I

II

III

IV

V

VI

Local bond/GPP

−0.01

(0.01)

−0.011

(0.002)

0.08

(0.015)^***

0.067

(0.014)^***

0.02

(0.028)

−0.002

(0.027)

Output

gap

Government expenditure

gap

^***

YVAR

^***

^**

GVAR

−0.024

(0.001)^***

−0.037

(0.009)^***

−0.196

(0.049)^***

Adj.

0.522

0.522

0.571

0.56

0.537

0.532

s.e.

0.016

0.016

0.003

0.0029

0.025

0.025

Observations

2292

2292

1448

1448

844

844