(1a)

(1b)

(1c)

GDP

0.942^***

0.949^***

0.934^***

(0.009)

(0.010)

(0.008)

POP65

0.868^***

0.047

0.233^***

(0.050)

(0.084)

(0.072)

POP14

0.384^***

‒0.053

0.063

(0.085)

(0.088)

(0.082)

ABED

0.061^***

0.045

0.052

(0.021)

(0.038)

(0.035)

FLABOUR

0.179^***

0.204^**

0.326^***

(0.044)

(0.084)

(0.074)

POPD

‒0.050^***

0.207

‒0.036^*

(0.006)

(0.175)

(0.019)

PUBE

‒0.385^***

0.246^***

0.141^**

(0.036)

(0.062)

(0.058)

UNEMPLOY

‒0.017

0.046^***

0.041^***

(0.012)

(0.010)

(0.011)

DCOVER

‒0.263^***

‒0.072^*

(0.019)

(0.043)

TIME

0.262^***

0.280^***

0.290^***

(0.034)

(0.047)

(0.033)

R²

0.968

0.688

0.927

Observations

443

443

443

Specification tests (p-value):

F test

.000

B-P test

.000

Hausman test

.000