| Variable | 2006-2012 | 2013-2018 | ||||
|---|---|---|---|---|---|---|
| (1) ln UEE | (2) ER | (3) ln UEE | (4) ln UEE | (5) ER | (6) ln UEE | |
| LGC | 0.120*** | 0.006** | 0.114*** | 0.189** | 0.003*** | 0.127*** |
| (3.72) | (2.34) | (3.65) | (2.44) | (3.18) | (3.85) | |
| ER | -0.546*** | 1.808*** | ||||
| (-3.48) | (4.25) | |||||
| Lag(ln UEE) | 0.420*** | 0.162*** | 0.363*** | 0.509*** | ||
| (8.18) | (9.65) | (7.22) | (8.62) | |||
| Lag(ER) | 0.679*** | 0.834*** | ||||
| (16.18) | (27.15) | |||||
| Control variable | Yes | Yes | Yes | Yes | Yes | Yes |
| Hansen test | 0.149 | 0.051 | 0.122 | 0.095 | 0.301 | 0.210 |
| AR(2) | 0.901 | 0.261 | 0.754 | 0.756 | 0.861 | 0.348 |
| F | 17.740 | 99.250 | 51.955 | 64.619 | 124.920 | 19.134 |
| Obs. | 1946 | 1946 | 1946 | 1668 | 1668 | 1668 |