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Table 2 First-Stage Regressions

From: Was the American Recovery and Reinvestment Act an Economic Stimulus?

  (1) (2)
Instrumental variable:
 2007 Medicaid Spending (normalized by 2007 population) 0.18***
(0.01)
0.14***
(0.01)
Control variables:
 2004% vote share Kerry   1756.53**
(702.13)
 2007% union share   3753.81**
(1501.26)
 GSPpc2008   −235.55
(302.41)
 2005 to 2007 average % manufacturing   627.01
(1750.51)
 Population 2008   1.51
(0.94)
 Regional dummies   X
 Intercept 6248.75
(15,968.50)
−92,113.59
(45,501.12)
Observations 51 51
R2 0.84 0.93
\( {\overline{\mathrm{R}}}^2 \) 0.83 0.90
  1. The dependent variable is FMAP outlays normalized by 16-and-older population. The instrumental variable is also normalized by states’ 16-and-older population. Standard errors are in parentheses. Source: Own calculations using data from BEA (2012, 2013, 2014, 2015, 2016), BLS (2009a, b, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017), Chodorow-Reich et al. (2012b)
  2. ***Significant at the 1% level **Significant at the 5% level *Significant at the 10% level