Table 1. Volatility of Annual Output Growth per Worker: Cross-Sectional Results
(1) (2) (3) (4)
|
Trade/Output |
0.250** |
0.270** |
0.200** |
0.160** |
|
(0.025) |
(0.030) |
(0.020) |
(0.028) | |
|
Output per worker |
0.022 |
-0.474** |
0.361** |
0.019 |
|
(0.039) |
(0.053) |
(0.033) |
(0.048) | |
|
Observations |
1518 |
1518 |
1518 |
1518 |
|
R2 |
0.065 |
0.240 |
0.620 |
0.712 |
|
μc |
no |
no |
yes |
yes |
|
μi___________________ |
no |
yes |
no |
yes |
Notes: Robust standard errors in parentheses. + significant at 10%; * significant at 5%; ** significant at 1%. The
sample period is 1970-99. The dependent variable is the log variance of the growth rate of output per worker, 1970-
99. All regressors are in natural logs, trade/output is the period average, and output per worker is the period’s initial
value. μc denotes the country fixed effects. μi denotes the sector fixed effects. All specifications are estimated using
OLS.
Table 2. Volatility of Annual Output Growth per Worker: Panel Results
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) | |
|
Trade/Output |
0.191** |
0.195** |
0.156** |
0.148** |
0.131** |
0.192** |
0.093** |
|
(0.015) |
(0.018) |
(0.014) |
(0.018) |
(0.018) |
(0.020) |
(0.027) | |
|
Output per worker |
-0.058* |
-0.633** |
0.290** |
-0.013 |
0.036 |
0.009 |
-0.210** |
|
(0.028) |
(0.041) |
(0.026) |
(0.043) |
(0.043) |
(0.043) |
(0.070) | |
|
Observations |
4287 |
4287 |
4287 |
4287 |
4287 |
4287 |
4287 |
|
R2 |
0.049 |
0.183 |
0.422 |
0.486 |
0.580 |
0.498 |
0.672 |
|
μt |
yes |
yes |
yes |
yes |
no |
no |
yes |
|
μc |
no |
no |
yes |
yes |
yes |
no |
no |
|
μi |
no |
yes |
no |
yes |
no |
yes |
no |
|
μc × μi |
no |
no |
no |
no |
no |
no |
yes |
|
μc × μt |
no |
no |
no |
no |
no |
yes |
no |
|
μi × μt |
no |
no |
no |
no |
yes |
no |
no |
Notes: Robust standard errors in parentheses. + significant at 10%; * significant at 5%; ** significant at 1%. The
sample period is 1970-99. The dependent variable is the log variance of the growth rate of output per worker over
ten-year periods: 1970-79, 1980-89, 1990-99. All regressors are in natural logs, trade/output is averaged over the
ten-year periods, and output per worker is the ten-year period’s initial value. μc denotes the country fixed effects.
μi denotes the sector fixed effects. All specifications are estimated using OLS.
24
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