Table 4.
Variable | Static | Dynamic | ||
---|---|---|---|---|
Pooled OLS (1) | FE(2) | GMM-SYS (3) | GMM-SYS (4) | |
LAGS OF DEPENDENT VARIABLE | ||||
lnSTW(t−1) | 0.055 | 0.009 | ||
(0.086) | (0.133) | |||
lnSTW(t−2) | −0.246*** | |||
(0.088) | ||||
LABOR INPUT | ||||
lnINF | −0.042 | 0.050 | −0.059 | 0.017 |
(0.132) | (0.183) | (0.087) | (0.163) | |
lnPHR | 0.178 | 0.231 | 0.075 | 0.184 |
(0.158) | (0.260) | (0.244) | (0.165) | |
lnMCB | −0.169 | −0.063 | −0.191* | −0.351*** |
(0.134) | (0.234) | (0.105) | (0.123) | |
lnNRS | −0.133 | 0.186 | 0.123 | 0.019 |
(0.123) | (0.281) | (0.164) | (0.184) | |
CAPITAL INPUT | ||||
lnBED | 0.087 | −0.362 | −0.114 | 3.0E−4 |
(0.092) | (0.227) | (0.219) | (0.181) | |
MEDICAL TECHNOLOGY | ||||
T | 0.007 | 0.016 | 0.008 | 0.001 |
(0.013) | (0.018) | (0.011) | (0.010) | |
Constant | −0.800 | 0.122 | −0.616 | −1.251* |
(1.301) | (1.569) | (1.055) | (0.754) | |
No. obs. | 100 | 100 | 78 | 64 |
F | 6.56*** | 13.60*** | ||
Wald χ2 | 45.04*** | 86.00*** | ||
Arellano-Bond test | ||||
AR(1) (p-Value) | 0.066* | 0.011** | ||
AR(2) (p-Value) | 0.261 | 0.582 | ||
Sargan test (p-Value) | 0.968 | 0.875 |
Significance:
p < 0.01,
p < 0.05,
p < 0.10.
Robust standard errors in parentheses. Column (1) employs pooled ordinary least squares (OLS) model, while column (2) employs fixed-effect (FE) model. Column (3) and (4) employ dynamic models: Column (3) enrolls one lag of the dependent variable, while column (4) enrolls two lags. AR (1) and AR (2) examine the serial correlations of residuals in first and second differences, respectively.