	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
VARIABLES	ln_project0	ln_project1	ln_project2	ln_project3	ln_project0	ln_project1	ln_project2	ln_project3	ln_project0	ln_project1	ln_project2	ln_project3
												
fall_yty_ngdp_rpch_1	-5.070***	-4.388***	-3.487***	-1.645*								
	(0.892)	(0.895)	(0.782)	(0.927)								
1.em#c.fall_yty_ngdp_rpch_1					-5.829***	-6.079***	-5.573***	-3.147**				
					(1.086)	(1.112)	(0.757)	(1.349)				
1.ae#c.fall_yty_ngdp_rpch_1									-3.472***	-0.357	1.507	1.821
									(0.621)	(0.864)	(1.249)	(1.135)
Constant	198.3***	273.0***	437.9***	7.779	208.2***	269.9***	426.4***	13.16	208.2***	269.9***	426.4***	13.16
	(61.85)	(66.15)	(75.87)	(75.28)	(57.29)	(66.20)	(76.45)	(69.32)	(57.29)	(66.20)	(76.45)	(69.32)
												
Observations	2,833	2,753	2,549	2,365	2,833	2,753	2,549	2,365	2,833	2,753	2,549	2,365
Number of groups	172	169	165	162	172	169	165	162	172	169	165	162
Standard errors in parentheses												
*** p<0.01, ** p<0.05, * p<0.1												
