T able 3. Open in new tab Information,...

	(1)	(2)	(3)	(4)	(5)	(6)
Panel A: Least squares
Treatment	−0.08***	−0.05	−0.05*	−0.08***	−0.07***	−0.06**
	(0.025)	(0.029)	(0.027)	(0.023)	(0.020)	(0.026)
Daily news consumption	0.16***	0.15***	0.13***
	(0.007)	(0.014)	(0.015)
Treatment-news interaction	−0.08***	−0.08***	−0.07**
	(0.018)	(0.024)	(0.023)
Education				0.04***	0.03***	0.03***
				(0.003)	(0.003)	(0.005)
Treatment-education interaction				−0.01**	−0.01**	−0.01*
				(0.005)	(0.004)	(0.005)
Urban dummy		0.03	0.02		0.02	0.02
		(0.021)	(0.019)		(0.020)	(0.019)
Own past economic situation			0.07***			0.07***
			(0.006)			(0.006)
Occupational fixed effects	No	Yes	Yes	No	Yes	Yes

Observations	1,196	1,196	1,186	1,194	1,194	1,184
R-squared	0.083	0.135	0.211	0.103	0.133	0.205
Panel B: Ordered logit
Treatment	−0.57***	−0.34*	−0.37*	−0.56***	−0.44***	−0.36*
	(0.164)	(0.203)	(0.203)	(0.157)	(0.133)	(0.189)
Daily news consumption	1.11***	1.03***	0.97***
	(0.082)	(0.100)	(0.101)
Treatment-news interaction	−0.54***	−0.56***	−0.48**
	(0.174)	(0.203)	(0.193)
Education				0.28***	0.22***	0.20***
				(0.022)	(0.017)	(0.038)
Treatment-education interaction				−0.08**	−0.08***	−0.09**
				(0.035)	(0.026)	(0.044)

(1)

(2)

(3)

(4)

(5)

(6)

Panel A: Least squares

Treatment

−0.08***

−0.05

−0.05*

−0.08***

−0.07***

−0.06**

(0.025)

(0.029)

(0.027)

(0.023)

(0.020)

(0.026)

Daily news consumption

0.16***

0.15***

0.13***

(0.007)

(0.014)

(0.015)

Treatment-news interaction

−0.08***

−0.07**

(0.018)

(0.024)

(0.023)

Education

0.04***

0.03***

(0.003)

(0.005)

Treatment-education interaction

−0.01**

−0.01*

(0.005)

(0.004)

(0.005)

Urban dummy

0.03

0.02

(0.021)

(0.019)

(0.020)

(0.019)

Own past economic situation

0.07***

(0.006)

Occupational fixed effects

Yes

Observations

1,196

1,186

1,194

1,184

R-squared

0.083

0.135

0.211

0.103

0.133

0.205

Panel B: Ordered logit

Treatment

−0.57***

−0.34*

−0.37*

−0.56***

−0.44***

−0.36*

(0.164)

(0.203)

(0.157)

(0.133)

(0.189)

Daily news consumption

1.11***

1.03***

0.97***

(0.082)

(0.100)

(0.101)

Treatment-news interaction

−0.54***

−0.56***

−0.48**

(0.174)

(0.203)

(0.193)

Education

0.28***

0.22***

0.20***

(0.022)

(0.017)

(0.038)

Treatment-education interaction

−0.08**

−0.08***

−0.09**

(0.035)

(0.026)

(0.044)

	(1)	(2)	(3)	(4)	(5)	(6)
Panel A: Least squares
Treatment	−0.08***	−0.05	−0.05*	−0.08***	−0.07***	−0.06**
	(0.025)	(0.029)	(0.027)	(0.023)	(0.020)	(0.026)
Daily news consumption	0.16***	0.15***	0.13***
	(0.007)	(0.014)	(0.015)
Treatment-news interaction	−0.08***	−0.08***	−0.07**
	(0.018)	(0.024)	(0.023)
Education				0.04***	0.03***	0.03***
				(0.003)	(0.003)	(0.005)
Treatment-education interaction				−0.01**	−0.01**	−0.01*
				(0.005)	(0.004)	(0.005)
Urban dummy		0.03	0.02		0.02	0.02
		(0.021)	(0.019)		(0.020)	(0.019)
Own past economic situation			0.07***			0.07***
			(0.006)			(0.006)
Occupational fixed effects	No	Yes	Yes	No	Yes	Yes

Observations	1,196	1,196	1,186	1,194	1,194	1,184
R-squared	0.083	0.135	0.211	0.103	0.133	0.205
Panel B: Ordered logit
Treatment	−0.57***	−0.34*	−0.37*	−0.56***	−0.44***	−0.36*
	(0.164)	(0.203)	(0.203)	(0.157)	(0.133)	(0.189)
Daily news consumption	1.11***	1.03***	0.97***
	(0.082)	(0.100)	(0.101)
Treatment-news interaction	−0.54***	−0.56***	−0.48**
	(0.174)	(0.203)	(0.193)
Education				0.28***	0.22***	0.20***
				(0.022)	(0.017)	(0.038)
Treatment-education interaction				−0.08**	−0.08***	−0.09**
				(0.035)	(0.026)	(0.044)

Table 3.

