Table 6 presents both 2SLS and 3SLS

Table 6 presents both 2SLS and 3SLS estimation results. These show that, if anything, OLS regressions bias down the size of the coefficient on overshooting*debt. Both two- and three-stage least square estimations produce coefficients (0.030 to 0.044, depending on estimator and sample) that are considerably larger than those obtained from OLS regressions (around 0.025). Other OLS findings, such as the negative impact of ST debt and the positive impact of GDP/capita on the output loss regression, also survive under these alternative estimators.