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Table 3 First stage regressions, elasticity estimates, 1980–2019, pooled years

From: The evolution of wage inequality within local U.S. labor markets

  (1) (2) (3) (4) (5) (6)
log(benefits/FMHPI) \(0.173^{**}\)
(0.045)
\(0.131^{**}\)
(0.036)
\(0.247^{***}\)
(0.064)
\(0.155^{***}\)
(0.036)
\(0.109^{***}\)
(0.028)
\(0.259^{***}\)
(0.060)
Adjusted \(R^{2}\) \(0.29 \quad\) \(0.25 \quad\) \(0.29 \quad\) \(0.29\quad\) \(0.24\quad\) \(0.29\quad\)
F-test \(14.84^{***}\) \(13.18^{***}\) \(14.83^{***}\) \(18.26^{***}\) \(14.83^{***}\) \(18.46^{***}\)
AR Wald test \(15.51^ {***}\) \(15.81^{***}\) \(15.02^{***}\) \(17.19^{***}\) \(19.62^{***}\) \(17.14^{***}\)
  1. The dependent variable of columns (1)–(6) is the relative supply of college graduates in efficiency units. All models include time and MSA fixed-effects. Clustered robust standard errors reported in parentheses. F-test denotes the Stock–Yogo F statistic. Asterisks (*), (**), and (***) denote statistical significance at the 10, 5, and 1% levels respectively. Each regression utilizes a sample size of 3060 observations across 170 MSAs in 18 time periods