Dependent Variable: 5, 10 and 15 year growth in real per capita state personal income (1975-2005; n=1550, n=1300, n=1050, 50 cross sections)

Independent
Variables

Eq. 1

Eq. 2

Eq. 3

N=5

N=10

N=15

State Age

0.008

0.01

0.01

(19.59)

(22.91)

(20.38)

State Personal
Income (T-N)

-0.00003

-0.00003

-0.00004

(-29.94)

(-36.49)

(-47.96)

N-year Average
Union Growth

-0.05

-0.05

0.02

(-6.62)

(-6.93)

(2.72)

N-Year Population
Growth Rate

0.47

0.40

0.20

(11.93)

(14.93)

(7.72)

N-Year State Tax
Burden Growth

-0.09

-0.07

-0.15

(-5.88)

(-5.27)

(-13.94)

Real Per Capita State &
Local Appropriations for
Higher Education (T-N)

-0.0004

-0.0001

-0.0001

(-11.39)

(-1.94)

(-3.16)

Percentage of 25 +
Population with at
least a Bachelors (T-N)

0.006

0.006

0.006

(8.05)

(6.63)

(6.86)

Real Per Capita State &
Local, Non-Higher
Education Expenditures (T-N)

-0.000001

0.00004

-0.0001

(-0.38)

(1.45)

(-3.16)

Adjusted R2

0.57

0.77

0.95

T-statistics are in parentheses. Estimated using Panel Generalized Least Squares with cross section weights and cross section fixed dummies (not presented). Bachelors Degree data simulated using affine approximation for the following years: 1971-1979, 1981-1988, and 1992.