Country

$a_1=\frac{\text{d}\ln C}{\text{d}\ln t_i}$

$b_1=\frac{\text{d}\ln L}{\text{d}\ln t_y}$

$1+a_1-b_1$

Constant

(1)

(2)

(3)

(4)

(5)

France

−0.329

0.081

0.589

0.257

Germany

0.025

0.061

0.964

0.552

UK

0.554

−0.161

1.715

0.260

USA

−0.020

0.005

0.975

0.553

Japan

−0.256

−0.067

0.811

0.445

Italy

0.412

0.235

1.177

0.448