{smcl} {txt}{sf}{ul off}{.-} name: {res} {txt}log: {res}K:\Eigene Dateien\abgeschlossen\telecom_regulation_competition\2016 BB Inflation\Submission IREE\data_analysis\robusntess.smcl {txt}log type: {res}smcl {txt}opened on: {res}13 Apr 2018, 11:10:30 {txt} {com}. . . ********************************************************* . ******************* . * ROBUSTNESS CHECKS . ******************* . * 1st table . * Bun & Kiviet . xtlsdvc cpidiff fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff ukdummy , initial(bb) first lsdv bias(2) vcov(2000) {txt}Note: Bias correction initialized by Blundell and Bond estimator Note: Blundell and Bond estimator is implemented through the user-written Stata command -xtabond2- by David Roodman, Center for Global Development, Washington, DC droodman@cgdev.org {res}{txt}Favoring speed over space. To switch, type or click on {stata "mata: mata set matafavor space, perm"}. {res}Warning: Number of instruments may be large relative to number of observations. {txt}Dynamic panel-data estimation, one-step system GMM {hline 78} Group variable: {res}co1{txt}{col 49}Number of obs = {res} 375 {txt}Time variable : {res}year{txt}{col 49}Number of groups = {res} 29 {txt}Number of instruments = {res}154{col 49}{txt}Obs per group: min = {res} 10 {txt}Wald chi2({res}7{txt}){col 15}= {res} 191.17{col 64}{txt}avg = {res} 12.93 {txt}Prob > chi2{col 15}={res} 0.000{col 64}{txt}max = {res} 15 {txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 7}cpidiff {c |} {space 11}L1. {c |}{col 16}{res}{space 2}-.0483968{col 28}{space 2} .0454843{col 39}{space 1} -1.06{col 48}{space 3}0.287{col 56}{space 4}-.1375443{col 69}{space 3} .0407507 {txt}{space 14} {c |} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.1089137{col 28}{space 2} .0281174{col 39}{space 1} -3.87{col 48}{space 3}0.000{col 56}{space 4}-.1640227{col 69}{space 3}-.0538046 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0747204{col 28}{space 2} .040949{col 39}{space 1} 1.82{col 48}{space 3}0.068{col 56}{space 4}-.0055382{col 69}{space 3} .1549789 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0217282{col 28}{space 2} .018079{col 39}{space 1} 1.20{col 48}{space 3}0.229{col 56}{space 4}-.0137059{col 69}{space 3} .0571624 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0301668{col 28}{space 2} .003919{col 39}{space 1} 7.70{col 48}{space 3}0.000{col 56}{space 4} .0224856{col 69}{space 3} .0378479 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0432262{col 28}{space 2} .0168233{col 39}{space 1} -2.57{col 48}{space 3}0.010{col 56}{space 4}-.0761992{col 69}{space 3}-.0102532 {txt}{space 7}ukdummy {c |}{col 16}{res}{space 2} 2.03076{col 28}{space 2} 1.614274{col 39}{space 1} 1.26{col 48}{space 3}0.208{col 56}{space 4} -1.13316{col 69}{space 3} 5.194679 {txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} Instruments for first differences equation {col 3}Standard {col 5}D.(fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff ukdummy) {col 3}GMM-type (missing=0, separate instruments for each period unless collapsed) {col 5}L(1/19).L.cpidiff Instruments for levels equation {col 3}Standard {col 5}fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff ukdummy {col 3}GMM-type (missing=0, separate instruments for each period unless collapsed) {col 5}D.L.cpidiff {hline 78} Arellano-Bond test for AR(1) in first differences:{col 52}z = {res} -7.65{txt} Pr > z = {res} 0.000 {txt}Arellano-Bond test for AR(2) in first differences:{col 52}z = {res} -3.48{txt} Pr > z = {res} 0.001 {txt}{hline 78} Sargan test of overid. restrictions: chi2({res}147{txt}){col 49}={res} 242.46{txt}{col 59}Prob > chi2 = {res} 0.000 {txt} (Not robust, but not weakened by many instruments.) Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Sargan test excluding group:{col 38}chi2({res}132{txt}){col 49}={res} 228.28{txt}{col 59}Prob > chi2 = {res} 0.000 {txt} Difference (null H = exogenous):{col 38}chi2({res}15{txt}){col 49}={res} 14.18{txt}{col 59}Prob > chi2 = {res} 0.512 {txt} iv(fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff ukdummy) Sargan test excluding group:{col 38}chi2({res}141{txt}){col 49}={res} 240.16{txt}{col 59}Prob > chi2 = {res} 0.000 {txt} Difference (null H = exogenous):{col 38}chi2({res}6{txt}){col 49}={res} 2.30{txt}{col 59}Prob > chi2 = {res} 0.890 {txt}LSDV dynamic regression {res}{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 7}cpidiff {c |} {space 11}L1. {c |}{col 16}{res}{space 2}-.0679927{col 28}{space 2} .0450689{col 39}{space 1} -1.51{col 48}{space 3}0.131{col 56}{space 4}-.1563261{col 69}{space 3} .0203406 {txt}{space 14} {c |} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.0544616{col 28}{space 2} .0385162{col 39}{space 1} -1.41{col 48}{space 3}0.157{col 56}{space 4}-.1299519{col 69}{space 3} .0210287 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .035035{col 28}{space 2} .0434057{col 39}{space 1} 0.81{col 48}{space 3}0.420{col 56}{space 4}-.0500386{col 69}{space 3} .1201086 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .021066{col 28}{space 2} .0190753{col 39}{space 1} 1.10{col 48}{space 3}0.269{col 56}{space 4} -.016321{col 69}{space 3} .0584529 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0324648{col 28}{space 2} .0041925{col 39}{space 1} 7.74{col 48}{space 3}0.000{col 56}{space 4} .0242477{col 69}{space 3} .0406818 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0433559{col 28}{space 2} .0173059{col 39}{space 1} -2.51{col 48}{space 3}0.012{col 56}{space 4}-.0772749{col 69}{space 3}-.0094369 {txt}{space 7}ukdummy {c |}{col 16}{res}{space 2} .865891{col 28}{space 2} 1.587183{col 39}{space 1} 0.55{col 48}{space 3}0.585{col 56}{space 4}-2.244931{col 69}{space 3} 3.976713 {txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} note: Bias correction up to order O(1/NT) LSDVC dynamic regression (bootstrapped SE) {res}{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 7}cpidiff {c |} {space 11}L1. {c |}{col 16}{res}{space 2}-.0232734{col 28}{space 2} .0460051{col 39}{space 1} -0.51{col 48}{space 3}0.613{col 56}{space 4}-.1134418{col 69}{space 3} .0668949 {txt}{space 14} {c |} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.0548034{col 28}{space 2} .0395322{col 39}{space 1} -1.39{col 48}{space 3}0.166{col 56}{space 4}-.1322851{col 69}{space 3} .0226784 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0354446{col 28}{space 2} .0446989{col 39}{space 1} 0.79{col 48}{space 3}0.428{col 56}{space 4}-.0521636{col 69}{space 3} .1230529 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0222026{col 28}{space 2} .0191816{col 39}{space 1} 1.16{col 48}{space 3}0.247{col 56}{space 4}-.0153926{col 69}{space 3} .0597978 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0327291{col 28}{space 2} .0042968{col 39}{space 1} 7.62{col 48}{space 3}0.000{col 56}{space 4} .0243074{col 69}{space 3} .0411507 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0420852{col 28}{space 2} .017406{col 39}{space 1} -2.42{col 48}{space 3}0.016{col 56}{space 4}-.0762004{col 69}{space 3} -.00797 {txt}{space 7}ukdummy {c |}{col 16}{res}{space 2} .869178{col 28}{space 2} 1.547123{col 39}{space 1} 0.56{col 48}{space 3}0.574{col 56}{space 4}-2.163128{col 69}{space 3} 3.901484 {txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {com}. . * Different control variables . xtreg cpidiff fixeddiff gdpgr gdppc agri_share regqual tradegoodsdiff hwwidiff fxdiff periodd* ukdummy, fe vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd1 omitted because of collinearity note: periodd4 omitted because of collinearity {res} {txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res} 350 {txt}Group variable: {res}co1{txt}{col 49}Number of groups{col 67}={col 69}{res} 28 {txt}R-sq:{col 49}Obs per group: within = {res}0.4231{col 63}{txt}min{col 67}={col 69}{res} 4 {txt} between = {res}0.0403{col 63}{txt}avg{col 67}={col 69}{res} 12.5 {txt} overall = {res}0.3675{col 63}{txt}max{col 