Equation number = 30 ********************** Dependent variable = RS 1954.1 - 2008.3, 0 missing obs., 219 obs. used. First stage regressors 306 C ( 0) 30 RS ( -1) 364 PCPD ( -1) 87 UR ( -1) 411 UR1 ( -1) 124 PCM1 ( -1) 345 PCM1L1A ( 0) 331 RS1 ( -1) 331 RS1 ( -2) 370 LCOGSZ ( -1) 374 LTRGSZ ( -1) 379 LEXZ ( -1) Mean of dependent variable 5.134135464 Coef est SE T statistic Mean 306 C ( 0) 0.699058623 0.150752765 4.63712 1.000000 30 RS ( -1) 0.917379236 0.018267123 50.22024 5.134104 364 PCPD ( 0) 0.075035504 0.018515550 4.05257 3.414610 87 UR ( 0) -11.174372396 3.089910945 -3.61641 0.057564 411 UR1 ( 0) -72.145050901 14.900676112 -4.84173 0.000107 124 PCM1 ( -1) 0.011727914 0.004866131 2.41011 4.948471 345 PCM1L1A ( 0) 0.209921818 0.022358634 9.38885 0.295615 331 RS1 ( -1) 0.250941964 0.056774175 4.42000 -0.001804 331 RS1 ( -2) -0.319463018 0.050427380 -6.33511 -0.000728 SE of equation = 0.476070705 Sum of squared residuals = 47.5950964 0.992672611E-11 Average absolute error = 0.343913213 Sum of ABS residuals = 75.3169936 R squared = 0.97191 Durbin-Watson statistic = 1.78773 Overid test: p-value = 0.77237 (df = 3) SMPL and No. Obs. = 1954.1 2008.3 219 UDU for 2SLS = 0.243301620 Equation number = 30 ********************** Dependent variable = RS 1954.1 - 2008.3, 0 missing obs., 219 obs. used. First stage regressors 307 C ( 0) 30 RS ( -1) 87 UR ( -1) 414 UR1 ( -1) 124 PCM1 ( -1) 346 PCM1L1A ( 0) 332 RS1 ( -1) 332 RS1 ( -2) 373 LCOGSZ ( -1) 377 LTRGSZ ( -1) 382 LEXZ ( -1) 367 PCPCED ( -1) Mean of dependent variable 5.134135464 Coef est SE T statistic Mean 307 C ( 0) 0.730481446 0.149121119 4.89858 1.000000 30 RS ( -1) 0.908840891 0.018647992 48.73666 5.134104 367 PCPCED ( 0) 0.092045404 0.021778464 4.22644 3.497328 87 UR ( 0) -12.032554771 3.080266111 -3.90634 0.057564 414 UR1 ( 0) -84.597114691 15.185033561 -5.57109 0.000107 124 PCM1 ( -1) 0.011218658 0.004875020 2.30125 4.948471 346 PCM1L1A ( 0) 0.209717191 0.022270915 9.41664 0.295615 332 RS1 ( -1) 0.232708081 0.057836529 4.02355 -0.001804 332 RS1 ( -2) -0.309458228 0.049935174 -6.19720 -0.000728 SE of equation = 0.474481484 Sum of squared residuals = 47.2778626 -0.169579906E-10 Average absolute error = 0.344838584 Sum of ABS residuals = 75.5196500 R squared = 0.97209 Durbin-Watson statistic = 1.78184 Overid test: p-value = 0.84729 (df = 3) SMPL and No. Obs. = 1954.1 2008.3 219 UDU for 2SLS = 0.174664199 Equation number = 30 ********************** Dependent variable = RS 1954.1 - 2008.3, 0 missing obs., 219 obs. used. First stage regressors 307 C ( 0) 30 RS ( -1) 87 UR ( -1) 414 UR1 ( -1) 124 PCM1 ( -1) 346 PCM1L1A ( 0) 332 RS1 ( -1) 332 RS1 ( -2) 373 LCOGSZ ( -1) 377 LTRGSZ ( -1) 382 LEXZ ( -1) 365 PCPX ( -1) Mean of dependent variable 5.134135464 Coef est SE T statistic Mean 307 C ( 0) 0.695174458 0.151812237 4.57917 1.000000 30 RS ( -1) 0.911255762 0.018893299 48.23169 5.134104 365 PCPX ( 0) 0.085458404 0.019852559 4.30465 3.360148 87 UR ( 0) -11.172360261 3.111968815 -3.59013 0.057564 414 UR1 ( 0) -73.392344866 15.073020961 -4.86912 0.000107 124 PCM1 ( -1) 0.012561287 0.004847193 2.59146 4.948471 346 PCM1L1A ( 0) 0.210859460 0.022338640 9.43923 0.295615 332 RS1 ( -1) 0.253754232 0.056746035 4.47175 -0.001804 332 RS1 ( -2) -0.330166105 0.051030057 -6.47003 -0.000728 SE of equation = 0.478769512 Sum of squared residuals = 48.1362516 -0.756594787E-11 Average absolute error = 0.350119599 Sum of ABS residuals = 76.6761922 R squared = 0.97159 Durbin-Watson statistic = 1.82237 Overid test: p-value = 0.73892 (df = 3) SMPL and No. Obs. = 1954.1 2008.3 219 UDU for 2SLS = 0.276703299