| variable name | (1) | (2) | (3) |
| APP | GRA | RD | |
| Intercept term | 0.445*** (8.135) | 0.356*** (6.875) | 0.098*** (5.895) |
| EPU | −0.112*** (−2.782) | −0.103*** (−2.621) | - |
| EPU2 | - | - | −0.030*** (−3.135) |
| CV | control | control | control |
| Year and Indus | control | control | control |
| variance ratio | 69.797*** | 68.435*** | 71.932*** |
| ADJ.R2 | 0.062 | 0.060 | 0.071 |
| Number of observations | 4127 | 4127 | 4127 |