67}={col 69}{res} 14 {txt}{col 49}Wald chi2({res}11{txt}){col 67}={col 70}{res} . {txt}corr(u_i, Xb){col 16}= {res}-0.3539{txt}{col 49}Prob > chi2{col 67}={col 73}{res} . {txt}{ralign 80:(Replications based on {res:28} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.0643553{col 28}{space 2} .0280521{col 39}{space 1} -2.29{col 48}{space 3}0.022{col 56}{space 4}-.1193364{col 69}{space 3}-.0093741 {txt}{space 9}gdpgr {c |}{col 16}{res}{space 2} .0580067{col 28}{space 2} .0527065{col 39}{space 1} 1.10{col 48}{space 3}0.271{col 56}{space 4}-.0452962{col 69}{space 3} .1613096 {txt}{space 9}gdppc {c |}{col 16}{res}{space 2}-5.06e-14{col 28}{space 2} 8.68e-13{col 39}{space 1} -0.06{col 48}{space 3}0.954{col 56}{space 4}-1.75e-12{col 69}{space 3} 1.65e-12 {txt}{space 4}agri_share {c |}{col 16}{res}{space 2}-.3074053{col 28}{space 2} .2931912{col 39}{space 1} -1.05{col 48}{space 3}0.294{col 56}{space 4}-.8820495{col 69}{space 3} .2672389 {txt}{space 7}regqual {c |}{col 16}{res}{space 2} .2697572{col 28}{space 2} .632342{col 39}{space 1} 0.43{col 48}{space 3}0.670{col 56}{space 4}-.9696103{col 69}{space 3} 1.509125 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .037116{col 28}{space 2} .0282271{col 39}{space 1} 1.31{col 48}{space 3}0.189{col 56}{space 4} -.018208{col 69}{space 3} .0924401 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0312175{col 28}{space 2} .0047346{col 39}{space 1} 6.59{col 48}{space 3}0.000{col 56}{space 4} .0219378{col 69}{space 3} .0404972 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0389523{col 28}{space 2} .0337043{col 39}{space 1} -1.16{col 48}{space 3}0.248{col 56}{space 4}-.1050115{col 69}{space 3} .0271068 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd2 {c |}{col 16}{res}{space 2} .1415828{col 28}{space 2} .2821873{col 39}{space 1} 0.50{col 48}{space 3}0.616{col 56}{space 4}-.4114941{col 69}{space 3} .6946597 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .0908382{col 28}{space 2} .1842007{col 39}{space 1} 0.49{col 48}{space 3}0.622{col 56}{space 4}-.2701885{col 69}{space 3} .451865 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 1.11207{col 28}{space 2} .4896498{col 39}{space 1} 2.27{col 48}{space 3}0.023{col 56}{space 4} .1523742{col 69}{space 3} 2.071766 {txt}{space 9}_cons {c |}{col 16}{res}{space 2}-.0968614{col 28}{space 2} .9404757{col 39}{space 1} -0.10{col 48}{space 3}0.918{col 56}{space 4} -1.94016{col 69}{space 3} 1.746437 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} .45843707 {txt}sigma_e {c |} {res} 1.3185237 {txt}rho {c |} {res} .10785029{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. . xtreg cpidiff fixeddiff gdpgr gdppc agri_share regqual tradegoodsdiff hwwidiff fxdiff periodd* ukdummy , re vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd1 omitted because of collinearity note: periodd4 omitted because of collinearity {res} {txt}Random-effects GLS regression Number of obs = {res} 350 {txt}Group variable: {res}co1 {txt}Number of groups = {res} 28 {txt}R-sq: Obs per group: within = {res}0.4197 {txt}min = {res} 4 {txt} between = {res}0.2378 {txt}avg = {res} 12.5 {txt} overall = {res}0.4172 {txt}max = {res} 14 {txt}{help j_robustsingular##|_new:Wald chi2(10)}{col 67}={col 70}{res} . {txt}corr(u_i, X) = {res}0{txt} (assumed) Prob > chi2 = {res} . {txt}{ralign 80:(Replications based on {res:28} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.0553593{col 28}{space 2} .0247611{col 39}{space 1} -2.24{col 48}{space 3}0.025{col 56}{space 4}-.1038902{col 69}{space 3}-.0068285 {txt}{space 9}gdpgr {c |}{col 16}{res}{space 2} .0419381{col 28}{space 2} .0427366{col 39}{space 1} 0.98{col 48}{space 3}0.326{col 56}{space 4} -.041824{col 69}{space 3} .1257003 {txt}{space 9}gdppc {c |}{col 16}{res}{space 2} 1.25e-15{col 28}{space 2} 3.70e-14{col 39}{space 1} 0.03{col 48}{space 3}0.973{col 56}{space 4}-7.12e-14{col 69}{space 3} 7.37e-14 {txt}{space 4}agri_share {c |}{col 16}{res}{space 2}-.0361778{col 28}{space 2} .0449474{col 39}{space 1} -0.80{col 48}{space 3}0.421{col 56}{space 4}-.1242731{col 69}{space 3} .0519175 {txt}{space 7}regqual {c |}{col 16}{res}{space 2} .2682808{col 28}{space 2} .1574798{col 39}{space 1} 1.70{col 48}{space 3}0.088{col 56}{space 4} -.040374{col 69}{space 3} .5769356 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0320978{col 28}{space 2} .0218498{col 39}{space 1} 1.47{col 48}{space 3}0.142{col 56}{space 4}-.0107271{col 69}{space 3} .0749227 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0327694{col 28}{space 2} .0041991{col 39}{space 1} 7.80{col 48}{space 3}0.000{col 56}{space 4} .0245394{col 69}{space 3} .0409995 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0449283{col 28}{space 2} .0306006{col 39}{space 1} -1.47{col 48}{space 3}0.142{col 56}{space 4}-.1049043{col 69}{space 3} .0150478 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd2 {c |}{col 16}{res}{space 2} .0857603{col 28}{space 2} .180355{col 39}{space 1} 0.48{col 48}{space 3}0.634{col 56}{space 4} -.267729{col 69}{space 3} .4392496 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .1222858{col 28}{space 2} .185899{col 39}{space 1} 0.66{col 48}{space 3}0.511{col 56}{space 4}-.2420696{col 69}{space 3} .4866412 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} .9423963{col 28}{space 2} .4051025{col 39}{space 1} 2.33{col 48}{space 3}0.020{col 56}{space 4} .1484099{col 69}{space 3} 1.736383 {txt}{space 9}_cons {c |}{col 16}{res}{space 2}-.7916321{col 28}{space 2} .3121611{col 39}{space 1} -2.54{col 48}{space 3}0.011{col 56}{space 4}-1.403457{col 69}{space 3}-.1798077 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} 0 {txt}sigma_e {c |} {res} 1.3185237 {txt}rho {c |} {res} 0{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. . * Inflation in % . sort iso_3 time {txt} {com}. by iso_3: gen inflation = ((cpi - cpi[_n-1])) / cpi[_n-1] {txt}(31 missing values generated) {com}. xtreg inflation fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy, fe vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd4 omitted because of collinearity {res} {txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res} 373 {txt}Group variable: {res}co1{txt}{col 49}Number of groups{col 67}={col 69}{res} 29 {txt}R-sq:{col 49}Obs per group: within = {res}0.0123{col 63}{txt}min{col 67}={col 69}{res} 10 {txt} between = {res}0.0022{col 63}{txt}avg{col 67}={col 69}{res} 12.9 {txt} overall = {res}0.0104{col 63}{txt}max{col 67}={col 69}{res} 15 {txt}{col 49}Wald chi2({res}9{txt}){col 67}={col 70}{res} . {txt}corr(u_i, Xb){col 16}= {res}-0.0309{txt}{col 49}Prob > chi2{col 67}={col 73}{res} . {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} inflation{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.1639694{col 28}{space 2} .2107951{col 39}{space 1} -0.78{col 48}{space 3}0.437{col 56}{space 4}-.5771203{col 69}{space 3} .2491814 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .1332068{col 28}{space 2} .1513199{col 39}{space 1} 0.88{col 48}{space 3}0.379{col 56}{space 4}-.1633749{col 69}{space 3} .4297884 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} -.072023{col 28}{space 2} .0986879{col 39}{space 1} -0.73{col 48}{space 3}0.466{col 56}{space 4}-.2654478{col 69}{space 3} .1214018 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .007977{col 28}{space 2} .0154953{col 39}{space 1} 0.51{col 48}{space 3}0.607{col 56}{space 4}-.0223932{col 69}{space 3} .0383473 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0101428{col 28}{space 2} .096436{col 39}{space 1} -0.11{col 48}{space 3}0.916{col 56}{space 4}-.1991539{col 69}{space 3} .1788683 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2}-1.632601{col 28}{space 2} 1.986163{col 39}{space 1} -0.82{col 48}{space 3}0.411{col 56}{space 4}-5.525408{col 69}{space 3} 2.260206 {txt}{space 6}periodd2 {c |}{col 16}{res}{space 2} 1.488603{col 28}{space 2} 1.136902{col 39}{space 1} 1.31{col 48}{space 3}0.190{col 56}{space 4} -.739684{col 69}{space 