Table 3.

Job loss regressions with the policy index as an instrument

	Dependent variable: involuntary job separations
	Persol	Line	DN	DN-JONET
	(1)	(2)	(3)	(4)
Mobility${}_{i,j}$	− 7.384${}^{\ast \ast }$ (3.725)	− 6.568${}^{\ast }$ (3.616)	− 10.884${}^{\ast \ast }$ (4.340)	−8.706 (5.627)
Mobility${}_{i,j}\times Te{l}_i$	7.172${}^{\ast \ast }$ (3.432)	5.719${}^{\ast }$ (2.994)	31.141${}^{\ast \ast \ast }$ (11.622)	16.316${}^{\ast }$ (9.668)
Tel${}_i$	− 0.165 (0.258)	− 0.261 (0.216)	− 0.210 (1.246)	− 0.184 (1.003)
Observations	282	282	282	282
$R^2$	0.452	0.469	0.494	0.463
F stat: Mobility	32.098	32.582	53.065	118.034
F stat: Mobility $\times$ Tel	204.611	181.496	69.617	369.744

All regressions include prefecture-specific controls and month dummies and are weighted by prefecture population. The rows “F-stat: Mobility” and “F-stat: Mobility $\times$ Tel” report the first-stage F-statistics on the relevance of instruments for Mobility${}_{i,j}$ and Mobility${}_{i,j}\times$ Tel${}_i$, respectively. Standard errors clustered at the prefecture level are shown in parentheses

${}^{\ast }p<0.1$; ${}^{\ast \ast }p<0.05$; ${}^{\ast \ast \ast }p<0.01$