Table 9.

The effect of technological progress on government economic growth expectations

	OLS regression results			Instrumental variable regression results
	(1)	(2)	(3)	(4)	(5)	(6)
	gtech	gtech	tec	gtech	gtech	tec
exp	− 0.256**	− 0.248**	− 0.142**	− 0.912**	− 0.956**	− 0.546**
	(0.0790)	(0.0801)	(0.070)	(0.310)	(0.318)	(0.260)
gdp	− 0.336*	− 0.312*	− 0.242	− 0.196	− 0.145	− 0.098
	(0.173)	(0.176)	(0.153)	(0.208)	(0.213)	(0.174)
fdib	− 9.515**	− 9.628**	− 4.754	− 8.101	− 6.989	− 8.646**
	(4.115)	(4.201)	(3.646)	(4.983)	(5.097)	(4.164)
govb	− 0.966**	− 0.943**	− 0.127	− 0.676*	− 0.619	0.058
	(0.358)	(0.361)	(0.314)	(0.402)	(0.405)	(0.331)
cyjg	− 2.796***	− 2.867***	0.750*	− 2.405***	− 2.411***	1.395***
	(0.469)	(0.474)	(0.412)	(0.641)	(0.653)	(0.534)
rd	23.147***	24.367***	33.072***	32.601***	33.488***	40.252***
	(6.312)	(6.443)	(5.593)	(8.931)	(9.250)	(7.557)
wage	0.470***	0.492***	0.016	0.462***	0.474***	− 0.030
	(0.058)	(0.059)	(0.051)	(0.065)	(0.067)	(0.054)
mal		− 0.109	0.031		− 0.112	0.049
		(0.085)	(0.074)		(0.094)	(0.077)
age		0.000	0.003		− 0.000	0.002
		(0.005)	(0.004)		(0.006)	(0.005)
maj		0.127**	0.164***		0.161**	0.174***
		(0.045)	(0.039)		(0.051)	(0.042)
xl		− 0.119**	− 0.078*		− 0.094*	− 0.059
		(0.047)	(0.041)		(0.054)	(0.044)
_cons	5.975**	5.622**	6.547***	4.070	3.320	4.357
	(2.742)	(2.791)	(2.423)	(3.267)	(3.354)	(2.740)
Time effect	Yes	Yes	Yes	Yes	Yes	Yes
Regional effect	Yes	Yes	Yes	Yes	Yes	Yes
N	2232	2203	2203	1996	1969	1969
R-sq	0.676	0.679	0.938	0.685	0.686	0.940

Note: Standard errors are in parentheses, and ***, **, and * indicate significant at the levels of 1%, 5%, and 10%, respectively