3} 3.716891 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .2374096{col 28}{space 2} .8131765{col 39}{space 1} 0.29{col 48}{space 3}0.770{col 56}{space 4}-1.356387{col 69}{space 3} 1.831206 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 2.359743{col 28}{space 2} 3.688165{col 39}{space 1} 0.64{col 48}{space 3}0.522{col 56}{space 4}-4.868928{col 69}{space 3} 9.588414 {txt}{space 9}_cons {c |}{col 16}{res}{space 2} .2449947{col 28}{space 2} .8183911{col 39}{space 1} 0.30{col 48}{space 3}0.765{col 56}{space 4}-1.359022{col 69}{space 3} 1.849012 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} 1.8223512 {txt}sigma_e {c |} {res} 7.2169797 {txt}rho {c |} {res} .05993897{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. . xtreg inflation fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy , re vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd4 omitted because of collinearity {res} {txt}Random-effects GLS regression Number of obs = {res} 373 {txt}Group variable: {res}co1 {txt}Number of groups = {res} 29 {txt}R-sq: Obs per group: within = {res}0.0118 {txt}min = {res} 10 {txt} between = {res}0.0014 {txt}avg = {res} 12.9 {txt} overall = {res}0.0109 {txt}max = {res} 15 {txt}Wald chi2({res}9{txt}) = {res} 5.91 {txt}corr(u_i, X) = {res}0{txt} (assumed) Prob > chi2 = {res}0.7488 {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} inflation{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.1539095{col 28}{space 2} .1934826{col 39}{space 1} -0.80{col 48}{space 3}0.426{col 56}{space 4}-.5331284{col 69}{space 3} .2253093 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .1867545{col 28}{space 2} .1651837{col 39}{space 1} 1.13{col 48}{space 3}0.258{col 56}{space 4}-.1369995{col 69}{space 3} .5105086 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2}-.0562818{col 28}{space 2} .0991027{col 39}{space 1} -0.57{col 48}{space 3}0.570{col 56}{space 4}-.2505195{col 69}{space 3} .1379558 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0026863{col 28}{space 2} .0139816{col 39}{space 1} 0.19{col 48}{space 3}0.848{col 56}{space 4}-.0247172{col 69}{space 3} .0300897 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0039702{col 28}{space 2} .0745954{col 39}{space 1} -0.05{col 48}{space 3}0.958{col 56}{space 4}-.1501745{col 69}{space 3} .1422341 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2}-.6785076{col 28}{space 2} 1.00202{col 39}{space 1} -0.68{col 48}{space 3}0.498{col 56}{space 4} -2.64243{col 69}{space 3} 1.285415 {txt}{space 6}periodd2 {c |}{col 16}{res}{space 2} 1.418111{col 28}{space 2} 1.167135{col 39}{space 1} 1.22{col 48}{space 3}0.224{col 56}{space 4}-.8694323{col 69}{space 3} 3.705654 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .2338148{col 28}{space 2} .7974553{col 39}{space 1} 0.29{col 48}{space 3}0.769{col 56}{space 4}-1.329169{col 69}{space 3} 1.796798 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 1.885568{col 28}{space 2} 3.075641{col 39}{space 1} 0.61{col 48}{space 3}0.540{col 56}{space 4}-4.142578{col 69}{space 3} 7.913713 {txt}{space 9}_cons {c |}{col 16}{res}{space 2} .2920868{col 28}{space 2} .7945895{col 39}{space 1} 0.37{col 48}{space 3}0.713{col 56}{space 4} -1.26528{col 69}{space 3} 1.849454 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} 0 {txt}sigma_e {c |} {res} 7.2169797 {txt}rho {c |} {res} 0{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. . * crisis dummy . xtreg cpidiff fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff crisis ukdummy , fe vce(bootstrap, reps(300) seed(123) nodots) {res} {txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res} 375 {txt}Group variable: {res}co1{txt}{col 49}Number of groups{col 67}={col 69}{res} 29 {txt}R-sq:{col 49}Obs per group: within = {res}0.3772{col 63}{txt}min{col 67}={col 69}{res} 10 {txt} between = {res}0.0172{col 63}{txt}avg{col 67}={col 69}{res} 12.9 {txt} overall = {res}0.3709{col 63}{txt}max{col 67}={col 69}{res} 15 {txt}{col 49}Wald chi2({res}7{txt}){col 67}={col 70}{res} . {txt}corr(u_i, Xb){col 16}= {res}-0.0383{txt}{col 49}Prob > chi2{col 67}={col 73}{res} . {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.0885121{col 28}{space 2} .0325733{col 39}{space 1} -2.72{col 48}{space 3}0.007{col 56}{space 4}-.1523547{col 69}{space 3}-.0246696 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0327752{col 28}{space 2} .0652243{col 39}{space 1} 0.50{col 48}{space 3}0.615{col 56}{space 4}-.0950621{col 69}{space 3} .1606125 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0302702{col 28}{space 2} .0305864{col 39}{space 1} 0.99{col 48}{space 3}0.322{col 56}{space 4} -.029678{col 69}{space 3} .0902184 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0312214{col 28}{space 2} .0047395{col 39}{space 1} 6.59{col 48}{space 3}0.000{col 56}{space 4} .0219321{col 69}{space 3} .0405106 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0441555{col 28}{space 2} .0323961{col 39}{space 1} -1.36{col 48}{space 3}0.173{col 56}{space 4}-.1076506{col 69}{space 3} .0193397 {txt}{space 8}crisis {c |}{col 16}{res}{space 2}-.3269485{col 28}{space 2} .1641211{col 39}{space 1} -1.99{col 48}{space 3}0.046{col 56}{space 4} -.64862{col 69}{space 3} -.005277 {txt}{space 7}ukdummy {c |}{col 16}{res}{space 2} 1.383159{col 28}{space 2} .5925557{col 39}{space 1} 2.33{col 48}{space 3}0.020{col 56}{space 4} .2217714{col 69}{space 3} 2.544547 {txt}{space 9}_cons {c |}{col 16}{res}{space 2}-.0990616{col 28}{space 2} .1556245{col 39}{space 1} -0.64{col 48}{space 3}0.524{col 56}{space 4}-.4040801{col 69}{space 3} .2059568 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} .20011349 {txt}sigma_e {c |} {res} 1.3759028 {txt}rho {c |} {res} .02071506{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. xtreg cpidiff fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff crisis ukdummy , re vce(bootstrap, reps(300) seed(123) nodots) {res} {txt}Random-effects GLS regression Number of obs = {res} 375 {txt}Group variable: {res}co1 {txt}Number of groups = {res} 29 {txt}R-sq: Obs per group: within = {res}0.3767 {txt}min = {res} 10 {txt} between = {res}0.0348 {txt}avg = {res} 12.9 {txt} overall = {res}0.3715 {txt}max = {res} 15 {txt}Wald chi2({res}7{txt}) = {res} 294.89 {txt}corr(u_i, X) = {res}0{txt} (assumed) Prob > chi2 = {res}0.0000 {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.0750065{col 28}{space 2} .0316578{col 39}{space 1} -2.37{col 48}{space 3}0.018{col 56}{space 4}-.1370546{col 69}{space 3}-.0129584 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0382861{col 28}{space 2} .0602826{col 39}{space 1} 0.64{col 48}{space 3}0.525{col 56}{space 4}-.0798656{col 69}{space 3} .1564378 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0233575{col 28}{space 2} .0229066{col 39}{space 1} 1.02{col 48}{space 3}0.308{col 56}{space 4}-.0215387{col 69}{space 3} .0682537 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0319083{col 28}{space 2} .0038623{col 39}{space 1} 8.26{col 48}{space 3}0.000{col 56}{space 4} .0243383{col 69}{space 3} .0394783 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0467031{col 28}{space 2} .0265198{col 39}{space 1} -1.76{col 48}{space 3}0.078{col 56}{space 4} -.098681{col 69}{space 3} .0052748 {txt}{space 8}crisis {c |}{col 16}{res}{space 2}-.3122497{col 28}{space 2} .1563086{col 39}{space 1} -2.00{col 48}{space 3}0.046{col 56}{space 4} -.618609{col 69}{space 3}-.0058904 {txt}{space 7}ukdummy {c |}{col 16}{res}{space 2} 1.271238{col 28}{space 2} .515126{col 39}{space 1} 2.47{col 48}{space 3}0.014{col 56}{space 4} .2616097{col 69}{space 3} 2.280867 {txt}{space 9}_cons {c |}{col 16}{res}{space 2}-.1336816{col 28}{space 2} .1480496{col 39}{space 1} -0.90{col 48}{space 3}0.367{col 56}{space 4}-.4238535{col 69}{space 3} .1564904 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} 0 {txt}sigma_e {c |} {res} 1.3759028 {txt}rho {c |} {res} 0{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. . . * 2nd table . . * Drop top and