(d) | (e) | (f) | ||||
Pooled Panel | t-value | Individual fixed | t-value | Individual random | t-value | |
Constant | −40,920.685*** | (−59.554) | −13,690.616*** | (−39.254) | ||
lag (Income) | 0.960*** | (47.541) | 1.38616 | (1.146) | 0.323*** | (29.088) |
lag (EC) | 0.670 | (0.506) | −83.00889 | (−0.432) | −0.326 | (−0.579) |
lag (ECT) | 0.731*** | (24.957) | 0.14632 | (0.773) | 0.227*** | (4.198) |
R2 | 95.939 | 1.6993 | 90.343 | |||
Adj. R2 | 94.278 | 1.4345 | 88.779 |