(a)

(b)

(c)

Pooled panel

t-value

Individual fixed

t-value

Individual random

t-value

Constant

−34,723.400^***

(−47.173)

−12,540.927^***

(−41.392)

lag (Income)

0.450^***

(16.196)

0.434^***

(13.772)

0.259^***

(17.793)

lag (EC)

31.100^***

(19.33)

13.714^***

(4.288)

2.652^**

(2.836)

lag (ECT)

0.731^***

(24.957)

0.729^***

(16.794)

0.229^***

(4.018)

R²

95.939

78.809

90.565

Adj. R²

94.278

66.527

88.996