| Variable | ER | ln UEE | ||||||
|---|---|---|---|---|---|---|---|---|
| (1) East | (2) Central | (3) West | (4) North-east | (5) East | (6) Central | (7) West | (8) North-east | |
| LGC | 0.005*** | 0.004** | 0.006* | 0.002 | 0.103*** | 0.137*** | 0.236*** | 0.156*** |
| (6.91) | (2.08) | (1.76) | (1.42) | (3.40) | (3.31) | (2.76) | (2.12) | |
| ER | 0.755** | -2.056*** | 1.483* | 2.211** | ||||
| (1.98) | (-4.30) | (1.68) | (2.41) | |||||
| Lag(ER) | 0.658*** | 0.737*** | 0.748*** | 0.881*** | ||||
| (132.11) | (25.38) | (31.47) | (16.83) | |||||
| Lag(ln UEE) | 0.553*** | 0.275*** | 0.473*** | 0.227*** | ||||
| (7.03) | (9.53) | (4.40) | (9.79) | |||||
| Control variable | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Hansen test | 0.232 | 0.477 | 0.666 | 0.827 | 0.864 | 0.114 | 0.999 | 0.230 |
| AR(2) | 0.235 | 0.329 | 0.050 | 0.424 | 0.368 | 0.466 | 0.739 | 0.207 |
| F | 318.121 | 288.750 | 166.120 | 117.269 | 12.611 | 37.542 | 12.314 | 24.917 |
| Obs. | 1313 | 1157 | 702 | 442 | 1313 | 1157 | 702 | 442 |