(1)

(2)

(3)

(4)

(5)

W1

W2

W3

W4

W5

Wgf

0.0615***

0.0623***

0.0615***

0.0613***

0.0599***

(0.0204)

(0.0205)

(0.0204)

(0.0205)

(0.0202)

Wpgdp

−0.00314

0.0320

0.0119

0.0139

−0.00310

(0.114)

(0.115)

(0.116)

(0.116)

(0.119)

Wiiem

1.609***

1.571***

1.576***

1.579***

1.517***

(0.107)

(0.0992)

(0.100)

(0.100)

(0.0995)

Wgov

−0.0775

−0.204*

−0.172

−0.164

−0.193*

(0.124)

(0.110)

(0.110)

(0.113)

(0.116)

Wurir

0.464

0.902

0.858

0.909

1.151

(1.243)

(1.266)

(1.287)

(1.292)

(1.296)

Wpce

0.149

0.114

0.124

0.126

0.137

(0.198)

(0.200)

(0.198)

(0.199)

(0.198)

_cons

4.811***

4.051***

4.247***

4.309***

3.588***

(0.660)

(0.657)

(0.640)

(0.619)

(0.681)

rho

−0.158

0.00749***

−0.0107

−0.0329

0.153***

(0.0981)

(0.00291)

(0.0125)

(0.0260)

(0.0384)

lgt_theta

−2.448***

−2.586***

−2.511***

−2.497***

−2.541***

(0.211)

(0.225)

(0.218)

(0.212)

(0.211)

sigma2_e

0.212***

0.210***

0.215***

0.215***

0.207***

(0.0603)

(0.0580)

(0.0581)

(0.0581)

(0.0572)

N

465

465

465

465

465

R²

0.062

0.057

0.039

0.039

0.009