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  • #1

    Inconclusive Results from Regression

    Dear All,

    I am new to STATA and trying to run a regression on income inequality and GDP growth. I have tried changing control variables and checked the data several times but the p-value stays well above 0.05, I was wondering if there are any issues I could address to lower this. My code runs as:
    xtset C_ID Year
    xtreg GDPGrowth GiniCoefficent Investment TradeOpeness Inflation, fe
    I have attactched the data and regression results below:
    C_ID Country Year Gini Coefficent Education Level GDP Growth Shock Investment Trade Openess Inflation
    1 Austria 2007 0.284 25.092672 3.727415301 1 4.644313 100.73325 2.168556
    1 Austria 2008 0.28 26.191858 1.460423676 1 1.606895 102.07369 3.215951
    1 Austria 2009 0.289 26.895824 -3.764578178 1 -7.177639 87.062225 0.5063094
    1 Austria 2010 0.28 27.743721 1.837093677 1 -2.586536 99.0198 1.813532
    1 Austria 2011 0.281 27.956152 2.922797284 1 6.64983 105.10279 3.286583
    1 Austria 2012 0.276 28.739943 0.680445577 1 0.905907 105.15219 2.485675
    1 Austria 2013 0.28 29.738844 0.025504712 1 1.564088 104.06642 2.000158
    1 Austria 2014 0.274 29.904896 0.661272849 1 -0.402953 103.50354 1.605806
    1 Austria 2015 0.275 30.550726 1.014501586 1 2.301522 102.42733 0.8965653
    1 Austria 2016 0.284 31.383963 1.989437162 0 4.30583 100.98208 0.8915924
    1 Austria 2017 0.275 32.39439 2.258572433 0 4.236582 104.94423 2.081269
    1 Austria 2018 0.28 32.711426 2.425385361 0 4.355438 108.110825 1.998382
    1 Austria 2019 0.274 33.773777 1.517388583 0 4.546573 107.77978 1.530896
    1 Austria 2020 0.272 34.205894 -6.453968467 0 -5.490078 1.381909
    2 Canada 2007 0.317 48.181564 2.071825031 0 3.167648 66.28338 2.138384
    2 Canada 2008 0.315 48.706802 1.004289199 1 1.626537 67.02357 2.370271
    2 Canada 2009 0.316 49.290722 -2.925955647 1 -11.313991 58.474392 0.2994668
    2 Canada 2010 0.316 50.311695 3.089919462 1 11.511666 60.208046 1.776872
    2 Canada 2011 0.313 51.033012 3.146100491 1 4.637211 62.498737 2.912135
    2 Canada 2012 0.317 52.305416 1.760961588 1 4.886111 62.595684 1.515678
    2 Canada 2013 0.319 52.971439 2.329122506 0 1.448915 62.23114 0.9382919
    2 Canada 2014 0.312 53.61496 2.870036075 0 2.250224 64.37863 1.906636
    2 Canada 2015 0.318 55.17366 0.659176864 0 -5.209896 66.16493 1.125241
    2 Canada 2016 0.307 56.265068 1.001394414 0 -4.6536 65.363625 1.42876
    2 Canada 2017 0.31 56.71452 3.039880225 0 3.346628 65.10107 1.596884
    2 Canada 2018 0.304 57.888363 2.777040554 0 2.520085 66.58185 2.268226
    2 Canada 2019 0.3 59.374844 1.888223585 0 0.813718 65.42883 1.949269
    2 Canada 2020 0.28 59.961113 -5.074357568 0 -2.411522 0.7169997
    3 Czechia 2007 0.256 13.732669 5.570338859 13.284251 129.77902 2.853124
    3 Czechia 2008 0.259 14.498895 2.686411951 1.916391 123.7425 6.358664
