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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)
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Independent |
Eq. 1 |
Eq. 2 |
Eq. 3 |
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N=5 |
N=10 |
N=15 |
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State Age |
0.008 |
0.01 |
0.01 |
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(19.59) |
(22.91) |
(20.38) |
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State Personal |
-0.00003 |
-0.00003 |
-0.00004 |
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(-29.94) |
(-36.49) |
(-47.96) |
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N-year Average |
-0.05 |
-0.05 |
0.02 |
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(-6.62) |
(-6.93) |
(2.72) |
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N-Year Population |
0.47 |
0.40 |
0.20 |
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(11.93) |
(14.93) |
(7.72) |
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N-Year State Tax |
-0.09 |
-0.07 |
-0.15 |
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(-5.88) |
(-5.27) |
(-13.94) |
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Real Per Capita State & |
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-0.0004 |
-0.0001 |
-0.0001 |
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(-11.39) |
(-1.94) |
(-3.16) |
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Percentage of 25 + |
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0.006 |
0.006 |
0.006 |
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(8.05) |
(6.63) |
(6.86) |
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Real Per Capita State & |
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-0.000001 |
0.00004 |
-0.0001 |
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|
(-0.38) |
(1.45) |
(-3.16) |
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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.
