Table 2.
Empirical result.
| Variable | Panel A: Results based on lnFTHTrate |
Panel B: Results based on lnFTWTrate |
||||||
|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| lnCOVID | 0.082* | 0.078* | 0.272* | 0.256* | ||||
| (1.99) | (1.91) | (2.00) | (1.87) | |||||
| lnPCCOVID | 1.364* | 1.311* | 3.636 | 3.383 | ||||
| (1.88) | (1.82) | (1.49) | (1.38) | |||||
| CPI | 0.060*** | 0.060*** | 0.059*** | 0.058*** | 0.198*** | 0.193*** | 0.183*** | 0.179*** |
| (3.56) | (3.57) | (3.49) | (3.51) | (3.34) | (3.26) | (3.07) | (3.01) | |
| lnDP | −0.000053 | −0.0001 | 0.002 | 0.001 | ||||
| (−0.05) | (−0.10) | (0.50) | (0.39) | |||||
| lnGP | −0.001 | −0.001 | −0.001 | −0.002 | ||||
| (−0.66) | (−0.72) | (−0.26) | (−0.37) | |||||
| R square | 0.2237 | 0.2310 | 0.2170 | 0.2255 | 0.2198 | 0.2164 | 0.1880 | 0.1877 |
| N | 61 | 61 | 61 | 61 | 55 | 55 | 55 | 55 |
Notes: This table reports the results from the regressions by using the fixed effects model. Robust standard errors are calculated by the t-statistics. ***, **, and * represent statistical significance at the 1%, 5%, and 10% levels, respectively. Please see the variable definitions in Table 1.