Emission Reduction Benefits and Economic Benefits of China’s Pilot Policy on Carbon Emission Trading System

Table 4

Results of dynamic effects.

VAR	(1)	(2)	(3)	(4)
	CO2	TFP	CO2	TFP
TIME2013 × TREAT	−0.137	0.233	−0.104	0.187
	(0.049)	(0.088)	(0.045)	(0.081)
TIME2014 × TREAT	−0.164	0.289	−0.141	0.233
	(0.049)	(0.088)	(0.045)	(0.081)
TIME2015 × TREAT	−0.176	0.356	−0.130	0.207
	(0.049)	(0.088)	(0.047)	(0.083)
TIME2016 × TREAT	−0.223	0.412	−0.192	0.215
	(0.049)	(0.088)	(0.048)	(0.085)
TIME2017 × TREAT	−0.243	0.441	−0.214	0.227
	(0.049)	(0.088)	(0.048)	(0.086)
OIS			−0.003	0.003
			(0.001)	(0.001)
SI			0.008	−0.020
			(0.004)	(0.006)
FDI			−0.046	0.057
			(0.015)	(0.026)
OPEN			−0.004	−0.015
			(0.002)	(0.003)
EDU			0.050	−0.064
			(0.013)	(0.023)
CONS	7.790	2.164	8.110	2.942
	(0.037)	(0.066)	(0.186)	(0.331)
PROV	YES	YES	YES	YES
YEAR	YES	YES	YES	YES
N	300	300	300	300
R^2	0.986	0.787	0.988	0.826