| Variable | (1) ln UEE | (2) ER | (3) ln UEE |
|---|---|---|---|
| LGC | 0.114*** (3.55) | 0.002** (1.99) | 0.106*** (3.65) |
| ER | 0.505** (2.20) | ||
| Lag(ER) | 0.769*** | ||
| (31.67) | |||
| Lag(ln UEE) | 0.598*** (7.78) | 0.643*** (9.48) | |
| Control variable | Yes | Yes | Yes |
| Hansen test | 0.308 | 0.131 | 0.896 |
| AR(2) | 0.881 | 0.278 | 0.773 |
| F | 21.380 | 580.320 | 22.603 |
| Obs. | 3614 | 3614 | 3614 |