    3 Czechia 2009 0.257 15.544437 -4.657331092 -9.023536 112.79725 1.019377
    3 Czechia 2010 0.26 16.764982 2.434902159 0.349184 128.02892 1.472727
    3 Czechia 2011 0.257 18.243177 1.760359624 1.057405 137.86281 1.917219
    3 Czechia 2012 0.254 19.277992 -0.785004299 -3.328386 146.52885 3.287623
    3 Czechia 2013 0.259 20.45986 -0.045903674 -2.165636 146.42242 1.438298
    3 Czechia 2014 0.257 21.51013 2.262102897 3.253991 157.57498 0.3439886
    3 Czechia 2015 0.258 22.186741 5.388380838 9.73728 155.17566 0.3093646
    3 Czechia 2016 0.253 22.971544 2.53728452 -3.02741 150.58627 0.6835042
    3 Czechia 2017 0.249 23.927534 5.168724304 4.875815 150.53265 2.450534
    3 Czechia 2018 0.249 24.262077 3.22008807 10.028181 148.00337 2.149495
    3 Czechia 2019 0.248 24.212393 3.029878663 5.945106 142.75616 2.847876
    3 Czechia 2020 0.255 24.853664 -5.502967961 -6.023671 3.161295
    4 Finland 2007 0.269 36.357056 5.299336507 1 10.298074 82.8574 2.510666
    4 Finland 2008 0.264 36.583557 0.783995061 1 0.633322 86.18433 4.065952
    4 Finland 2009 0.259 37.268574 -8.074447432 1 -12.029708 70.12331 -1.22217E-14
    4 Finland 2010 0.264 38.146343 3.185958654 0 2.303932 75.46441 1.184135
    4 Finland 2011 0.264 39.318207 2.547664838 0 3.885161 78.57958 3.416809
    4 Finland 2012 0.26 39.661289 -1.397545728 0 -0.284305 79.1705 2.808332
    4 Finland 2013 0.262 40.545231 -0.901696316 0 -4.607966 77.09389 1.478288
    4 Finland 2014 0.257 41.776676 -0.364908157 0 -1.832886 74.112724 1.0412
    4 Finland 2015 0.26 42.742619 0.543659212 0 0.467896 71.382545 -0.207932
    4 Finland 2016 0.259 43.595264 2.811457767 0 8.984558 70.898506 0.3566845
    4 Finland 2017 0.266 44.304253 3.19240963 0 4.75986 75.175385 0.754015
    4 Finland 2018 0.269 45.188133 1.139718013 0 3.637996 78.10788 1.083821
    4 Finland 2019 0.273 45.93438 1.224748922 0 -1.476432 80.04124 1.024094
    4 Finland 2020 0.265 47.874241 -2.354965157 0 -1.007321 0.2905546
    5 Greece 2007 0.329 22.893152 3.273746904 1 15.887128 57.524376 2.895001
    5 Greece 2008 0.328 23.535585 -0.335172342 1 -7.193438 59.32972 4.152796
    5 Greece 2009 0.33 23.656685 -4.300733673 1 -13.931348 47.743843 1.210074
    5 Greece 2010 0.336 24.744848 -5.478217742 1 -19.346062 51.197285 4.712982
    5 Greece 2011 0.333 26.112072 -10.14931483 1 -25.371174 56.833965 3.32987
    5 Greece 2012 0.338 26.719267 -7.086696786 1 -21.684858 62.05862 1.50152
    5 Greece 2013 0.342 27.423178 -2.515997222 1 -6.621195 62.970287 -0.9212719
    5 Greece 2014 0.339 28.105659 0.475695947 1 -3.19366 66.483765 -1.312242
    5 Greece 2015 0.34 29.057495 -0.19608763 1 0.16549 65.37356 -1.735902
    5 Greece 2016 0.333 30.231607 -0.487173294 1 2.329114 64.11371 -0.8256576
    5 Greece 2017 0.319 31.027514 1.09214912 1 8.45766 71.47853 1.121259
    5 Greece 2018 0.306 31.739904 1.668428636 1 -4.342597 80.03358 0.6256205
    5 Greece 2019 0.312 31.890486 1.884341785 1 -2.193146 81.82179 0.2529927
