Variables

Expected Sign

Model

Model

Sign

(1)

(2)

$\Delta \ln {\text{GSP}}_t^k\left({\beta }_0\right)$

+

0.392***

0.381***

(0.0217)

(0.0213)

${\text{OBS}}_t^k\times \Delta \ln {\text{GSP}}_t^k\left({\beta }_1\right)$

+

0.0732***

0.129*

(0.0136)

(0.0697)

${\text{OBS}}_t^k$

+

0.000108

−0.00382***

(0.000104)

(0.00138)

Constant

−0.00569***

−0.00558***

(0.000757)

(0.000745)

State Dummies

Yes

Yes

Year Dummies

Yes

Yes

N

969

918

R²

0.262

0.263