Open in new tab

Information, Education, and the Effect of the Treatment

	(1)	(2)	(3)	(4)	(5)	(6)
Panel A: Least squares
Treatment	−0.08***	−0.05	−0.05*	−0.08***	−0.07***	−0.06**
	(0.025)	(0.029)	(0.027)	(0.023)	(0.020)	(0.026)
Daily news consumption	0.16***	0.15***	0.13***
	(0.007)	(0.014)	(0.015)
Treatment-news interaction	−0.08***	−0.08***	−0.07**
	(0.018)	(0.024)	(0.023)
Education				0.04***	0.03***	0.03***
				(0.003)	(0.003)	(0.005)
Treatment-education interaction				−0.01**	−0.01**	−0.01*
				(0.005)	(0.004)	(0.005)
Urban dummy		0.03	0.02		0.02	0.02
		(0.021)	(0.019)		(0.020)	(0.019)
Own past economic situation			0.07***			0.07***
			(0.006)			(0.006)
Occupational fixed effects	No	Yes	Yes	No	Yes	Yes

Observations	1,196	1,196	1,186	1,194	1,194	1,184
R-squared	0.083	0.135	0.211	0.103	0.133	0.205
Panel B: Ordered logit
Treatment	−0.57***	−0.34*	−0.37*	−0.56***	−0.44***	−0.36*
	(0.164)	(0.203)	(0.203)	(0.157)	(0.133)	(0.189)
Daily news consumption	1.11***	1.03***	0.97***
	(0.082)	(0.100)	(0.101)
Treatment-news interaction	−0.54***	−0.56***	−0.48**
	(0.174)	(0.203)	(0.193)
Education				0.28***	0.22***	0.20***
				(0.022)	(0.017)	(0.038)
Treatment-education interaction				−0.08**	−0.08***	−0.09**
				(0.035)	(0.026)	(0.044)

	(1)	(2)	(3)	(4)	(5)	(6)
Panel A: Least squares
Treatment	−0.08***	−0.05	−0.05*	−0.08***	−0.07***	−0.06**
	(0.025)	(0.029)	(0.027)	(0.023)	(0.020)	(0.026)
Daily news consumption	0.16***	0.15***	0.13***
	(0.007)	(0.014)	(0.015)
Treatment-news interaction	−0.08***	−0.08***	−0.07**
	(0.018)	(0.024)	(0.023)
Education				0.04***	0.03***	0.03***
				(0.003)	(0.003)	(0.005)
Treatment-education interaction				−0.01**	−0.01**	−0.01*
				(0.005)	(0.004)	(0.005)
Urban dummy		0.03	0.02		0.02	0.02
		(0.021)	(0.019)		(0.020)	(0.019)
Own past economic situation			0.07***			0.07***
			(0.006)			(0.006)
Occupational fixed effects	No	Yes	Yes	No	Yes	Yes

Observations	1,196	1,196	1,186	1,194	1,194	1,184
R-squared	0.083	0.135	0.211	0.103	0.133	0.205
Panel B: Ordered logit
Treatment	−0.57***	−0.34*	−0.37*	−0.56***	−0.44***	−0.36*
	(0.164)	(0.203)	(0.203)	(0.157)	(0.133)	(0.189)
Daily news consumption	1.11***	1.03***	0.97***
	(0.082)	(0.100)	(0.101)
Treatment-news interaction	−0.54***	−0.56***	−0.48**
	(0.174)	(0.203)	(0.193)
Education				0.28***	0.22***	0.20***
				(0.022)	(0.017)	(0.038)
Treatment-education interaction				−0.08**	−0.08***	−0.09**
				(0.035)	(0.026)	(0.044)

Sources: Authors' analysis based on data sources discussed in text. Treatment denotes the Pula devaluation. Days before devaluation are coded as 0; days after devaluations are coded as 1. All models contain a constant term (not reported to save space). Robust standard errors clustered at the region level in parentheses. *** p < .01, ** p < .05, * p < .1.

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