(2a)

(2b)

(3a)

(3b)

GDP

0.946^***

0.936^***

0.943^***

0.935^***

(0.009)

(0.008)

(0.008)

(0.007)

POP65

0.077

0.192^***

0.056

0.121^**

(0.069)

(0.057)

(0.053)

(0.048)

ABED

0.046

0.050

(0.038)

(0.035)

FLABOUR

0.224^***

0.311^***

0.209^***

0.261^***

(0.077)

(0.073)

(0.068)

(0.064)

POPD

0.169

‒0.037^**

0.177

‒0.027

(0.164)

(0.019)

(0.149)

(0.023)

PUBE

0.244^***

0.154^***

0.286^***

0.249^***

(0.061)

(0.057)

(0.052)

(0.049)

UNEMPLOY

0.045^***

0.042^***

0.043^***

0.040^***

(0.010)

(0.011)

(0.009)

(0.009)

DCOVER

‒0.068

(0.044)

TIME

0.289^***

0.285^***

0.271^***

0.276^***

(0.044)

(0.032)

(0.030)

(0.021)

R²

0.745

0.924

0.716

0.901

Observations

443

443

489

489

Specification tests (p-value):

F test

.000

.000

B-P test

.000

.000

Hausman test

.000

.000