Table 11. City fixed effects results

||(1)|(2)|(3)|(4)|(5)||
|---|---|---|---|---|---|---|
||Dispersion|Volatility|PT magnitude|PT speed|PT asymmetry||
|**City FE (Mexico City ex**|**cluded)**||||||
|Mexicali|‐3.017***|2.120***|‐0.054***|0.156***|0.023***|N|
|Tijuana|‐2.569***|1.772***|0.052***|0.162***|0.049***|ort|
|La Paz|‐1.514***|0.621***|‐0.170***|0.175***|0.008|hern|
|Cd. Acuna|‐2.107***|1.230***|0.021*|0.056***|‐0.030***|bo|
|Cd. Juarez|‐1.433***|0.537***|‐0.057***|0.090***|‐0.026***|rde|
|Matamoros|‐1.962***|1.651***|0.009|0.094***|0.080***|r|
|Tepic|‐3.247***|0.164*|‐0.025***|0.098***|‐0.005|No|
|Culiacan|‐3.741***|0.861***|‐0.003|0.079***|0.014*|rth|
|Hermosillo|‐2.412***|1.670***|0.013|0.176***|0.027***|wes|
|Huatabampo|‐3.673***|1.120***|‐0.158***|0.204***|0.079***|t|
|Torreon|‐2.440***|2.037***|‐0.023***|0.084***|0.023***||
|Monclova|1.807***|‐0.205*|‐0.088***|0.007|‐0.077***||
|Chihuahua|‐0.911***|‐1.189***|‐0.067***|0.060***|0.092***|N|
|Jimenez|‐4.066***|1.400***|0.061***|0.117***|0.079***|orth|
|Durango|‐3.174***|1.361***|‐0.009|0.084***|0.130***|eas|
|Monterrey|‐0.924***|2.123***|0.051***|0.078***|0.001|t|
|Tampico|‐1.968***|1.897***|‐0.167***|0.122***|‐0.014***||
|Fresnillo|‐6.696***|0.719***|0.004|0.146***|0.058***||
|Aguascalientes|‐2.149***|0.979***|‐0.009|0.081***|0.006||
|Colima|‐3.848***|‐1.226***|‐0.049***|0.091***|‐0.036***||
|Leon|‐2.624***|0.639***|‐0.067***|0.051***|0.025***||
|Cortazar|‐6.113***|‐0.501***|‐0.031***|0.056***|‐0.058***|Cen|
|Guadalajara|‐1.109***|‐0.142***|‐0.030***|0.038***|0.008*|ter‐|
|Tepatitlan|‐9.216***|‐0.400***|‐0.058***|0.079***|‐0.033***|No|
|Morelia|‐4.830***|0.408***|‐0.038***|0.105***|0.056***|rth|
|Jacona|‐8.472***|‐0.685***|‐0.071***|0.056***|‐0.089***||
|Queretaro|‐3.014***|0.747***|‐0.042***|0.103***|0.011*||
|San Luis Potosi|‐3.310***|1.210***|0.067***|0.083***|0.040***||
|Acapulco<br>|‐3.169***<br>|‐0.364***<br>|‐0.027***<br>|0.074***<br>|0.034***<br>||
|Iguala|‐6.064***|1.174***|‐0.032***|0.179***|0.118***||
|Tulancingo|‐6.413***|‐0.530***|‐0.058***|0.050***|0.074***||
|Toluca|‐2.362***|‐0.328***|‐0.057***|0.078***|‐0.022***|Ce|
|Cuernavaca|‐5.639***|0.712***|‐0.061***|0.113***|0.028***|nter|
|Puebla|‐3.033***|0.187***|0.040***|0.062***|0.028***|‐So|
|Tlaxcala|‐4.991***|‐0.074|0.027***|0.109***|0.039***|uth|
|Veracruz|‐3.393***|0.134|‐0.099***|0.091***|0.035***||
|Cordoba|‐2.456***|‐0.663***|0.012*|0.054***|0.070***||
|San Andres Tuxtla|‐6.188***|‐1.218***|‐0.058***|0.093***|0.009||
|Campeche|‐2.991***|‐0.353***|‐0.087***|0.081***|0.048***||
|Tapachula|‐4.030***|‐0.534***|‐0.152***|0.136***|0.065***||
|Oaxaca|‐3.405***|0.752***|‐0.048***|0.135***|0.034***|S|
|Tehuantepec|‐4.617***|‐0.702***|‐0.086***|0.156***|0.117***|out|
|Chetumal|‐5.892***|1.248***|‐0.235***|0.133***|0.056***|h|
|Villahermosa|‐3.988***|‐0.648***|‐0.071***|0.091***|0.051***||
|Merida|‐0.039|0.744***|‐0.082***|0.083***|0.046***||
|Constant|15.264***|4.343***|0.178**|0.284***|0.022||
|Observations|412,017|663,508|4,475|4,475|4,475||
|R‐squared|0.149|0.646|0.340|0.238|0.043||
|Clustered standard err|ors by city (not show|n in table). *** p<0|.01, ** p<0.05, * p<0.1||||
|Regressions include ad|ditional controls: Go|od FE, Outlet type F|E for all regressions; Tim|e FE for column|s (1) and (2).||

Tables 11 to 14 show fixed effect results of pooled regressions of the indicators studied in this paper. All regressions include additional controls than the ones shown in the tables, in order to obtain FE results after controlling for other factors that if omitted, may generate noise to the estimations.

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