(1)

(2)

(3)

Whole country

East

Midwest

0.732***

0.847***

0.278***

(26.32)

(20.75)

(6.77)

Land transfer

−0.052***

−0.060**

0.007

wage

(−2.64)

0.220***

(5.85)

(−2.20)

0.135***

(2.63)

(0.2)

0.932***

(6.43)

Control variables

Time fixed effect

City fixed effect

Yes

Controlled

Controlled

Yes

Controlled

Controlled

Yes

Controlled

Controlled

Constant term

95.515

−144.020

630.218***

(0.87)

(−0.68)

(5.09)

Observations

1368

552

816

within R²

0.818

0.867

0.740

First-stage F value

304.47

177.19

112.95