Explained variable: PPI

(1)

(2)

(3)

(4)

idx

0.547***

(11.41)

0.461***

(4.37)

0.456***

(3.96)

0.274*

(1.72)

ratio

0.971***

(0.34)

ratio*idx

0.534***

(4.21)

M1

0.190

(0.97)

0.091

(0.36)

flow

0.001

(0.84)

0.001

(0.51)

GDP

0.064

(0.52)

0.017

(0.16)

Constants

0.107***

(0.67)

0.227

(0.85)

4.664

(1.00)

1.221

(0.26)

Individual fixed effects

No

Yes

Yes

Yes

Time fixed effects

No

Yes

Yes

Yes

Observations

521

521

521

520

R²

0.6426

0.707

0.707

0.736