Table 6: Drivers of business confidence (dependent variable: change of standardized
business confidence, BUSCONFST)
|
(1) |
(2) |
(3) |
(4) | |
|
BCONFST (-1) |
-0.95 (0.06)*** |
-0.97 (0.06)*** |
-0.98 (0.06)*** |
-0.96 (0.06)*** |
|
GROWTH |
35.70 (4.71)*** |
31.80 (4.25)*** |
34.93 (4.37)*** |
45.08 (4.71)*** |
|
Δ UNEMPLOYMENT |
-0.16 (0.10) |
-0.24 (0.09)*** |
-0.20 (0.09)** |
-0.13 (0.09) |
|
INFLATION |
-0.05 (0.03) |
-0.05 (0.03)* |
-0.04 (0.03) |
-0.05 (0.03)* |
|
NLGXQA |
-0.011 (0.033) |
-0.005 (0.03) |
-0.002 (0.03) |
0.009 (0.03) |
|
Δ NLGXQA |
-0.026 (0.052) |
-0.04 (0.05) |
-0.04 (0.05) |
-0.04 (0.06) |
|
δ Weolabour |
2.74 (4.06) |
- |
- |
- |
|
δ weoproduct |
- |
2.95 (1.83) |
- |
- |
|
δ weofinance |
- |
- |
0.36 (0.57) |
- |
|
δ WEOTAX |
- |
- |
- |
9.22 (2.89)*** |
|
nb. of observations/nb. |
195/16 |
209/18 |
228/17 |
205/16 |
|
R-squared |
0.66 |
0.66 |
0.64 |
0.69 |
Fixed effects, instrumental variable regression; instruments: age share below 14, fertility rate, openness, labour force
participation rate, unit labour costs, debt-GDP-level, election year dummy.
Table 7: Drivers of consumer confidence (dependent variable: change of standardized
consumer confidence - CCONFST)
|
(1) |
(2) |
(3) |
(4) | |
|
CCONFST (-1) |
-0.53 (0.05)*** |
-0.53 (0.04)*** |
-0.52 (0.04)*** |
-0.55 (0.05)*** |
|
GROWTH |
22.38 (2.90)*** |
21.32 (2.76)*** |
20.84 (2.72)*** |
22.80 (3.05)*** |
|
Δ UNEMPLOYMENT |
0.02 (0.06) |
-0.002 (0.06) |
-0.01 (0.05) |
-0.02 (0.06) |
|
INFLATION |
-0.05 (0.01)*** |
-0.04 (0.01)*** |
-0.04 (0.01)*** |
-0.04 (0.01)*** |
|
NLGXQA |
0.02 (0.02) |
0.01 (0.02) |
0.03 (0.02)* |
0.06 (0.02)*** |
|
Δ NLGXQA |
-0.02 (0.03) |
-0.02 (0.03) |
-0.04 (0.03) |
-0.08 (0.04)** |
|
δ weolabour |
0.78 (3.05) |
- |
- |
- |
|
δ weoproduct |
- |
1.15 (1.42) |
- |
- |
|
δ weofinance |
- |
- |
-0.33 (0.38) |
- |
|
δ weotax |
- |
- |
- |
0.23 (2.09) |
|
nb. of observations/nb. |
276/18 |
291/19 |
309/18 |
300/17 |
|
R-squared |
0.46 |
0.46 |
0.44 |
0.46 |
Fixed effects, instrumental variable regression; instruments: age share below 14, fertility rate, openness, labour force
participation rate, unit labour costs, debt-GDP-level, election year dummy.
157
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