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\begin{table} [h!]
\caption{US Metro area Phillips curve: 1990-2017}
\begin{tabular}{lccccc}
\hline \hline
 & (1) & (2) & (3) & (4) & (5) \\
Regression & Pooled & Metro FE & Year FE & Both FE & Both FE \\  
 & OLS & OLS & OLS & OLS & 2SLS \\ \hline
 &  &  &  &  &  \\
Unemployment rate & -0.148*** & -0.162*** & -0.272*** & -0.379*** & -0.522*** \\
 & [0.017] & [0.019] & [0.036] & [0.052] & [0.107] \\
 &  &  &  &  &  \\
Inflation expectations & 0.599*** & 0.589*** & 0.259* & 0.225 & 0.214 \\
 & [0.057] & [0.059] & [0.147] & [0.141] & [0.140] \\
 &  &  &  &  &  \\
Core CPI inflation &  &  &  &  &  \\
\multicolumn{1}{r}{\textit{First lag}} & 0.359*** & 0.371*** & 0.122*** & 0.105*** & 0.074** \\
 & [0.036] & [0.036] & [0.035] & [0.034] & [0.033] \\
 &  &  &  &  &  \\
Observations & 1,569 & 1,525 & 1,525 & 1,525 & 1,525 \\
R-squared & 0.316 & 0.350 & 0.450 & 0.487 & 0.481 \\
Metro area FE & No & Yes & No & Yes & Yes \\
Year FE & No & No & Yes & Yes & Yes \\
Seasonal dummies & Yes & Yes & Yes & Yes & Yes \\ \hline
\multicolumn{6}{c}{ Robust standard errors (clustered by metro area) in brackets} \\
\multicolumn{6}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
\hline \hline
\end{tabular}
\end{table}
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