	ARDL (FE)
	1 Lag			2 Lags
	(a)	(b)	(c)	(a)	(b)	(c)
${\hat{θ}}_{f r e e_{i t}}$	0.015*		0.013	0.013*		0.011
${\hat{θ}}_{f r e e_{i t}}$	(0.059)		(0.111)	(0.074)		(0.147)
${\hat{θ}}_{c p_{i t}}$		0.001**	0.001		0.001**	0.001
${\hat{θ}}_{c p_{i t}}$		(0.017)	(0.048)		(0.016)	(0.044)
$\hat{λ}$	−0.795***	−0.790***	−0.800	−0.905***	−0.894***	−0.916
$\hat{λ}$	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Test CD	88.94***	87.12***	88.32***	73.70***	80.68***	73.27***
N × T	1451	1451	1451	1330	1330	1330