| VARIABLES | (1) | (2) | (3) |
| ln_fep | ln_cpi | ln_fes | |
| c. inst# c. ote | −0.258* | −0.0434* | −0.0644** |
| (0.135) | (0.0249) | (0.0292) | |
| Constant | 4.469*** | 9.364*** | 9.512*** |
| (1.107) | (0.238) | (0.276) | |
| Control variables | be | be | be |
| Observations | 9017 | 8191 | 9016 |