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Fig 1.

Keynesian consumption theory.

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Table 1.

Descriptive summary, normalization, and correlation matrix.

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Table 2.

Results of cointegration tests.

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Table 3.

Results of unit root tests.

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Table 4.

Long-run results of regression.

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Table 5.

Results of Panel Quantile Regression (PQR).

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Table 6.

Results of Ramsey RESET test.

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Table 7.

Results of Akaike’s information criterion test.

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