| I | II | III | IV | V | VI |
Local bond/GPP | −0.01 (0.01) | −0.011 (0.002) | 0.08 (0.015)*** | 0.067 (0.014)*** | 0.02 (0.028) | −0.002 (0.027) |
Output gap |
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|
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Government expenditure gap |
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*** |
YVAR | *** |
|
|
|
** |
|
GVAR | −0.024 (0.001)*** |
| −0.037 (0.009)*** |
| −0.196 (0.049)*** |
|
Adj. | 0.522 | 0.522 | 0.571 | 0.56 | 0.537 | 0.532 |
s.e. | 0.016 | 0.016 | 0.003 | 0.0029 | 0.025 | 0.025 |
Observations | 2292 | 2292 | 1448 | 1448 | 844 | 844 |