Skip to Main Content
Table 5.
Revenue Regression Results with Interaction for Great Recession
Panel A: Without Fixed Effects
Total RevenueState RevenueLocal Revenue
MichiganOhioMichiganOhioMichiganOhio
ln(Total Taxable Value) 0.123** 0.127** 0.091** –0.660** 0.296** 0.807** 
 (0.018) (0.314) (0.016) (0.050) (0.055) (0.030) 
ln(Total Taxable Value) 0.008* –0.007 0.006* 0.012 0.012 –0.010 
*Great Recession (0.004) (0.007) (0.003) (0.011) (0.016) (0.056) 
R-squared 0.99 0.95 0.99 0.90 0.87 0.97 
Observations 4,659 4,824 4,659 4,824 4,656 4,824 
Panel B: With Fixed Effects 
 Total Revenue State Revenue Local Revenue 
 Michigan Ohio Michigan Ohio Michigan Ohio 
ln(Total Taxable Value) 0.244** 0.094* 0.232** –0.553** 0.385** 0.656** 
 (0.036) (0.038) (0.039) (0.061) (0.115) (0.039) 
ln(Total Taxable Value) 0.006* –0.004 0.010** 0.021* –0.009 –0.012** 
*Great Recession (0.003) (0.006) (0.003) (0.009) (0.008) (0.004) 
R-squared 0.99 0.97 0.99 0.94 0.97 0.99 
Observations 4,659 4,824 4,659 4,824 4,656 4,824 
Panel A: Without Fixed Effects
Total RevenueState RevenueLocal Revenue
MichiganOhioMichiganOhioMichiganOhio
ln(Total Taxable Value) 0.123** 0.127** 0.091** –0.660** 0.296** 0.807** 
 (0.018) (0.314) (0.016) (0.050) (0.055) (0.030) 
ln(Total Taxable Value) 0.008* –0.007 0.006* 0.012 0.012 –0.010 
*Great Recession (0.004) (0.007) (0.003) (0.011) (0.016) (0.056) 
R-squared 0.99 0.95 0.99 0.90 0.87 0.97 
Observations 4,659 4,824 4,659 4,824 4,656 4,824 
Panel B: With Fixed Effects 
 Total Revenue State Revenue Local Revenue 
 Michigan Ohio Michigan Ohio Michigan Ohio 
ln(Total Taxable Value) 0.244** 0.094* 0.232** –0.553** 0.385** 0.656** 
 (0.036) (0.038) (0.039) (0.061) (0.115) (0.039) 
ln(Total Taxable Value) 0.006* –0.004 0.010** 0.021* –0.009 –0.012** 
*Great Recession (0.003) (0.006) (0.003) (0.009) (0.008) (0.004) 
R-squared 0.99 0.97 0.99 0.94 0.97 0.99 
Observations 4,659 4,824 4,659 4,824 4,656 4,824 

Notes: Dependent variables are natural logs of the listed revenue variables. Each specification contains year and Panel B includes school district fixed effects. Robust standard errors, clustered at the school district level, given in parentheses.

**Statistically significant at the 1% level; *statistically significant at the 5% level.

Close Modal

or Create an Account

Close Modal
Close Modal