botton 1% percentile . preserve {txt} {com}. drop if cpidiff < -7.090587 & cpidiff > 3.924559 {txt}(0 observations deleted) {com}. xtreg cpidiff fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy, fe vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd4 omitted because of collinearity {res} {txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res} 375 {txt}Group variable: {res}co1{txt}{col 49}Number of groups{col 67}={col 69}{res} 29 {txt}R-sq:{col 49}Obs per group: within = {res}0.3788{col 63}{txt}min{col 67}={col 69}{res} 10 {txt} between = {res}0.0200{col 63}{txt}avg{col 67}={col 69}{res} 12.9 {txt} overall = {res}0.3724{col 63}{txt}max{col 67}={col 69}{res} 15 {txt}{col 49}Wald chi2({res}9{txt}){col 67}={col 70}{res} . {txt}corr(u_i, Xb){col 16}= {res}-0.0413{txt}{col 49}Prob > chi2{col 67}={col 73}{res} . {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.0940298{col 28}{space 2} .03516{col 39}{space 1} -2.67{col 48}{space 3}0.007{col 56}{space 4}-.1629421{col 69}{space 3}-.0251175 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0463136{col 28}{space 2} .0665327{col 39}{space 1} 0.70{col 48}{space 3}0.486{col 56}{space 4}-.0840881{col 69}{space 3} .1767153 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0312897{col 28}{space 2} .0306094{col 39}{space 1} 1.02{col 48}{space 3}0.307{col 56}{space 4}-.0287037{col 69}{space 3} .0912831 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0332272{col 28}{space 2} .0045468{col 39}{space 1} 7.31{col 48}{space 3}0.000{col 56}{space 4} .0243155{col 69}{space 3} .0421388 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0441732{col 28}{space 2} .0333568{col 39}{space 1} -1.32{col 48}{space 3}0.185{col 56}{space 4}-.1095513{col 69}{space 3} .0212049 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} .3931476{col 28}{space 2} .2878132{col 39}{space 1} 1.37{col 48}{space 3}0.172{col 56}{space 4}-.1709559{col 69}{space 3} .957251 {txt}{space 6}periodd2 {c |}{col 16}{res}{space 2} .3920694{col 28}{space 2} .1657531{col 39}{space 1} 2.37{col 48}{space 3}0.018{col 56}{space 4} .0671993{col 69}{space 3} .7169394 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .3606264{col 28}{space 2} .2213357{col 39}{space 1} 1.63{col 48}{space 3}0.103{col 56}{space 4}-.0731836{col 69}{space 3} .7944363 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 1.469517{col 28}{space 2} .6107242{col 39}{space 1} 2.41{col 48}{space 3}0.016{col 56}{space 4} .2725199{col 69}{space 3} 2.666515 {txt}{space 9}_cons {c |}{col 16}{res}{space 2}-.4896144{col 28}{space 2} .0901006{col 39}{space 1} -5.43{col 48}{space 3}0.000{col 56}{space 4}-.6662085{col 69}{space 3}-.3130204 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} .20097121 {txt}sigma_e {c |} {res} 1.3781398 {txt}rho {c |} {res} .02082296{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. xtreg cpidiff fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy , re vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd4 omitted because of collinearity {res} {txt}Random-effects GLS regression Number of obs = {res} 375 {txt}Group variable: {res}co1 {txt}Number of groups = {res} 29 {txt}R-sq: Obs per group: within = {res}0.3782 {txt}min = {res} 10 {txt} between = {res}0.0456 {txt}avg = {res} 12.9 {txt} overall = {res}0.3731 {txt}max = {res} 15 {txt}Wald chi2({res}9{txt}) = {res} 265.85 {txt}corr(u_i, X) = {res}0{txt} (assumed) Prob > chi2 = {res}0.0000 {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.0771126{col 28}{space 2} .0339662{col 39}{space 1} -2.27{col 48}{space 3}0.023{col 56}{space 4}-.1436851{col 69}{space 3}-.0105402 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0485982{col 28}{space 2} .0624934{col 39}{space 1} 0.78{col 48}{space 3}0.437{col 56}{space 4}-.0738867{col 69}{space 3} .1710831 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0236693{col 28}{space 2} .0224983{col 39}{space 1} 1.05{col 48}{space 3}0.293{col 56}{space 4}-.0204266{col 69}{space 3} .0677653 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0340316{col 28}{space 2} .003644{col 39}{space 1} 9.34{col 48}{space 3}0.000{col 56}{space 4} .0268896{col 69}{space 3} .0411736 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0472599{col 28}{space 2} .0274354{col 39}{space 1} -1.72{col 48}{space 3}0.085{col 56}{space 4}-.1010323{col 69}{space 3} .0065126 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} .4638424{col 28}{space 2} .2709804{col 39}{space 1} 1.71{col 48}{space 3}0.087{col 56}{space 4}-.0672694{col 69}{space 3} .9949542 {txt}{space 6}periodd2 {c |}{col 16}{res}{space 2} .3861731{col 28}{space 2} .1604192{col 39}{space 1} 2.41{col 48}{space 3}0.016{col 56}{space 4} .0717573{col 69}{space 3} .700589 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .3187443{col 28}{space 2} .2123276{col 39}{space 1} 1.50{col 48}{space 3}0.133{col 56}{space 4}-.0974102{col 69}{space 3} .7348987 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 1.321519{col 28}{space 2} .5268773{col 39}{space 1} 2.51{col 48}{space 3}0.012{col 56}{space 4} .2888583{col 69}{space 3} 2.354179 {txt}{space 9}_cons {c |}{col 16}{res}{space 2}-.5108379{col 28}{space 2} .090982{col 39}{space 1} -5.61{col 48}{space 3}0.000{col 56}{space 4}-.6891594{col 69}{space 3}-.3325164 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} 0 {txt}sigma_e {c |} {res} 1.3781398 {txt}rho {c |} {res} 0{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. restore {txt} {com}. . * w/o UK dummy . xtreg cpidiff fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* , fe vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd4 omitted because of collinearity {res} {txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res} 375 {txt}Group variable: {res}co1{txt}{col 49}Number of groups{col 67}={col 69}{res} 29 {txt}R-sq:{col 49}Obs per group: within = {res}0.3773{col 63}{txt}min{col 67}={col 69}{res} 10 {txt} between = {res}0.0155{col 63}{txt}avg{col 67}={col 69}{res} 12.9 {txt} overall = {res}0.3712{col 63}{txt}max{col 67}={col 69}{res} 15 {txt}{col 49}Wald chi2({res}8{txt}){col 67}={col 70}{res} 217.51 {txt}corr(u_i, Xb){col 16}= {res}-0.0361{txt}{col 49}Prob > chi2{col 67}={col 73}{res}0.0000 {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.0764753{col 28}{space 2} .0493033{col 39}{space 1} -1.55{col 48}{space 3}0.121{col 56}{space 4} -.173108{col 69}{space 3} .0201574 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0451502{col 28}{space 2} .0654041{col 39}{space 1} 0.69{col 48}{space 3}0.490{col 56}{space 4}-.0830395{col 69}{space 3} .1733398 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0295656{col 28}{space 2} .0296717{col 39}{space 1} 1.00{col 48}{space 3}0.319{col 56}{space 4} -.02859{col 69}{space 3} .0877211 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0333258{col 28}{space 2} .0045048{col 39}{space 1} 7.40{col 48}{space 3}0.000{col 56}{space 4} .0244965{col 69}{space 3} .0421551 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0443053{col 28}{space 2} .0330996{col 39}{space 1} -1.34{col 48}{space 3}0.181{col 56}{space 4}-.1091793{col 69}{space 3} .0205688 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} .4057995{col 28}{space 2} .2834509{col 39}{space 1} 1.43{col 48}{space 3}0.152{col 56}{space 4}-.1497541{col 69}{space 3} .9613531 {txt}{space 6}periodd2 {c |}{col 16}{res}{space 2} .3654214{col 28}{space 2} .1827462{col 39}{space 1} 2.00{col 48}{space 3}0.046{col 56}{space 4} .0072454{col 69}{space 3} .7235975 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .3317908{col 28}{space 2} .2433224{col 39}{space 1} 1.36{col 48}{space 3}0.173{col 56}{space 4}-.1451124{col 69}{space 3} .808694 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 9}_cons {c |}{col 16}{res}{space 2}-.5066762{col 28}{space 2} .0940202{col 39}{space 1} -5.39{col 48}{space 3}0.000{col 56}{space 4}-.6909525{col 69}{space 3}-.3223999 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} .19937894 {txt}sigma_e {c |} {res} 1.3777957 {txt}rho {c |} {res} .02051108{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. xtreg cpidiff fixeddiff gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* , re vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd4 omitted because of collinearity {res} {txt}Random-effects GLS regression Number of obs = {res} 375 {txt}Group variable: {res}co1 {txt}Number of groups = {res} 29 {txt}R-sq: Obs per group: within = {res}0.3768 {txt}min = {res} 10 {txt} between = {res}0.0398 {txt}avg = {res} 12.9 {txt} overall = {res}0.3718 {txt}max = {res} 15 {txt}Wald chi2({res}8{txt}) = {res} 243.37 {txt}corr(u_i, X) = {res}0{txt} (assumed) Prob > chi2 = {res}0.0000 {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 5}fixeddiff {c |}{col 16}{res}{space 2}-.0620741{col 28}{space 2} .0445554{col 39}{space 1} -1.39{col 48}{space 3}0.164{col 56}{space 4}-.1494012{col 69}{space 3} .0252529 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0479555{col 28}{space 2} .0612937{col 39}{space 1} 0.78{col 48}{space 3}0.434{col 56}{space 4} -.072178{col 69}{space 3} .168089 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .022436{col 28}{space 2} .0216953{col 39}{space 1} 1.03{col 48}{space 3}0.301{col 56}{space 4}-.0200861{col 69}{space 3} .0649581 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .034066{col 28}{space 2} .0036372{col 39}{space 1} 9.37{col 48}{space 3}0.000{col 56}{space 4} .0269371{col 69}{space 3} .0411949 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0474091{col 28}{space 2} .0273559{col 39}{space 1} -1.73{col 48}{space 3}0.083{col 56}{space 4}-.1010256{col 69}{space 3} .0062074 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} .4711434{col 28}{space 2} .2683587{col 39}{space 1} 1.76{col 48}{space 3}0.079{col 56}{space 4} -.05483{col 69}{space 3} .9971168 {txt}{space 6}periodd2 {c |}{col 16}{res}{space 2} .363698{col 28}{space 2} .1752049{col 39}{space 1} 2.08{col 48}{space 3}0.038{col 56}{space 4} .0203027{col 69}{space 3} .7070933 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .2949096{col 28}{space 2} .2316722{col 39}{space 1} 1.27{col 48}{space 3}0.203{col 56}{space 4}-.1591596{col 69}{space 3} .7489787 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 9}_cons {c |}{col 16}{res}{space 2}-.5252075{col 28}{space 2} .0931114{col 39}{space 1} -5.64{col 48}{space 3}0.000{col 56}{space 4}-.7077025{col 69}{space 3}-.3427125 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} 0 {txt}sigma_e {c |} {res} 1.3777957 {txt}rho {c |} {res} 0{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. . * 3rd table . * All explanatory variables in levels . xtreg cpidiff fixed gdp_gap_po_OECD tg hwwi_ fx periodd* ukdummy , fe vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd4 omitted because of collinearity {res} {txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res} 406 {txt}Group variable: {res}co1{txt}{col 49}Number of groups{col 67}={col 69}{res} 29 {txt}R-sq:{col 49}Obs per group: within = {res}0.2299{col 63}{txt}min{col 67}={col 69}{res} 11 {txt} between = {res}0.4035{col 63}{txt}avg{col 67}={col 69}{res} 14.0 {txt} overall = {res}0.1078{col 63}{txt}max{col 67}={col 69}{res} 16 {txt}{col 49}Wald chi2({res}9{txt}){col 67}={col 70}{res} . {txt}corr(u_i, Xb){col 16}= {res}-0.5651{txt}{col 49}Prob > chi2{col 67}={col 73}{res} . {txt}{ralign 83:(Replications based on {res:29} clusters in co1)} {hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 19}{c |} Observed{col 31} Bootstrap{col 59} Norm{col 72}al-based {col 1} cpidiff{col 19}{c |} Coef.{col 31} Std. Err.{col 43} z{col 51} P>|z|{col 59} [95% Con{col 72}f. Interval] {hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 12}fixed {c |}{col 19}{res}{space 2}-.0961822{col 31}{space 2} .0170504{col 42}{space 1} -5.64{col 51}{space 3}0.000{col 59}{space 4}-.1296003{col 72}{space 3}-.0627641 {txt}{space 2}gdp_gap_po_OECD {c |}{col 19}{res}{space 2} .1776794{col 31}{space 2} .0495377{col 42}{space 1} 3.59{col 51}{space 3}0.000{col 59}{space 4} .0805873{col 72}{space 3} .2747715 {txt}tg_val_totl_gd_zs {c |}{col 19}{res}{space 2} .0087326{col 31}{space 2} .00952{col 42}{space 1} 0.92{col 51}{space 3}0.359{col 59}{space 4}-.0099263{col 72}{space 3} .0273916 {txt}{space 1}hwwi_dollar_2005 {c |}{col 19}{res}{space 2} .0245011{col 31}{space 2} .0045239{col 42}{space 1} 5.42{col 51}{space 3}0.000{col 59}{space 4} .0156345{col 72}{space 3} .0333677 {txt}{space 15}fx {c |}{col 19}{res}{space 2}-.0196935{col 31}{space 2} .0086698{col 42}{space 1} -2.27{col 51}{space 3}0.023{col 59}{space 4}-.0366861{col 72}{space 3} -.002701 {txt}{space 9}periodd1 {c |}{col 19}{res}{space 2}-.3557679{col 31}{space 2} .7000927{col 42}{space 1} -0.51{col 51}{space 3}0.611{col 59}{space 4}-1.727924{col 72}{space 3} 1.016389 {txt}{space 9}periodd2 {c |}{col 19}{res}{space 2}-.1399625{col 31}{space 2} .5746819{col 42}{space 1} -0.24{col 51}{space 3}0.808{col 59}{space 4}-1.266318{col 72}{space 3} .9863934 {txt}{space 9}periodd3 {c |}{col 19}{res}{space 2}-.4455026{col 31}{space 2} .3938963{col 42}{space 1} -1.13{col 51}{space 3}0.258{col 59}{space 4}-1.217525{col 72}{space 3} .32652 {txt}{space 9}periodd4 {c |}{col 19}{res}{space 2} 0{col 31}{txt} (omitted) {space 10}ukdummy {c |}{col 19}{res}{space 2} 1.205831{col 31}{space 2} .4662274{col 42}{space 1} 2.59{col 51}{space 3}0.010{col 59}{space 4} .2920425{col 72}{space 3} 2.11962 {txt}{space 12}_cons {c |}{col 19}{res}{space 2} .2261211{col 31}{space 2} 1.256753{col 42}{space 1} 0.18{col 51}{space 3}0.857{col 59}{space 4} -2.23707{col 72}{space 3} 2.689312 {txt}{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} .7887421 {txt}sigma_e {c |} {res} 1.5391289 {txt}rho {c |} {res} .20799314{txt} (fraction of variance due to u_i) {hline 18}{c BT}{hline 64} {com}. xtreg cpidiff fixed gdp_gap_po_OECD tg hwwi_ fx periodd* ukdummy , re vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd4 omitted because of collinearity {res} {txt}Random-effects GLS regression Number of obs = {res} 406 {txt}Group variable: {res}co1 {txt}Number of groups = {res} 29 {txt}R-sq: Obs per group: within = {res}0.1975 {txt}min = {res} 11 {txt} between = {res}0.0063 {txt}avg = {res} 14.0 {txt} overall = {res}0.1805 {txt}max = {res} 16 {txt}Wald chi2({res}9{txt}) = {res} 96.96 {txt}corr(u_i, X) = {res}0{txt} (assumed) Prob > chi2 = {res}0.0000 {txt}{ralign 83:(Replications based on {res:29} clusters in co1)} {hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 19}{c |} Observed{col 31} Bootstrap{col 59} Norm{col 72}al-based {col 1} cpidiff{col 19}{c |} Coef.{col 31} Std. Err.{col 43} z{col 51} P>|z|{col 59} [95% Con{col 72}f. Interval] {hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 12}fixed {c |}{col 19}{res}{space 2} -.018984{col 31}{space 2} .010976{col 42}{space 1} -1.73{col 51}{space 3}0.084{col 59}{space 4}-.0404965{col 72}{space 3} .0025285 {txt}{space 2}gdp_gap_po_OECD {c |}{col 19}{res}{space 2} .2185204{col 31}{space 2} .0393195{col 42}{space 1} 5.56{col 51}{space 3}0.000{col 59}{space 4} .1414556{col 72}{space 3} .2955851 {txt}tg_val_totl_gd_zs {c |}{col 19}{res}{space 2} -.000463{col 31}{space 2} .0017706{col 42}{space 1} -0.26{col 51}{space 3}0.794{col 59}{space 4}-.0039334{col 72}{space 3} .0030073 {txt}{space 1}hwwi_dollar_2005 {c |}{col 19}{res}{space 2} .0170794{col 31}{space 2} .0037993{col 42}{space 1} 4.50{col 51}{space 3}0.000{col 59}{space 4} .0096328{col 72}{space 3} .024526 {txt}{space 15}fx {c |}{col 19}{res}{space 2}-.0205074{col 31}{space 2} .0076013{col 42}{space 1} -2.70{col 51}{space 3}0.007{col 59}{space 4}-.0354057{col 72}{space 3}-.0056092 {txt}{space 9}periodd1 {c |}{col 19}{res}{space 2} .8507764{col 31}{space 2} .7499441{col 42}{space 1} 1.13{col 51}{space 3}0.257{col 59}{space 4}-.6190871{col 72}{space 3} 2.32064 {txt}{space 9}periodd2 {c |}{col 19}{res}{space 2} .6004771{col 31}{space 2} .5681979{col 42}{space 1} 1.06{col 51}{space 