| Variable | (1) ln UEE | (2) ER | (3) ln UEE |
|---|---|---|---|
| LGC | 0.127** | 0.003** | 0.069** |
| (2.11) | (2.24) | (2.25) | |
| ER | 0.760** | ||
| (2.18) | |||
| Lag(ln UEE) | 0.512*** | 0.493*** | |
| (5.56) | (7.57) | ||
| Lag(ER) | 0.731*** | ||
| (25.04) | |||
| Control variable | Yes | Yes | Yes |
| Hansen test | 0.101 | 0.116 | 0.630 |
| AR(2) | 0.256 | 0.272 | 0.242 |
| F | 22.978 | 264.394 | 14.517 |
| Obs. | 3614 | 3614 | 3614 |
