RDP 2016-06: Jobs or Hours? Cyclical Labour Market Adjustment in Australia Equation

θ E =cov( tothr s t ,em p t )/var( tothr s t ) MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaeqiUde3aaWbaaSqabeaacaWGfbaaaOGaeyypa0Jaci4yaiaac+gacaGG2bWaaeWaaeaacaWG0bGaam4BaiaadshacaWGObGaamOCaiaadohadaWgaaWcbaGaamiDaaqabaGccaGGSaGaaGPaVlaadwgacaWGTbGaamiCamaaBaaaleaacaWG0baabeaaaOGaayjkaiaawMcaaiaac+caciGG2bGaaiyyaiaackhadaqadaqaaiaadshacaWGVbGaamiDaiaadIgacaWGYbGaam4CamaaBaaaleaacaWG0baabeaaaOGaayjkaiaawMcaaaaa@5740@