Appendix Table 4.

Estimates of the Association between (log) Annual Earnings in All Nursing Positions and (log) Number of Nurses

Log Annual Earnings	All States				Excluding CA, FL, TX		States >5% Foreign Population
	OLS No Demand Variables	OLS Demand Variables	IV No Demand Variables	IV Demand Variables	IV No Demand Variables	IV Demand Variables	IV No Demand Variables	IV Demand Variables
Log Number of Nurses	−0.153*** (0.036)	−0.100*** (0.041)
Instrument: 4-Year Lag Log Number Foreign-trained Nurses			−0.134 (0.152)	−0.360 (0.225)	−0.173 (0.172)	−0.468* (0.260)	−0.133 (0.507)	−0.555 (0.415)
Instrument: 4- and 8-Year Lags Log Number Foreign-trained Nurses			−0.138 (0.154)	−0.367 (0.266)	0.169 (0.171)	−0.489* (0.261)	−0.260 (0.399)	−0.559 (0.390)
Over ID Test: Coefficient, (T-statistic), and [p-value] on 8-Yr Lag Log Num. Foreign-trained Nurses			−0.000 [0.836]	0.002 [0.910]	0.000 [0.906]	−0.001 ([.812]	−0.006 [0.633]	0.001 [0.993]
Instrument: 4-Year Lag Log Number Foreign-trained Nurses by Year			−0.172* (0.073)	−0.087 (0.138)	−0.305*** (0.088)	−0.560*** (0.204)	0.049 (0.187)	−0.155 (0.146)
Instrument: 4-year lag Log Number Foreign Nurses by Year by Region			−0.210 (0.242)	−0.152 (0.113)	−0.267** (0.133)	−0.255*** (0.084)	−0.100 (0.228)	−0.155 (0.164)
Number of Observations	95424	95424	95424	95424	85042	85042	54111	54111
Mean Annual Earnings	39751	39751	39751	39751	39062	39062	41798	41798

Notes: : Figures in each cell are based on a single regression. Each regression includes controls for: respondent’s age, education, gender, whether white, marital status, years since received nursing license, year and state effects, state unemployment rate, per-capita income, proportion elderly, proportion black, population growth (4-year change), hospital admissions per-capita (and its square) and outpatient visits per capita (and its square). Regressions are weighted by individual weight. Murphy-Topel standard errors that account for clustering at state-year level are in parentheses.

^**0.01<p=<0.05,

^***p=<0.01.