Dependent Variable: PPI

(1)

(2)

(3)

(4)

(5)

(6)

idxpr

0.272***

(9.48)

0.269***

(8.43)

0.201***

(4.42)

0.111*

(1.77)

0.205***

(4.17)

0.053

(1.16)

idxm

0.210**

(2.77)

0.224**

(2.49)

0.163*

(1.87)

0.265**

(2.5)

0.631***

(4.33)

0.057

(0.36)

ratio

2.22

(0.70)

2.715

(0.85)

2.062

(0.68)

ratio*idxpr

0.194***

(3.36)

0.315***

(4.99)

ratio*idxm

0.757**

(2.59)

0.650*

(1.81)

M1

0.031

(1.61)

0.567***

(5.77)

0.684***

(5.74)

0.632***

(5.07)

0.726***

(5.94)

flow

0.0003*

(1.97)

0.005***

(6.44)

0.006***

(6.27)

0.005***

(5.47)

0.006***

(6.43)

GDP

0.169**

(2.60)

0.018

(0.15)

0.024

(0.26)

0.008

(0.08)

0.033

(0.36)

Constants

0.026

(0.16)

1.868***

(3.45)

11.630***

(4.72)

14.968***

(4.49)

14.454***

15.541***

(4.57)

Individual fixed effects

No

Yes

Yes

Yes

Yes

Yes

Time fixed effects

No

No

Yes

Yes

Yes

Yes

Observations

372

372

372

372

372

372

R²

0.712

0.744

0.760

0.786

0.778

0.788