Dependent variable

Short

Long

(1)

(2)

(3)

(4)

(5)

(6)

ltransfer

ltax

linc

ltransfer

ltax

linc

pmc

0.615***

0.072

−0.402***

0.900***

0.153

−0.534***

(0.120)

(0.068)

(0.053)

(0.212)

(0.133)

(0.080)

Year fixed effect

Yes

Yes

Yes

Yes

Yes

Yes

County fixed effect

Yes

Yes

Yes

Yes

Yes

Yes

cpe

0.293**

0.089*

0.233***

0.139

0.164

0.293***

(0.119)

(0.052)

(0.036)

(0.184)

(0.116)

(0.066)

_cons

2.847***

3.453***

4.485***

2.848***

3.453***

4.484***

(0.078)

(0.033)

(0.036)

(0.078)

(0.033)

(0.033)

N

14028

14028

14028

9018

9018

9018

R2

0.521

0.641

0.696

0.466

0.640

0.674