Table 3. Volatility of Annual Growth of Quantity per Worker and of Prices: Cross-Sectional
Results
|
I. Quantity per Worker |
(4) | |||
|
(1) |
(2) |
(3) | ||
|
Trade/Output |
0.275** |
0.285** |
0.262** |
0.218** |
|
(0.025) |
(0.030) |
(0.020) |
(0.032) | |
|
Output per worker |
-0.248** |
-0.540** |
0.008 |
-0.066 |
|
(0.043) |
(0.057) |
(0.033) |
(0.051) | |
|
Observations |
1345 |
1345 |
1345 |
1345 |
|
R2 |
0.123 |
0.224 |
0.616 |
0.698 |
|
μc |
no |
no |
yes |
yes |
|
μi___________________ |
no |
yes |
no |
yes |
|
II. Price | ||||
|
(1) |
(2) |
(3) |
(4) | |
|
Trade/Output |
0.192** |
0.200** |
0.189** |
0.180** |
|
(0.024) |
(0.030) |
(0.021) |
(0.033) | |
|
Output per worker |
-0.104* |
-0.370** |
0.114** |
0.015 |
|
(0.043) |
(0.057) |
(0.039) |
(0.059) | |
|
Observations |
1342 |
1342 |
1342 |
1342 |
|
R2 |
0.070 |
0.185 |
0.519 |
0.602 |
|
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 quantity per worker or
prices, 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.
25
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