    5 Greece 2020 0.32 32.744011 -9.004043642 1 2.021759 -1.247972
    6 Hungary 2007 0.257 18.048761 0.277372772 0 4.604658 155.34686 7.958745
    6 Hungary 2008 0.246 19.197906 1.003943029 1 1.184557 158.19528 6.042512
    6 Hungary 2009 0.241 19.86219 -6.597867219 1 -9.12166 144.76807 4.211712
    6 Hungary 2010 0.266 20.121918 1.076254043 1 -9.466027 157.26773 4.855558
    6 Hungary 2011 0.269 21.124001 1.866837475 1 -1.301267 166.28786 3.929921
    6 Hungary 2012 0.279 22.046715 -1.250226023 1 -2.98975 165.45467 5.652145
    6 Hungary 2013 0.286 22.505821 1.802522101 1 9.799081 164.17406 1.7332
    6 Hungary 2014 0.281 23.356073 4.232209806 1 12.177504 168.24283 -0.2275663
    6 Hungary 2015 0.284 24.242552 3.707315979 1 4.863917 167.23996 -0.06164468
    6 Hungary 2016 0.28 23.713329 2.201001893 1 -10.59054 164.3144 0.3947693
    6 Hungary 2017 0.289 24.054041 4.271976016 1 19.676847 165.19518 2.348243
    6 Hungary 2018 0.28 25.101177 5.362348362 1 16.26507 163.38203 2.850248
    6 Hungary 2019 0.286 25.981535 4.864225735 1 12.782119 161.25774 3.338586
    6 Hungary 2020 0.28 27.203154 -4.535550833 1 -7.130356 3.326744
    7 Ireland 2007 0.304 32.39011 5.310118147 1 0.030987 153.35007 4.897116
    7 Ireland 2008 0.295 33.902611 -4.484070492 1 -11.582045 159.7524 4.060305
    7 Ireland 2009 0.312 35.822323 -5.095782755 1 -16.927745 173.31946 -4.478103
    7 Ireland 2010 0.298 37.584061 1.682971538 1 -15.030344 189.48787 -0.9220958
    7 Ireland 2011 0.307 38.162312 0.833830149 1 -0.047155 188.61899 2.557189
    7 Ireland 2012 0.31 39.69788 -0.005542011 1 16.096168 191.54984 1.696209
    7 Ireland 2013 0.312 41.47068 1.125689646 1 -4.153872 188.5688 0.5087149
    7 Ireland 2014 0.298 40.967049 8.649350608 1 18.544325 201.64885 0.1825423
    7 Ireland 2015 0.298 42.806118 24.37044535 1 50.493729 215.12035 -0.2898791
    7 Ireland 2016 0.309 45.104263 2.006654115 1 50.281327 226.77103 0.008306338
    7 Ireland 2017 0.295 45.65897 9.005342424 1 -0.677565 217.61368 0.3405316
    7 Ireland 2018 0.292 46.935135 8.527541391 1 -8.174951 216.21942 0.4883702
    7 Ireland 2019 0.293 47.306835 5.440937334 1 100.69101 239.83675 0.9390445
    7 Ireland 2020 0.282 49.943962 6.184538039 1 -16.505832 -0.3345846
    8 Italy 2007 0.313 13.578119 1.48707298 1 1.522122 55.06146 1.829738
    8 Italy 2008 0.317 14.357011 -0.962012841 1 -3.155483 54.492878 3.347834
    8 Italy 2009 0.315 14.510798 -5.280937208 1 -9.747115 45.418762 0.7747682
    8 Italy 2010 0.327 14.802574 1.713295839 1 -0.200186 52.00619 1.525516
    8 Italy 2011 0.327 14.935372 0.707333347 1 -1.432738 55.145527 2.780633
    8 Italy 2012 0.33 15.708264 -2.980905768 1 -9.739771 55.654716 3.041363
    8 Italy 2013 0.325 16.289694 -1.841065451 1 -6.445611 54.867584 1.219992
    8 Italy 2014 0.326 16.910578 -0.004547542 1 -2.219474 55.32211 0.2410575
    8 Italy 2015 0.333 17.546457 0.778304351 1 1.759932 56.418182 0.03878675
    8 Italy 2016 0.327 17.723593 1.293462732 1 3.993264 55.367607 -0.0940214
