| Variable | Sys-GMM | Two-way FE | ||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| LGC1 | 0.114*** (3.55) | 0.219*** (18.66) | ||
| LGC2 | 0.102** (2.19) | 0.167*** (3.69) | ||
| Lag(ln UEE) | 0.598*** (7.78) | 0.445*** (4.86) | ||
| Control variable | Yes | Yes | Yes | Yes |
| R2 | 0.198 | 0.168 | ||
| F | 21.380 | 32.373 | 46.813 | 101.81 |
| Hansen test | 0.308 | 0.204 | ||
| AR(2) | 0.881 | 0.867 | ||
| Obs. | 3614 | 3614 | 3614 | 3614 |
