(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

VARIABLES

Consumer

Consumer

Intermediate

Intermediate

Capital

Capital

Aggregate

Aggregate

FMOLS

DOLS

FMOLS

DOLS

FMOLS

DOLS

FMOLS

DOLS

GDP per capita

1.857*

1.4623*

1.8500*

1.6855*

1.8167*

1.6831*

1.8975*

1.5208*

(0.191)

(0.296)

(0.168)

(0.198)

(0.199)

(0.238)

(0.046)

(0.242)

Relative import price

0.169*

0.3915*

0.1251*

0.2470*

0.1576*

0.2540*

0.1594*

0.3583*

(0.046)

(0.110)

(0.043)

(0.075)

(0.050)

(0.086)

(0.186)

(0.088)

Observations

95

95

95

95

95

95

95

95

R-squared

0.94

0.97

0.94

0.98

0.94

0.98

0.95

0.98