    8 Italy 2017 0.334 18.669672 1.667859041 1 3.217294 58.604176 1.226533
    8 Italy 2018 0.33 19.368793 0.925810941 1 3.074873 60.34838 1.137488
    8 Italy 2019 0.325 19.695461 0.483198317 0 1.234036 59.956295 0.6112469
    8 Italy 2020 0.331 19.987385 -8.979126097 0 -7.864059 -0.1377076
    9 Poland 2007 0.315 18.688519 7.061534634 0 19.043911 116.38738 2.491667
    9 Poland 2008 0.307 19.565832 4.199981264 1 8.806639 126.84909 4.216667
    9 Poland 2009 0.303 21.150869 2.832184053 1 -2.666614 105.338776 3.45
    9 Poland 2010 0.304 22.468407 2.934638181 1 -3.473047 129.88739 2.583333
    9 Poland 2011 0.301 23.283596 5.042187883 1 10.669929 148.44722 4.266667
    9 Poland 2012 0.298 24.512804 1.545221571 1 -2.00108 155.84315 3.7
    9 Poland 2013 0.299 25.755669 0.856557081 1 0.250353 155.8868 0.9
    9 Poland 2014 0.297 26.995474 3.836958494 1 11.687125 142.72163 -0.025
    9 Poland 2015 0.291 27.747267 4.383298635 1 6.917785 138.5523 -0.9333333
    9 Poland 2016 0.285 28.711193 2.953508842 1 -7.61468 134.45386 -0.5833333
    9 Poland 2017 0.275 29.919453 5.140017574 1 1.644394 144.87335 1.975
    9 Poland 2018 0.281 30.919592 5.945208477 1 12.631759 148.63933 1.666667
    9 Poland 2019 0.268 32.014767 4.450036364 1 6.242051 149.69308 2.308333
    9 Poland 2020 0.265 32.875156 -2.020116215 1 -2.26022 3.4
    10 Portugal 2007 0.36 13.692096 2.506579646 1 3.086191 69.94611 2.453965
    10 Portugal 2008 0.354 14.300379 0.319247925 1 0.42346 72.075745 2.588506
    10 Portugal 2009 0.336 14.66682 -3.12207942 1 -7.538241 61.492695 -0.83553
    10 Portugal 2010 0.341 15.445285 1.737625476 1 -1.12555 67.78329 1.402573
    10 Portugal 2011 0.337 17.25703 -1.696164781 1 -12.592263 73.09955 3.653011
    10 Portugal 2012 0.337 18.534111 -4.057293608 1 -16.71249 76.05084 2.773339
    10 Portugal 2013 0.341 19.307142 -0.922644675 1 -4.8055 78.11444 0.2744167
    10 Portugal 2014 0.338 21.7169 0.792190302 1 2.288495 80.28231 -0.2781534
    10 Portugal 2015 0.336 22.857506 1.792046046 1 5.91915 80.49089 0.4879386
    10 Portugal 2016 0.331 23.855154 2.019485396 1 2.547238 79.27422 0.6073971
    10 Portugal 2017 0.32 24.039421 3.506345285 1 11.488989 84.43915 1.368614
    10 Portugal 2018 0.317 24.984337 2.849325934 1 6.182557 86.428764 0.9937157
    10 Portugal 2019 0.31 26.284128 2.682759921 0 5.387742 86.78233 0.3381784
    10 Portugal 2020 0.327 28.164339 -8.300516042 0 -2.1773 -0.01243833
    11 Spain 2007 0.313 29.27644 3.604738462 1 3.933718 57.747604 2.786798
    11 Spain 2008 0.327 29.519304 0.887067046 1 -4.292923 55.98333 4.075343
    11 Spain 2009 0.333 29.989544 -3.763107042 1 -17.285664 46.994873 -0.2878131
    11 Spain 2010 0.339 31.016668 0.162919518 1 -5.378172 52.928238 1.799865
    11 Spain 2011 0.341 31.91456 -0.814384777 1 -7.561348 58.79317 3.196102
    11 Spain 2012 0.334 32.649994 -2.958922132 1 -7.415514 60.845367 2.446128
    11 Spain 2013 0.345 33.734821 -1.403341868 1 -3.782649 61.9963 1.408581
