Table 3 The endogeneity problem

L1_lnGIPC

0.272***

(10.63)

L2_lnGIPC

0.113***

(4.93)

lnGIPC

0.165***

0.089***

(6.64)

(4.11)

L.lnEmp

0.798***

(15.29)

Observations

2860

2860

2860

R-squared

0.358

Number of citycode

286

286

286

Control variables

Yes

Yes

Yes

City FE

Yes

Yes

Yes

Time FE

Yes

Yes

Yes

Underidentification test

0.000

Weak identification test

110.1

Stock-Yogo bias critical value

19.93(10%)

AR(1)

0.001

AR(2)

0.137

Hansen Test

0.117

Wald

661,742