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Neither is it clear how he might or might not change other monetary policy variables if he were to scale back purchases more quickly, which he might not.
ALMP comprises the active labour market policy variables.
Finally, I look at the migration policy variables.
The policy cluster was computed in order to deal with the multicollinearity arising between policy variables.
Results (available from the authors) prove robust to that alternative definition of the policy variables.
The relationship vanishes when (highly endogenous) HR policy variables are included in the model.
Table A.1 presents the definition of policy variables measuring immigration policy regimes.
We included three state policy variables depicted in Figure 1, summarized in Table 1.
Geography and policy variables are extracted from the CEPII gravity dataset as described in Mayer (2011).
The second category contains policy variables, belonging to both CAP pillar I and II.
The second hypothesis is that MTM adoption is also conditioned by macro-level policy variables beyond the farm.
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