    11 Spain 2014 0.343 34.678776 1.395775367 1 4.080359 63.86561 -0.1511148
    11 Spain 2015 0.344 35.081161 3.838518877 1 4.869023 64.21265 -0.5003657
    11 Spain 2016 0.341 35.693489 3.037774142 1 2.355735 63.772625 -0.202598
    11 Spain 2017 0.333 36.351273 2.975760729 1 6.816981 66.69257 1.956076
    11 Spain 2018 0.33 37.252804 2.284469419 1 6.327742 67.57285 1.674981
    11 Spain 2019 0.32 38.596992 1.983966223 0 4.501706 66.77616 0.699519
    11 Spain 2020 0.329 39.68692 -11.32543832 0 -9.015431 -0.322753
    12 Great Britain 2007 0.373 35.536041 2.563460461 1 4.359942 52.766502 2.4
    12 Great Britain 2008 0.369 35.216167 -0.154344315 1 -3.230349 56.27566 3.5
    12 Great Britain 2009 0.374 36.984959 -4.5104856 1 -12.27214 54.398834 2
    12 Great Britain 2010 0.351 38.187191 2.430072895 1 4.746403 58.43793 2.5
    12 Great Britain 2011 0.354 39.412373 1.067610914 1 0.105563 62.381268 3.8
    12 Great Britain 2012 0.351 40.977753 1.448456757 1 1.594215 61.2129 2.6
    12 Great Britain 2013 0.358 41.891979 1.819863375 1 3.249608 61.144978 2.3
    12 Great Britain 2014 0.356 42.217449 3.199702626 1 7.03615 57.948273 1.5
    12 Great Britain 2015 0.36 44.197987 2.393103184 1 7.146191 56.000263 0.4
    12 Great Britain 2016 0.351 45.766762 2.165206211 1 5.141014 58.284557 1
    12 Great Britain 2017 0.357 45.744305 2.44357047 1 3.502363 61.661423 2.6
    12 Great Britain 2018 0.366 45.781677 1.705021022 1 -0.478797 62.97012 2.3
    12 Great Britain 2019 0.366 47.189125 1.604308648 0 2.157914 63.772232 1.7
    12 Great Britain 2020 0.355 49.39045 -11.03085846 0 -10.768583 1
    13 Slovenia 2007 0.238 22.227602 6.980160755 11.926492 137.12715 3.657496
    13 Slovenia 2008 0.234 22.637665 3.509841517 7.047695 134.7315 5.647424
    13 Slovenia 2009 0.245 23.315817 -7.548437791 -22.076541 113.12188 0.8392622
    13 Slovenia 2010 0.245 23.716619 1.343748472 -13.421083 127.49147 1.80117
    13 Slovenia 2011 0.243 25.09059 0.861327733 -4.940293 139.2779 1.802852
    13 Slovenia 2012 0.249 26.439035 -2.639438757 -8.549733 142.38441 2.597414
    13 Slovenia 2013 0.254 27.880541 -1.029282772 3.429728 143.75636 1.769201
    13 Slovenia 2014 0.251 28.600916 2.768158831 -0.06289 145.54974 0.1993438
    13 Slovenia 2015 0.25 30.173296 2.210081607 -1.212987 146.29585 -0.5255523
    13 Slovenia 2016 0.244 30.735788 3.191852518 -3.59032 146.65778 -0.05499954
    13 Slovenia 2017 0.243 34.302807 4.815380632 10.181186 157.28015 1.429107
    13 Slovenia 2018 0.249 32.455208 4.454365747 10.152402 161.10226 1.738609
    13 Slovenia 2019 0.246 33.283279 3.451079244 5.035776 159.02756 1.630523
    13 Slovenia 2020 0.238 35.881027 -4.321369905 -7.16671 -0.05485681
    14 Latvia 2007 0.375 22.18199 9.941921628 22.361759 95.72577 10.09298
    14 Latvia 2008 0.375 24.822483 -3.249120723 -10.188175 91.426476 15.40232
    14 Latvia 2009 0.354 25.846195 -14.26014004 -34.575886 86.71986 3.534107
    14 Latvia 2010 0.346 26.946114 -4.45556726 -19.728768 108.99793 -1.084636
