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

Table 8

Results of dynamic window tests.

VAR	One year		Two years		Three years		Four years
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	CO2	TFP	CO2	TFP	CO2	TFP	CO2	TFP
TIME × TREAT	−0.087	0.107	−0.117	0.153	−0.137	0.170	−0.150	0.198
	(0.028)	(0.047)	(0.027)	(0.048)	(0.027)	(0.051)	(0.028)	(0.052)
OIS	−0.001	0.005	−0.000	0.003	−0.002	0.003	−0.002	0.002
	(0.002)	(0.003)	(0.001)	(0.002)	(0.001)	(0.001)	(0.001)	(0.001)
SI	0.007	−0.033	0.004	−0.031	0.006	−0.025	0.006	−0.017
	(0.010)	(0.016)	(0.005)	(0.009)	(0.004)	(0.008)	(0.004)	(0.007)
FDI	−0.005	0.122	−0.015	0.131	−0.028	0.069	−0.040	0.066
	(0.033)	(0.055)	(0.027)	(0.049)	(0.017)	(0.031)	(0.015)	(0.027)
OPEN	−0.003	−0.012	−0.002	−0.012	−0.002	−0.015	−0.002	−0.017
	(0.005)	(0.008)	(0.003)	(0.005)	(0.002)	(0.004)	(0.002)	(0.003)
EDU	0.031	0.006	0.033	−0.020	0.037	−0.045	0.040	−0.055
	(0.020)	(0.033)	(0.016)	(0.028)	(0.013)	(0.024)	(0.014)	(0.025)
CONS	7.642	3.138	7.813	3.494	7.994	3.281	8.069	2.875
	(0.479)	(0.796)	(0.265)	(0.473)	(0.213)	(0.397)	(0.208)	(0.380)
PROV	YES	YES	YES	YES	YES	YES	YES	YES
YEAR	YES	YES	YES	YES	YES	YES	YES	YES
N	90	90	150	150	210	210	270	270
R^2	0.998	0.969	0.995	0.928	0.992	0.885	0.989	0.848