Table 10 Fixed effects estimation results based on data set disaggregated by NUTS3 regions

β _Us

0.691***

0.702***

0.601***

0.676***

0.832***

0.836***

0.516***

0.736***

(0.050)

(0.050)

(0.034)

(0.042)

(0.066)

(0.065)

(0.042)

(0.057)

β _Uf

-0.238***

-0.230***

0.150***

-0.108**

(0.051)

(0.052)

(0.038)

(0.047)

β _Vs

0.173***

0.158***

0.065***

0.113***

0.029

0.018

0.027***

0.031**

(0.031)

(0.031)

(0.013)

(0.020)

(0.026)

(0.026)

(0.010)

(0.014)

β _Vf

0.201***

0.200***

0.076***

0.144***

(0.035)

(0.035)

(0.015)

(0.025)

Year dummies, effect coded (reference year: 2000):

d ₂₀₀₁

-0.138***

-0.187***

(0.048)

(0.045)

d ₂₀₀₂

-0.164***

-0.169***

(0.039)

(0.037)

d ₂₀₀₃

-0.097***

-0.096***

(0.029)

(0.029)

d ₂₀₀₄

-0.062**

-0.055*

(0.031)

(0.031)

d ₂₀₀₅

-0.024

-0.022

(0.036)

(0.033)

d ₂₀₀₆

-0.002

-0.005

(0.020)

(0.020)

d ₂₀₀₇

0.066**

0.072**

(0.031)

(0.030)

d ₂₀₀₈

0.131***

0.151***

(0.026)

(0.027)

d ₂₀₀₉

0.119***

0.166***

(0.032)

(0.031)

d ₂₀₁₀

0.164***

0.189***

(0.035)

(0.034)

d ₂₀₁₁

0.086**

0.102**

(0.041)

(0.040)

γ

1.274**

1.024**

1.041**

0.986*

1.135**

1.223**

(0.591)

(0.494)

(0.496)

(0.562)

(0.464)

(0.478)

a

-4.246***

-4.796***

0.164

-0.871

-5.534***

-5.960***

-0.440

-0.750

(1.234)

(1.246)

(0.758)

(0.803)

(1.098)

(1.080)

(0.728)

(0.794)

Control variables

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Monthly time dummies

No

No

Yes

No

No

No

Yes

No

Quarter dummies

No

No

No

Yes

No

No

No

Yes

Observations

55,371

55,371

55,371

55,371

55,371

55,371

55,371

55,371

Number of groups

402

402

402

402

402

402

402

402

Within R-squared

0.244

0.250

0.668

0.428

0.309

0.313

0.677

0.448