Dependent variable

(1)

(2)

Short-term

Long-term

growth

growth

pmc

−0.002

0.164***

(0.010)

(0.020)

Year fixed effect

Yes

Yes

County fixed effect

Yes

Yes

treatment_trend

−0.004***

−0.010***

(0.001)

(0.002)

cpe

0.000

−0.013*

(0.006)

(0.007)

Control*year dummy

Yes

Yes

L.lgdp

_cons

0.045***

0.087***

(0.016)

(0.012)

N

13026

11022

R2

0.182

0.143