Variables

Expected Sign

Model

Model

Sign

(1)

(2)

$\Delta \ln {\text{GSP}}_t^k\left({\gamma }_0\right)$

+

0.420***

0.445***

(0.0344)

(0.0341)

${\text{OBS}}_t^k\times \Delta \ln {\text{GSP}}_t^k\left({\gamma }_1\right)$

-

−0.0814**

−0.109*

(0.0373)

(0.0602)

${\text{OBS}}_t^k$

-

−0.00983

0.00197

(0.0139)

(0.00221)

Constant

0.00771***

0.00783***

(0.00120)

(0.00119)

State Dummies

Yes

Yes

Year Dummies

Yes

Yes

N

969

918

R²

0.166

0.165