Table 3b. Estimation results (with time period dummies).
|
(1) |
(2) |
(3) | |
|
Constant |
0.1196** |
0.1274*** |
0.1220** (0.0587) |
|
After 1961 |
- 0.1004*** (0.0361) |
- 0.1257*** |
- 0.0904** |
|
Number of bosses |
0.6692*** (0.2212) |
0.4328** (0.1859) |
0.6431*** (0.2479) |
|
Average boss salary |
0.8327* (0.4260) |
0.4386 |
0.7239 (0.4670) |
|
Retail sales |
- 0.7922* (0.4769) |
- 0.3916 (0.3078) |
- 0.8910* (0.5267) |
|
New housing |
- 0.1447 |
- 0.1016* (0.0577) |
- 0.1083 |
|
Physicians per capita |
- 1.1092** |
- 0.7823*** (0.2990) |
- 0.9642* (0.5586) |
|
Students |
- 0.3384 (0.3025) |
- 0.3270** (0.1595) |
- 0.2858 (0.3304) |
|
Investment |
0.3442** (0.1410) |
0.2441*** (0.0639) |
0.3352** |
|
Labor force |
1.8242*** |
1.3426*** |
1.6451** (0.6865) |
|
Labor force, |
0.2181 |
- 0.0448 |
0.0031 |
|
net effect |
(0.7054) |
(0.4198) |
(0.7805) |
|
R2 |
0.339 |
0.314 |
0.342 |
Notes:
1) Standard errors in parentheses.
2) Error term specifications: (1-2) - cross-sectional heteroskedasticity; (2) - cross-sectional correlation;
(3) - random effects..
3) Investment: ∆ ln(I/ Y).
4) Significance: * - 10%, ** - 5%, *** - 1%.
48
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