Question: The data you have used so far is pooled data for seven years (595 observations each). Run the separate models for each year and then test whether pooled model apply to each year using appropriate test.
• Include year dummy variables in your pooled estimation and comment on your results using appropriate tests.
• Does your model suffer from omitted variable bias? What variable you would consider adding and re-estimating the model. Refit the model based on your conclusions. Enrich the results with knowledge you gained studying this subject, economics and quantitative subjects at La Trobe University and overseas.