|
Panel A: Long–run model
|
|
\(\hbox {Ln}(\hbox {C}_{\mathrm{jt}}^c )\)
|
0.35 ***
|
0.18 ***
|
0.15
|
0.60 ***
|
0.36 **
|
0.53 **
|
|
(0.08)
|
(0.04)
|
(0.13)
|
(0.12)
|
(0.15)
|
(0.21)
|
|
\(\hbox {Ln}(GDP_t )\)
|
0.70 ***
|
0.75 ***
|
0.99 **
|
0.38
|
0.65 *
|
0.36
|
|
(0.21)
|
(0.21)
|
(0.38)
|
(0.34)
|
(0.31)
|
(0.27)
|
|
Constant
|
-0.07
|
0.90
|
-0.54
|
0.55
|
0.30
|
2.19
|
|
(1.31)
|
(1.27)
|
(2.45)
|
(2.10)
|
(1.99)
|
(2.13)
|
|
N
|
69
|
69
|
23
|
23
|
23
|
23
|
|
R2 –adj.
|
0.28
|
0.25
|
0.19
|
0.51
|
0.26
|
0.26
|
|
Panel B: Short-run model
|
|
\(\Delta \hbox {Ln}(\hbox {C}_{\mathrm{jt}}^c )\)
|
0.19 **
|
0.06
|
0.07
|
0.31**
|
0.28 **
|
-0.03
|
|
(0.08)
|
(0.04)
|
(0.16)
|
(0.14)
|
(0.12)
|
(0.36)
|
|
\(\Delta \hbox {Ln}(GDP_t )\)
|
4.00 ***
|
4.18 ***
|
4.48 *
|
5.04 **
|
4.14 **
|
3.28 *
|
|
(1.16)
|
(1.14)
|
(2.53)
|
(1.93)
|
(1.69)
|
(1.89)
|
|
Error-correction term(t-1)
|
-0.36 ***
|
-0.31 **
|
-0.47 *
|
-0.73 **
|
-0.38
|
-0.03
|
|
(0.13)
|
(0.14)
|
(0.25)
|
(0.25)
|
(0.29)
|
(0.26)
|
|
Constant
|
-0.07 *
|
-0.09 *
|
-0.09
|
-0.09
|
-0.08
|
-0.08
|
|
(0.05)
|
(0.05)
|
(0.08)
|
(0.05)
|
(0.05)
|
(0.06)
|
|
N
|
66
|
66
|
22
|
22
|
22
|
22
|
|
R2–adj.
|
0.30
|
0.26
|
0.22
|
0.33
|
0.33
|
0.13
|