Table 4 Baseline regression results

VARIABLES

RE

AAE

ATE

AEARE

AERAE

RGDP

-0.070^b

-0.052

-0.035

0.052

0.029

(-2.10)

(-1.64)

(-1.41)

(1.47)

(1.43)

PPH

-0.064

-0.041

-0.062^b

-0.137^c

-0.072^c

(-1.53)

(-1.04)

(-2.02)

(-3.33)

(-2.87)

PTH

0.104^c

0.010

0.137^c

0.170^c

0.060^b

(2.67)

(0.27)

(4.81)

(6.04)

(2.59)

TPD

0.337^c

0.002

0.430^c

0.290^c

0.042

(2.67)

(0.02)

(4.63)

(4.32)

(0.56)

GHCP

-0.033

-0.007

-0.035

-0.016

0.089^c

(-0.92)

(-0.21)

(-1.33)

(-0.89)

(4.11)

PM

0.456^a

0.215

0.346^a

0.057^c

0.253

(1.79)

(0.89)

(1.85)

(6.49)

(1.65)

RSU

-0.008

0.007

-0.016

-0.105

-0.004

(-0.15)

(0.13)

(-0.40)

(-1.57)

(-0.11)

Constant

-0.857

0.132

-0.360

0.295

-1.464^a

(-0.61)

(0.10)

(-0.35)

(1.19)

(-1.81)

Observations

310

310

310

310

310

R-squared

0.155

0.142

0.281

0.354

0.279

code FE

YES

YES

YES

NO

YES

year FE

YES

YES

YES

NO

YES

Number of id

31

31

31

31

31