the composition of government spending and the real exchange rate 19
Table 3: Relative Price of Nontradables: Long-Run Estimates
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) | |
|
Govt. Consumption |
0.89 |
0.36 |
0.96 |
1.70 |
6.73 |
1.26 |
|
(.70) |
(1.39) |
(.79) |
(.90)* |
(1.32)*** |
(.88) | |
|
Govt. Investment |
-2.25 |
8.41 |
-3.54 |
-1.86 |
0.15 |
-3.36 |
|
(.95)** |
(3.79)** |
(1.07)*** |
(1.09)* |
(1.76) |
(.92)*** | |
|
GDP per capita |
0.63 |
1.05 |
0.59 |
0.63 |
0.79 |
0.54 |
|
(.04)*** |
(.12)*** |
(.05)*** |
(.05)*** |
(.07)*** |
(.05)*** | |
|
Trade Balance |
-0.44 |
0.58 |
-0.40 |
0.59 |
0.99 |
0.67 |
|
(.40) |
(1.05) |
(.44) |
(.36) |
(.50)* |
(.43) | |
|
R2 |
0.71 |
0.86 |
0.69 |
0.74 |
0.92 |
0.70 |
|
Marginal R2 |
0.58 |
0.80 |
0.56 |
0.71 |
0.89 |
0.68 |
|
Observations |
418 |
66 |
352 |
242 |
88 |
154 |
|
Sample |
All |
G3 |
Non-G3 |
EMU |
E4 |
Non-E4 |
Note: Relative Price of Nontradables is the unit value of services relative to manufactur-
ing; ln stands for natural logarithm; Govt. Consumption is government consumption as
a share of GDP; Govt. Investment is government investments as a share of GDP; GDP
per capita is the log of real GDP per capita; Trade Balance is the trade balance as a share
of GDP.
Marginal R2 is constructed by subtracting the ratio of the residual sum of squares of fixed
effects regression with the set of control variables over the residual sum of square of the
regression on the fixed effects only from one.
***,**,* significant at 1,5 and 10 percent respectively.
More intriguing information
1. FISCAL CONSOLIDATION AND DECENTRALISATION: A TALE OF TWO TIERS2. Julkinen T&K-rahoitus ja sen vaikutus yrityksiin - Analyysi metalli- ja elektroniikkateollisuudesta
3. The name is absent
4. CONSUMER PERCEPTION ON ALTERNATIVE POULTRY
5. The Tangible Contribution of R&D Spending Foreign-Owned Plants to a Host Region: a Plant Level Study of the Irish Manufacturing Sector (1980-1996)
6. The Trade Effects of MERCOSUR and The Andean Community on U.S. Cotton Exports to CBI countries
7. LAND-USE EVALUATION OF KOCAELI UNIVERSITY MAIN CAMPUS AREA
8. The technological mediation of mathematics and its learning
9. Consumption Behaviour in Zambia: The Link to Poverty Alleviation?
10. THE ANDEAN PRICE BAND SYSTEM: EFFECTS ON PRICES, PROTECTION AND PRODUCER WELFARE