ln ( y i t )

Coefficient

z-statistics

P > z

Confidence interval 95%

lower

upper

ln ( k i t )

0.4596621

17.07

0.000

0.406896

1.5124282

ln ( l i t )

0.6789355

17.23

0.000

0.6016929

1.7561781

T

0.1494304

6.82

0.000

0.1065127

1.1923481

t ln ( k i t )

0.0025885

1.80

0.071

−1.0002255

1.0054026

t ln ( l i t )

−0.025969

−12.38

0.000

−1.0300814

−1.0218565

Cons

5.928847

13.82

0.000

5.087774

6.76992

μ

1.167196

11.94

0.000

1.9755765

1.358816

η

0.0093508

3.49

0.000

1.0041017

1.0146

ln σ 2

−0.8086141

−8.57

0.000

−1.993555

−1.6236733

I lg t γ

0.8054977

5.74

0.000

1.530337

1.080658

Observation number

4877

Number of cities

280

Log Likelihood

−2603.4761

Wald = 6089.23

p-value = 0.0000