Got some result for my reserve paper.

The paper was presented in MPSA2014 and ISA2014. But I had been just sitting on it until recently. The tenure anxiety got me re-working on it. After a number of hiccups (such as finding nonstationarity in the data because I forgot to consider the trend; yeah, shame on me), now I got a pretty robust result (translation: robust to FE :)).

Here's the marginal effect graph:

I will come back to this when the theory is ``calibrated''.