Variable | Benchmark model (1) | GDP (2) | EPU (3) | EPUt−1 (4) | Prosperous period | Recession | ||
EPU (5) | EPUt−1 (6) | EPU (7) | EPUt−1 (8) | |||||
EPU |
|
| 0.0068*** |
| 0.0238*** |
| −0.0046*** |
|
EPUt−1 |
|
|
| 0.0117*** |
| 0.0464*** |
| 0.0271*** |
Ecocy |
| −0.0039*** | −0.0048*** | −0.0048*** | −0.0007 | 0.0011* | −0.0020 | 0.0078*** |
SIZE | −0.0086*** | −0.0063*** | −0.0057*** | −0.0045*** | −0.0038*** | −0.0060*** | −0.0086*** | −0.0061*** |
MBI | 0.0073*** | 0.0066*** | 0.0060*** | 0.0052*** | 0.0081*** | 0.0099*** | 0.0062*** | 0.0045*** |
LEV | −0.0228*** | −0.0238*** | −0.0231*** | −0.0219*** | −0.0032 | −0.0065 | 0.0143*** | 0.0133* |
NWC | 0.3767*** | 0.3812*** | 0.3807*** | 0.3690*** | 0.4006*** | 0.3852*** | 0.3074*** | 0.3020*** |
SD | 0.0557*** | 0.0509*** | 0.0510*** | 0.0462*** | 0.0453*** | 0.0455*** | 0.0502*** | 0.0460*** |
Ind | Control | Control | Control | Control | Control | Control | Control | Control |
_con | 0.1404*** | 0.0678*** | 0.0502*** | 0.0366*** | 0.0032 | −0.0262 | 0.1636*** | 0.0365 |
N | 79915 | 79915 | 79915 | 79915 | 22432 | 22220 | 23814 | 23500 |
R-square | 0.4535 | 0.4565 | 0.4575 | 0.4437 | 0.4752 | 0.4825 | 0.3289 | 0.3279 |
F (prob.) | 3317.1 | 3197.7 | 3062.7 | 2800.4 | 1195.8 | 1219.5 | 531.56 | 522.16 |