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Structural effect.
| (1) | (2) | (3) | |
|---|---|---|---|
| INDUS | GIP | GUP | |
| ESER | 0.0726*** | 0.0602*** | 0.0978*** |
| (0.0199) | (0.0187) | (0.0168) | |
| INDUS | 0.0657*** | 0.0396*** | |
| (0.0156) | (0.0140) | ||
| Control variables | √ | √ | √ |
| City fixed effects | √ | √ | √ |
| Year fixed effects | √ | √ | √ |
| N | 3920 | 3920 | 3920 |
| R2 | 0.5776 | 0.5806 | 0.6772 |
Note Standard errors are in parentheses, ***, **, and * indicate significance at the 1%, 5%, and 10% level, respectively.
