Table 2.

Reduced form estimates

	ln(RPMs)		ln(Yield)
	Model 1	Model 2	Model 1	Model 2
Constant	−6.603* (2.715)	−6.505* (2.740)	14.989** (3.595)	14.986** (3.614)
ln(Labort)	2.029** (0.227)	2.021** (0.229)	−1.071** (0.299)	−1.071** (0.301)
Unemployt	−0.033** (0.007)	−0.033** (0.007)	−0.02* (0.010)	−0.02* (0.010)
LCCsharet	0.157 (0.283)	0.164 (0.285)	−0.969** (0.356)	−0.968** (0.358)
Fuelt	0.012 (0.018)	0.011 (0.018)	0.019 (0.027)	0.020 (0.028)
Fatalitiest	0.000 (0.000)	0.000 (0.000)	0.000 (0.000)	0.000 (0.000)
D(Thanks11)t	−0.035** (0.008)	−0.035** (0.008)	−0.021 (0.013)	−0.021 (0.013)
D(Thanks12)t	0.061** (0.011)	0.061** (0.010)	0 (0.019)	0.001 (0.019)
D(leap)t	0.033 (0.019)	0.034 (0.019)	0.008 (0.032)	0.007 (0.032)
D(Gulf War)t	−0.017 (0.015)	−0.017 (0.015)	0.008 (0.017)	0.007 (0.017)
D(Iraq War)t	−0.042** (0.011)	−0.043** (0.011)	−0.030** (0.011)	−0.029** (0.011)
D(SARS)t	0.013 (0.015)	0.013 (0.015)	0 (0.010)	0.001 (0.010)
β1/t	−0.313** (0.020)	−0.134** (0.012)	−0.073** (0.025)	−0.012 (0.015)
βshift	−0.075** (0.018)	−0.074** (0.017)	−0.101** (0.023)	−0.102** (0.023)
β911		−0.371** (0.020)		−0.176** (0.026)
N	215	215	215	215
${\overline{R}}^2$	0.9674	0.9677	0.9235	0.9231
Root MSE	0.0323	0.0322	0.0403	0.0404

Note: Monthly dummy variables have been suppressed, Newey–West autocorrelation-robust standard errors are reported.

^*Significant at the 5% level.

^**Significant at the 1% level.