3}0.291{col 59}{space 4}-.5131704{col 72}{space 3} 1.714125 {txt}{space 9}periodd3 {c |}{col 19}{res}{space 2}-.4315388{col 31}{space 2} .3794924{col 42}{space 1} -1.14{col 51}{space 3}0.255{col 59}{space 4} -1.17533{col 72}{space 3} .3122526 {txt}{space 9}periodd4 {c |}{col 19}{res}{space 2} 0{col 31}{txt} (omitted) {space 10}ukdummy {c |}{col 19}{res}{space 2}-.1226848{col 31}{space 2} .2386071{col 42}{space 1} -0.51{col 51}{space 3}0.607{col 59}{space 4}-.5903462{col 72}{space 3} .3449766 {txt}{space 12}_cons {c |}{col 19}{res}{space 2} .194346{col 31}{space 2} 1.028257{col 42}{space 1} 0.19{col 51}{space 3}0.850{col 59}{space 4} -1.821{col 72}{space 3} 2.209692 {txt}{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} 0 {txt}sigma_e {c |} {res} 1.5391289 {txt}rho {c |} {res} 0{txt} (fraction of variance due to u_i) {hline 18}{c BT}{hline 64} {com}. . . *4th table . . ******************** . * Mobile (last para) . ******************** . . gen mobile = ( _I271TWB / population) *100 {txt}(429 missing values generated) {com}. sort iso_3 time {txt} {com}. by iso_3: gen mobilediff = mobile - mobile[_n-1] {txt}(502 missing values generated) {com}. tab co1 if mobilediff != . {txt}Country {c |} Freq. Percent Cum. {hline 16}{c +}{hline 35} Australia {c |}{res} 3 3.06 3.06 {txt} Austria {c |}{res} 2 2.04 5.10 {txt} Belgium {c |}{res} 4 4.08 9.18 {txt} Canada {c |}{res} 3 3.06 12.24 {txt} Czech Republic {c |}{res} 3 3.06 15.31 {txt} Denmark {c |}{res} 5 5.10 20.41 {txt} Estonia {c |}{res} 4 4.08 24.49 {txt} Finland {c |}{res} 4 4.08 28.57 {txt} France {c |}{res} 3 3.06 31.63 {txt} Germany {c |}{res} 3 3.06 34.69 {txt} Greece {c |}{res} 2 2.04 36.73 {txt} Hungary {c |}{res} 5 5.10 41.84 {txt} Iceland {c |}{res} 4 4.08 45.92 {txt} Ireland {c |}{res} 4 4.08 50.00 {txt} Israel {c |}{res} 3 3.06 53.06 {txt} Italy {c |}{res} 4 4.08 57.14 {txt} Japan {c |}{res} 3 3.06 60.20 {txt} Luxembourg {c |}{res} 3 3.06 63.27 {txt} Mexico {c |}{res} 3 3.06 66.33 {txt} Netherlands {c |}{res} 2 2.04 68.37 {txt} New Zealand {c |}{res} 2 2.04 70.41 {txt} Norway {c |}{res} 2 2.04 72.45 {txt} Poland {c |}{res} 3 3.06 75.51 {txt} Portugal {c |}{res} 2 2.04 77.55 {txt}Slovak Republic {c |}{res} 5 5.10 82.65 {txt} Spain {c |}{res} 2 2.04 84.69 {txt} Sweden {c |}{res} 5 5.10 89.80 {txt} Switzerland {c |}{res} 2 2.04 91.84 {txt} United Kingdom {c |}{res} 4 4.08 95.92 {txt} United States {c |}{res} 4 4.08 100.00 {txt}{hline 16}{c +}{hline 35} Total {c |}{res} 98 100.00 {txt} {com}. . xtreg cpidiff mobilediff gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy, fe vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd1 omitted because of collinearity note: periodd2 omitted because of collinearity note: periodd4 omitted because of collinearity note: ukdummy omitted because of collinearity {res} {txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res} 93 {txt}Group variable: {res}co1{txt}{col 49}Number of groups{col 67}={col 69}{res} 29 {txt}R-sq:{col 49}Obs per group: within = {res}0.5288{col 63}{txt}min{col 67}={col 69}{res} 1 {txt} between = {res}0.1706{col 63}{txt}avg{col 67}={col 69}{res} 3.2 {txt} overall = {res}0.4741{col 63}{txt}max{col 67}={col 69}{res} 5 {txt}{col 49}Wald chi2({res}6{txt}){col 67}={col 70}{res} 62.48 {txt}corr(u_i, Xb){col 16}= {res}-0.2130{txt}{col 49}Prob > chi2{col 67}={col 73}{res}0.0000 {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 4}mobilediff {c |}{col 16}{res}{space 2} .0041771{col 28}{space 2} .0113503{col 39}{space 1} 0.37{col 48}{space 3}0.713{col 56}{space 4}-.0180691{col 69}{space 3} .0264232 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .2549341{col 28}{space 2} .2006107{col 39}{space 1} 1.27{col 48}{space 3}0.204{col 56}{space 4}-.1382557{col 69}{space 3} .6481239 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2}-.0423589{col 28}{space 2} .0897896{col 39}{space 1} -0.47{col 48}{space 3}0.637{col 56}{space 4}-.2183434{col 69}{space 3} .1336256 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0478537{col 28}{space 2} .0144748{col 39}{space 1} 3.31{col 48}{space 3}0.001{col 56}{space 4} .0194836{col 69}{space 3} .0762237 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.1711303{col 28}{space 2} .0801474{col 39}{space 1} -2.14{col 48}{space 3}0.033{col 56}{space 4}-.3282163{col 69}{space 3}-.0140442 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd2 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd3 {c |}{col 16}{res}{space 2} .7583536{col 28}{space 2} 1.118601{col 39}{space 1} 0.68{col 48}{space 3}0.498{col 56}{space 4}-1.434064{col 69}{space 3} 2.950772 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 9}_cons {c |}{col 16}{res}{space 2}-.6240361{col 28}{space 2} .244029{col 39}{space 1} -2.56{col 48}{space 3}0.011{col 56}{space 4}-1.102324{col 69}{space 3} -.145748 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} .69779963 {txt}sigma_e {c |} {res} 1.6924872 {txt}rho {c |} {res} .14528821{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. xtreg cpidiff mobilediff gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy , re vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd1 omitted because of collinearity note: periodd2 omitted because of collinearity note: periodd4 omitted because of collinearity note: ukdummy omitted because of collinearity {res} {txt}Random-effects GLS regression Number of obs = {res} 93 {txt}Group variable: {res}co1 {txt}Number of groups = {res} 29 {txt}R-sq: Obs per group: within = {res}0.5204 {txt}min = {res} 1 {txt} between = {res}0.2282 {txt}avg = {res} 3.2 {txt} overall = {res}0.4852 {txt}max = {res} 5 {txt}Wald chi2({res}6{txt}) = {res} 107.85 {txt}corr(u_i, X) = {res}0{txt} (assumed) Prob > chi2 = {res}0.0000 {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 4}mobilediff {c |}{col 16}{res}{space 2} .0034891{col 28}{space 2} .0092745{col 39}{space 1} 0.38{col 48}{space 3}0.707{col 56}{space 4}-.0146886{col 69}{space 3} .0216667 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .2421433{col 28}{space 2} .1585111{col 39}{space 1} 1.53{col 48}{space 3}0.127{col 56}{space 4}-.0685328{col 69}{space 3} .5528194 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2}-.0061794{col 28}{space 2} .0438833{col 39}{space 1} -0.14{col 48}{space 3}0.888{col 56}{space 4} -.092189{col 69}{space 3} .0798303 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .040715{col 28}{space 2} .0096469{col 39}{space 1} 4.22{col 48}{space 3}0.000{col 56}{space 4} .0218074{col 69}{space 3} .0596226 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.1281191{col 28}{space 2} .0575653{col 39}{space 1} -2.23{col 48}{space 3}0.026{col 56}{space 4} -.240945{col 69}{space 3}-.0152933 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd2 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd3 {c |}{col 16}{res}{space 2} 1.093176{col 28}{space 2} .8189929{col 39}{space 1} 1.33{col 48}{space 3}0.182{col 56}{space 4}-.5120205{col 69}{space 3} 2.698373 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 9}_cons {c |}{col 16}{res}{space 2}-.6453395{col 28}{space 2} .1740078{col 39}{space 1} -3.71{col 48}{space 3}0.000{col 56}{space 4}-.9863885{col 69}{space 3}-.3042905 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} 0 {txt}sigma_e {c |} {res} 1.6924872 {txt}rho {c |} {res} 0{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. reg cpidiff mobilediff gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy , vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd1 omitted because of collinearity note: periodd2 omitted because of collinearity note: periodd4 omitted because of collinearity note: ukdummy omitted because of collinearity {res} {txt}Linear regression{col 49}Number of obs{col 67}= {res} 93 {txt}{col 49}Replications{col 67}= {res} 2,000 {txt}{col 49}Wald chi2({res}6{txt}){col 67}= {res} 52.51 {txt}{col 49}Prob > chi2{col 67}= {res} 0.0000 {txt}{col 49}R-squared{col 67}= {res} 0.4852 {txt}{col 49}Adj R-squared{col 