    14 Latvia 2011 0.351 27.69327 2.573712363 25.882031 121.50849 4.370736
    14 Latvia 2012 0.346 29.227177 7.042247161 17.659583 127.527275 2.257789
    14 Latvia 2013 0.351 31.011995 2.007966879 -4.430489 124.20408 -0.02945478
    14 Latvia 2014 0.349 30.230137 1.902172684 -3.888017 125.273705 0.6204923
    14 Latvia 2015 0.346 31.591949 3.885260054 -1.999573 122.283615 0.1742414
    14 Latvia 2016 0.346 33.361481 2.368614747 -8.241641 118.893394 0.1406308
    14 Latvia 2017 0.355 33.882294 3.312475936 11.411113 123.89984 2.930369
    14 Latvia 2018 0.351 33.939289 3.991854505 11.744927 123.623215 2.53446
    14 Latvia 2019 0.344 35.707733 2.569703888 1.493487 121.09451 2.811403
    14 Latvia 2020 0.355 37.833885 -2.202985338 -2.155384 0.2190611
    15 Lithuania 2007 0.337 28.931429 11.10748014 22.33439 116.38738 5.737174
    15 Lithuania 2008 0.357 30.408518 2.614423033 -3.996314 126.84909 10.92589
    15 Lithuania 2009 0.365 30.958277 -14.83860837 -38.902567 105.338776 4.453044
    15 Lithuania 2010 0.329 32.440029 1.651240653 1.475311 129.88739 1.319214
    15 Lithuania 2011 0.321 33.489258 6.03900816 20.146747 148.44722 4.130276
    15 Lithuania 2012 0.35 34.05378 3.843864749 -1.778298 155.84315 3.089983
    15 Lithuania 2013 0.351 35.19833 3.550072843 8.299473 155.8868 1.047479
    15 Lithuania 2014 0.38 36.668087 3.537009879 5.712774 142.72163 0.103758
    15 Lithuania 2015 0.372 38.724106 2.024583955 4.856023 138.5523 -0.8840974
    15 Lithuania 2016 0.378 39.732628 2.518828273 3.374244 134.45386 0.9055251
    15 Lithuania 2017 0.374 40.273941 4.282596951 8.904273 144.87335 3.722889
    15 Lithuania 2018 0.361 41.654594 3.993310328 10.024468 148.63933 2.697928
    15 Lithuania 2019 0.357 43.149418 4.625103139 7.104861 149.69308 2.334509
    15 Lithuania 2020 0.357 44.13818 -0.022073742 -0.189199 1.199894
    Click image for larger version Name: Regression Results.jpg Views: 2 Size: 89.6 KB ID: 1752287

    Thanks in advance!
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  • #2
    Try putting in time effects with i.year. Not clear it will change things, but it should be done. N = 15 is small.

    Comment

    • #3
      Originally posted by Jeff Wooldridge View Post
      Try putting in time effects with i.year. Not clear it will change things, but it should be done. N = 15 is small.
      I thought running the regression with the year included time effects already, is there a specific line of code needed? Thanks

      Comment

      • #4
        xtreg does not put in the time effects. As I said, i.year if “year” is the time variable.
        • 1 like

        Comment

        • #5
          Originally posted by Jeff Wooldridge View Post
          xtreg does not put in the time effects. As I said, i.year if “year” is the time variable.
          Yeah that has sorted it out, thank you Jeff!

          Comment

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