(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 |