67}= {res} 0.4493 {txt}{col 49}Root MSE{col 67}= {res} 1.5256 {txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 4}mobilediff {c |}{col 16}{res}{space 2} .0034891{col 28}{space 2} .0071561{col 39}{space 1} 0.49{col 48}{space 3}0.626{col 56}{space 4}-.0105366{col 69}{space 3} .0175148 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .2421433{col 28}{space 2} .1649031{col 39}{space 1} 1.47{col 48}{space 3}0.142{col 56}{space 4}-.0810608{col 69}{space 3} .5653474 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2}-.0061794{col 28}{space 2} .0378294{col 39}{space 1} -0.16{col 48}{space 3}0.870{col 56}{space 4}-.0803235{col 69}{space 3} .0679648 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .040715{col 28}{space 2} .0093533{col 39}{space 1} 4.35{col 48}{space 3}0.000{col 56}{space 4} .0223828{col 69}{space 3} .0590471 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.1281191{col 28}{space 2} .0459825{col 39}{space 1} -2.79{col 48}{space 3}0.005{col 56}{space 4}-.2182432{col 69}{space 3}-.0379951 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd2 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd3 {c |}{col 16}{res}{space 2} 1.093176{col 28}{space 2} .6097567{col 39}{space 1} 1.79{col 48}{space 3}0.073{col 56}{space 4}-.1019251{col 69}{space 3} 2.288277 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 9}_cons {c |}{col 16}{res}{space 2}-.6453395{col 28}{space 2} .189566{col 39}{space 1} -3.40{col 48}{space 3}0.001{col 56}{space 4}-1.016882{col 69}{space 3} -.273797 {txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {com}. reg cpidiff mobilediff gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy , cl(co1) {txt}note: periodd1 omitted because of collinearity note: periodd2 omitted because of collinearity note: periodd4 omitted because of collinearity note: ukdummy omitted because of collinearity Linear regression Number of obs = {res} 93 {txt}F(6, 28) = {res} 24.01 {txt}Prob > F = {res} 0.0000 {txt}R-squared = {res} 0.4852 {txt}Root MSE = {res} 1.5256 {txt}{ralign 80:(Std. Err. adjusted for {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |}{col 28} Robust {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} t{col 48} P>|t|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 4}mobilediff {c |}{col 16}{res}{space 2} .0034891{col 28}{space 2} .0089011{col 39}{space 1} 0.39{col 48}{space 3}0.698{col 56}{space 4} -.014744{col 69}{space 3} .0217222 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .2421433{col 28}{space 2} .1551961{col 39}{space 1} 1.56{col 48}{space 3}0.130{col 56}{space 4}-.0757615{col 69}{space 3} .5600481 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2}-.0061794{col 28}{space 2} .0431782{col 39}{space 1} -0.14{col 48}{space 3}0.887{col 56}{space 4} -.094626{col 69}{space 3} .0822672 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .040715{col 28}{space 2} .0096059{col 39}{space 1} 4.24{col 48}{space 3}0.000{col 56}{space 4} .0210382{col 69}{space 3} .0603917 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.1281191{col 28}{space 2} .0565671{col 39}{space 1} -2.26{col 48}{space 3}0.031{col 56}{space 4}-.2439916{col 69}{space 3}-.0122467 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd2 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd3 {c |}{col 16}{res}{space 2} 1.093176{col 28}{space 2} .8097579{col 39}{space 1} 1.35{col 48}{space 3}0.188{col 56}{space 4}-.5655377{col 69}{space 3} 2.75189 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 9}_cons {c |}{col 16}{res}{space 2}-.6453395{col 28}{space 2} .1728376{col 39}{space 1} -3.73{col 48}{space 3}0.001{col 56}{space 4}-.9993813{col 69}{space 3}-.2912977 {txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {res}{txt} {com}. . * Missings . * systemic bias? . gen md = . {txt}(600 missing values generated) {com}. replace md = 1 if fixeddiff == . {txt}(181 real changes made) {com}. replace md = 0 if fixeddiff != . {txt}(419 real changes made) {com}. gen fixeddiff_ = fixeddiff {txt}(181 missing values generated) {com}. replace fixeddiff_ = 0 if year < 2002 & fixeddiff == . {txt}(175 real changes made) {com}. . xtreg cpidiff fixeddiff_ gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy md , fe vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd4 omitted because of collinearity {res} {txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res} 454 {txt}Group variable: {res}co1{txt}{col 49}Number of groups{col 67}={col 69}{res} 29 {txt}R-sq:{col 49}Obs per group: within = {res}0.3133{col 63}{txt}min{col 67}={col 69}{res} 14 {txt} between = {res}0.0340{col 63}{txt}avg{col 67}={col 69}{res} 15.7 {txt} overall = {res}0.2984{col 63}{txt}max{col 67}={col 69}{res} 16 {txt}{col 49}Wald chi2({res}10{txt}){col 67}={col 70}{res} . {txt}corr(u_i, Xb){col 16}= {res}-0.0277{txt}{col 49}Prob > chi2{col 67}={col 73}{res} . {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 4}fixeddiff_ {c |}{col 16}{res}{space 2}-.1003753{col 28}{space 2} .0325918{col 39}{space 1} -3.08{col 48}{space 3}0.002{col 56}{space 4} -.164254{col 69}{space 3}-.0364965 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0253887{col 28}{space 2} .0737558{col 39}{space 1} 0.34{col 48}{space 3}0.731{col 56}{space 4}-.1191701{col 69}{space 3} .1699475 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0234739{col 28}{space 2} .0226978{col 39}{space 1} 1.03{col 48}{space 3}0.301{col 56}{space 4} -.021013{col 69}{space 3} .0679607 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0358304{col 28}{space 2} .00406{col 39}{space 1} 8.83{col 48}{space 3}0.000{col 56}{space 4} .027873{col 69}{space 3} .0437878 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0551155{col 28}{space 2} .0282014{col 39}{space 1} -1.95{col 48}{space 3}0.051{col 56}{space 4}-.1103891{col 69}{space 3} .0001582 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} .2748977{col 28}{space 2} .4023888{col 39}{space 1} 0.68{col 48}{space 3}0.495{col 56}{space 4}-.5137699{col 69}{space 3} 1.063565 {txt}{space 6}periodd2 {c |}{col 16}{res}{space 2} .428707{col 28}{space 2} .144445{col 39}{space 1} 2.97{col 48}{space 3}0.003{col 56}{space 4} .1456{col 69}{space 3} .711814 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .3645642{col 28}{space 2} .2127442{col 39}{space 1} 1.71{col 48}{space 3}0.087{col 56}{space 4}-.0524067{col 69}{space 3} .7815351 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 1.624237{col 28}{space 2} .5207361{col 39}{space 1} 3.12{col 48}{space 3}0.002{col 56}{space 4} .6036125{col 69}{space 3} 2.64486 {txt}{space 12}md {c |}{col 16}{res}{space 2}-.2969023{col 28}{space 2} .3215668{col 39}{space 1} -0.92{col 48}{space 3}0.356{col 56}{space 4}-.9271618{col 69}{space 3} .3333571 {txt}{space 9}_cons {c |}{col 16}{res}{space 2}-.5120273{col 28}{space 2} .0964247{col 39}{space 1} -5.31{col 48}{space 3}0.000{col 56}{space 4}-.7010163{col 69}{space 3}-.3230383 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} .35048392 {txt}sigma_e {c |} {res} 1.5049988 {txt}rho {c |} {res} .05144312{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. . xtreg cpidiff fixeddiff_ gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy md , re vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd4 omitted because of collinearity {res} {txt}Random-effects GLS regression Number of obs = {res} 454 {txt}Group variable: {res}co1 {txt}Number of groups = {res} 29 {txt}R-sq: Obs per group: within = {res}0.3120 {txt}min = {res} 14 {txt} between = {res}0.0000 {txt}avg = {res} 15.7 {txt} overall = {res}0.2999 {txt}max = {res} 16 {txt}Wald chi2({res}10{txt}) = {res} 323.22 {txt}corr(u_i, X) = {res}0{txt} (assumed) Prob > chi2 = {res}0.0000 {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 4}fixeddiff_ {c |}{col 16}{res}{space 2}-.0704416{col 28}{space 2} .0345241{col 39}{space 1} -2.04{col 48}{space 3}0.041{col 56}{space 4}-.1381076{col 69}{space 3}-.0027756 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0247114{col 