yit = 0 + 1LREMit + 2LGCFit + 3LPOPit + 4LGOVit + 5LM2it +
6INFit+ it
Excl uded i nst r ument s: i ns
I ncl uded i nst r ument s: l gcf l pop l gov l m2 i nf I nst r ument ed: l r em
( equat i on exact l y i dent i f i ed) Sar gan st at i st i c ( over i dent i f i cat i on t est of al l i nst r ument s) : 0. 000 Sour ce: St ock- Yogo ( 2005) . Repr oduced by per mi ssi on.
25% maxi mal I V si ze 5. 53 20% maxi mal I V si ze 6. 66 15% maxi mal I V si ze 8. 96 St ock- Yogo weak I D t est cr i t i cal val ues: 10% maxi mal I V si ze 16. 38 Weak i dent i f i cat i on t est ( Cr agg- Donal d Wal d F st at i st i c) : 44. 310 Chi - sq( 1) P- val = 0. 0000 Under i dent i f i cat i on t est ( Ander son canon. cor r . LM st at i st i c) : 39. 559 i nf - . 038963 . 0127918 - 3. 05 0. 002 - . 0640344 - . 0138916 l m2 - 5. 172973 2. 250758 - 2. 30 0. 022 - 9. 584378 - . 761568 l gov - 18. 94966 3. 951759 - 4. 80 0. 000 - 26. 69496 - 11. 20435 l pop - . 4906889 1. 741043 - 0. 28 0. 778 - 3. 903071 2. 921693 l gcf 6. 652601 2. 801616 2. 37 0. 018 1. 161536 12. 14367 l r em 6. 742207 3. 15447 2. 14 0. 033 . 5595587 12. 92486 y Coef . St d. Er r . z P>| z | [ 95% Conf . I nt er val ] Resi dual SS = 2855. 94292 Root MSE = 2. 992 Tot al ( uncent er ed) SS = 3355. 437466 Uncent er ed R2 = 0. 1489 Tot al ( cent er ed) SS = 3355. 437466 Cent er ed R2 = 0. 1489 Pr ob > F = 0. 0000 F( 6, 313) = 11. 72 Number of obs = 348 St at i st i cs consi st ent f or homoskedast i ci t y onl y