324<br>|-0.032<br>|0.866|-0.262||||
|*|(.)<br>|(0.082)<br>|(0.057)<br>|(0.097)<br>|(0.123)<br>|(1.775)<br>|(0.125)||||||
|Variable T89<br>*|-0.066<br>(0.485)<br>|0.207<br>(0.251)<br>|0.074<br>(0.191)<br>|-0.020<br>(0.146)<br>|-0.052<br>(0.196)<br>|-3.158<br>(6.811)<br>|0.046<br>(0.228)<br>|0.933<br>|-0.386||||
|Variable T90<br>|0.295<br>(0.506)<br>|0.337<br>(0.238)<br>|0.121<br>(0.126)<br>|0.298<br>(0.217)<br>|0.229<br>(0.237)<br>|-1.741<br>(2.480)<br>|0.065<br>(0.157)|0.752|0.807||||
|Variable* T91|0.450<br>(0.509)|0.020<br>(0.144)|-0.063<br>(0.070)|0.092<br>(0.179)|0.162<br>(0.151)|0.565<br>(2.647)|-0.084<br>(0.104)|0.727|0.164||||
|Wald Test: p-<br>value(d)|0.615|0.815|0.891|0.884|0.607|0.980|0.000||||||

Notes: GMM estimates with first-differenced data. All variables are assumed exogenous except for lagged employment. Instruments are based on the second and further lags of employment and capital stocks. (*) Significant at the 1% level. (**) Significant at the 5% level. (***) Significant at the 10% level. (a) Best point estimates calculated as [(Ln WBt + Ln WBt-l )/ Ln Lt-I ]. (b) Wald Test of Joint Significance of the variables interacted with a given year dummy. (c) Time dummies were included but are here omitted (d) Wald Test of Joint Significance of year dummies interacted with a given variable.