OLS estimation

Threshold analysis

Random effect

Fixed efect

lnP

0.685***

0.880***

0.886***

0.810***

(22.113)

(42.040)

(38.709)

(9.770)

pgdp

0.181***

0.622***

0.448***

0.377***

(10.994)

(20.168)

(20.238)

(18.219)

Pgdp 2

−0.042***

−0.027***

−0.023***

(−14.060)

(−14.197)

(−13.205)

lnEI

0.798***

0.847***

0.780***

0.596***

(19.335)

(16.452)

(43.809)

(26.021)

lnIS

0.857***

0.473***

0.508***

0.579***

(9.003)

(4.165)

(10.482)

(10.399)

lnTE

0.213***

0.065***

0.042***

0.079***

(8.332)

(3.626)

(2.972)

(5.333)

lnUR

0.229***

0.156***

0.190***

0.171***

(5.049)

(3.461)

(12.370)

(11.248)

lnUR*d1

−0.103***

−0.097***

(−15.962)

(−16.591)

lnUR*d2

0.025***

0.021***

(3.495)

(3.339)

_cons

−3.604***

−2.878***

−2.692***

−2.377***

(−9.293)

(−7.202)

(−14.135)

(−3.304)

N

609

609

609

609

R²

0.912

0.956

0.933

0.942