28}{space 2} .071868{col 39}{space 1} 0.34{col 48}{space 3}0.731{col 56}{space 4}-.1161472{col 69}{space 3} .16557 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0123774{col 28}{space 2} .0172932{col 39}{space 1} 0.72{col 48}{space 3}0.474{col 56}{space 4}-.0215166{col 69}{space 3} .0462714 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0371599{col 28}{space 2} .003282{col 39}{space 1} 11.32{col 48}{space 3}0.000{col 56}{space 4} .0307274{col 69}{space 3} .0435925 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0608456{col 28}{space 2} .0250738{col 39}{space 1} -2.43{col 48}{space 3}0.015{col 56}{space 4}-.1099895{col 69}{space 3}-.0117018 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} .2681445{col 28}{space 2} .3906832{col 39}{space 1} 0.69{col 48}{space 3}0.492{col 56}{space 4}-.4975804{col 69}{space 3} 1.033869 {txt}{space 6}periodd2 {c |}{col 16}{res}{space 2} .4045053{col 28}{space 2} .1469062{col 39}{space 1} 2.75{col 48}{space 3}0.006{col 56}{space 4} .1165744{col 69}{space 3} .6924362 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .2880899{col 28}{space 2} .2070836{col 39}{space 1} 1.39{col 48}{space 3}0.164{col 56}{space 4}-.1177865{col 69}{space 3} .6939663 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 1.247883{col 28}{space 2} .5017428{col 39}{space 1} 2.49{col 48}{space 3}0.013{col 56}{space 4} .2644851{col 69}{space 3} 2.231281 {txt}{space 12}md {c |}{col 16}{res}{space 2}-.2521365{col 28}{space 2} .3015346{col 39}{space 1} -0.84{col 48}{space 3}0.403{col 56}{space 4}-.8431335{col 69}{space 3} .3388605 {txt}{space 9}_cons {c |}{col 16}{res}{space 2}-.5401627{col 28}{space 2} .0969567{col 39}{space 1} -5.57{col 48}{space 3}0.000{col 56}{space 4}-.7301944{col 69}{space 3} -.350131 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} 0 {txt}sigma_e {c |} {res} 1.5049988 {txt}rho {c |} {res} 0{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. . . * shortened time period . xtreg cpidiff fixeddiff_ gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy if year > 2001 , fe vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd1 omitted because of collinearity note: periodd4 omitted because of collinearity {res} {txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res} 340 {txt}Group variable: {res}co1{txt}{col 49}Number of groups{col 67}={col 69}{res} 29 {txt}R-sq:{col 49}Obs per group: within = {res}0.3912{col 63}{txt}min{col 67}={col 69}{res} 10 {txt} between = {res}0.0031{col 63}{txt}avg{col 67}={col 69}{res} 11.7 {txt} overall = {res}0.3849{col 63}{txt}max{col 67}={col 69}{res} 12 {txt}{col 49}Wald chi2({res}8{txt}){col 67}={col 70}{res} . {txt}corr(u_i, Xb){col 16}= {res}-0.0433{txt}{col 49}Prob > chi2{col 67}={col 73}{res} . {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 4}fixeddiff_ {c |}{col 16}{res}{space 2}-.0714609{col 28}{space 2} .0329012{col 39}{space 1} -2.17{col 48}{space 3}0.030{col 56}{space 4}-.1359461{col 69}{space 3}-.0069757 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0206289{col 28}{space 2} .0721794{col 39}{space 1} 0.29{col 48}{space 3}0.775{col 56}{space 4}-.1208402{col 69}{space 3} .1620979 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0335775{col 28}{space 2} .0332139{col 39}{space 1} 1.01{col 48}{space 3}0.312{col 56}{space 4}-.0315206{col 69}{space 3} .0986755 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0342751{col 28}{space 2} .0048411{col 39}{space 1} 7.08{col 48}{space 3}0.000{col 56}{space 4} .0247866{col 69}{space 3} .0437636 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0361647{col 28}{space 2} .0373855{col 39}{space 1} -0.97{col 48}{space 3}0.333{col 56}{space 4}-.1094389{col 69}{space 3} .0371095 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd2 {c |}{col 16}{res}{space 2} .1497342{col 28}{space 2} .1713964{col 39}{space 1} 0.87{col 48}{space 3}0.382{col 56}{space 4}-.1861966{col 69}{space 3} .485665 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .3154072{col 28}{space 2} .2213257{col 39}{space 1} 1.43{col 48}{space 3}0.154{col 56}{space 4}-.1183831{col 69}{space 3} .7491975 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 1.12233{col 28}{space 2} .5960525{col 39}{space 1} 1.88{col 48}{space 3}0.060{col 56}{space 4}-.0459115{col 69}{space 3} 2.290571 {txt}{space 9}_cons {c |}{col 16}{res}{space 2}-.5438851{col 28}{space 2} .0915456{col 39}{space 1} -5.94{col 48}{space 3}0.000{col 56}{space 4}-.7233112{col 69}{space 3}-.3644591 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} .19331869 {txt}sigma_e {c |} {res} 1.4116754 {txt}rho {c |} {res} .0184081{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. . xtreg cpidiff fixeddiff_ gdpgapdiff tradegoodsdiff hwwidiff fxdiff periodd* ukdummy if year > 2001 , re vce(bootstrap, reps(2000) seed(123) nodots) {txt}note: periodd1 omitted because of collinearity note: periodd4 omitted because of collinearity {res} {txt}Random-effects GLS regression Number of obs = {res} 340 {txt}Group variable: {res}co1 {txt}Number of groups = {res} 29 {txt}R-sq: Obs per group: within = {res}0.3905 {txt}min = {res} 10 {txt} between = {res}0.0255 {txt}avg = {res} 11.7 {txt} overall = {res}0.3858 {txt}max = {res} 12 {txt}Wald chi2({res}8{txt}) = {res} 308.90 {txt}corr(u_i, X) = {res}0{txt} (assumed) Prob > chi2 = {res}0.0000 {txt}{ralign 80:(Replications based on {res:29} clusters in co1)} {hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {col 16}{c |} Observed{col 28} Bootstrap{col 56} Norm{col 69}al-based {col 1} cpidiff{col 16}{c |} Coef.{col 28} Std. Err.{col 40} z{col 48} P>|z|{col 56} [95% Con{col 69}f. Interval] {hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} {space 4}fixeddiff_ {c |}{col 16}{res}{space 2}-.0592148{col 28}{space 2} .0303516{col 39}{space 1} -1.95{col 48}{space 3}0.051{col 56}{space 4}-.1187029{col 69}{space 3} .0002733 {txt}{space 4}gdpgapdiff {c |}{col 16}{res}{space 2} .0271351{col 28}{space 2} .06639{col 39}{space 1} 0.41{col 48}{space 3}0.683{col 56}{space 4}-.1029869{col 69}{space 3} .1572571 {txt}tradegoodsdiff {c |}{col 16}{res}{space 2} .0226101{col 28}{space 2} .0235923{col 39}{space 1} 0.96{col 48}{space 3}0.338{col 56}{space 4} -.02363{col 69}{space 3} .0688502 {txt}{space 6}hwwidiff {c |}{col 16}{res}{space 2} .0354338{col 28}{space 2} .0037508{col 39}{space 1} 9.45{col 48}{space 3}0.000{col 56}{space 4} .0280823{col 69}{space 3} .0427853 {txt}{space 8}fxdiff {c |}{col 16}{res}{space 2}-.0403105{col 28}{space 2} .029871{col 39}{space 1} -1.35{col 48}{space 3}0.177{col 56}{space 4}-.0988564{col 69}{space 3} .0182355 {txt}{space 6}periodd1 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 6}periodd2 {c |}{col 16}{res}{space 2} .1361305{col 28}{space 2} .1633592{col 39}{space 1} 0.83{col 48}{space 3}0.405{col 56}{space 4}-.1840477{col 69}{space 3} .4563086 {txt}{space 6}periodd3 {c |}{col 16}{res}{space 2} .2794856{col 28}{space 2} .2112246{col 39}{space 1} 1.32{col 48}{space 3}0.186{col 56}{space 4} -.134507{col 69}{space 3} .6934782 {txt}{space 6}periodd4 {c |}{col 16}{res}{space 2} 0{col 28}{txt} (omitted) {space 7}ukdummy {c |}{col 16}{res}{space 2} 1.053616{col 28}{space 2} .4917024{col 39}{space 1} 2.14{col 48}{space 3}0.032{col 56}{space 4} .0898974{col 69}{space 3} 2.017335 {txt}{space 9}_cons {c |}{col 16}{res}{space 2}-.5537545{col 28}{space 2} .0894046{col 39}{space 1} -6.19{col 48}{space 3}0.000{col 56}{space 4}-.7289842{col 69}{space 3}-.3785247 {txt}{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12} sigma_u {c |} {res} 0 {txt}sigma_e {c |} {res} 1.4116754 {txt}rho {c |} {res} 0{txt} (fraction of variance due to u_i) {hline 15}{c BT}{hline 64} {com}. . log close {txt}name: {res} {txt}log: {res}K:\Eigene Dateien\abgeschlossen\telecom_regulation_competition\2016 BB Inflation\Submission IREE\data_analysis\robusntess.smcl {txt}log type: {res}smcl {txt}closed on: {res}13 Apr 2018, 11:34:13 {txt}{.-} {smcl} {txt}{sf}{ul off}