(d)

(e)

(f)

Pooled Panel

t-value

Individual fixed

t-value

Individual random

t-value

Constant

−40,920.685^***

(−59.554)

−13,690.616^***

(−39.254)

lag (Income)

0.960^***

(47.541)

1.38616

(1.146)

0.323^***

(29.088)

lag (EC)

0.670

(0.506)

−83.00889

(−0.432)

−0.326

(−0.579)

lag (ECT)

0.731^***

(24.957)

0.14632

(0.773)

0.227^***

(4.198)

R²

95.939

1.6993

90.343

Adj. R²

94.278

1.4345

88.779