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Interpretation of coefficients in gravity model using PPML (dummies)

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Hello,

I was wondering if anybody could help me how to interpret the coefficients of my gravity equation. I have used the ppml for estimation with time and country fixed effects and specifically i am trying to estimate the effect of the single market. MY model:
ppml rtrade log_distance loggdp_imp loggdp_eks colony comlang_off contig EEA aar_* ex_dum_* , cluster(dist)

aar_* is time fixed effects ex_dum_* is country fixed effects.
rtrade is the trade volume in mio. US$ in levels!
log_distance, loggdp_eks loggdp_imp are distance, GDP for exporter and GDP for importer country, all three are ing log.
EEA is my FTA dummy, with the value 1 if both countries are a member for the single market.
colony, comlang_off and contig are dummies (former colony, common official language and common border)

result after running my model:

rtrade = -0,38*log_distance + 0,85*loggdp_imp + 0,38*loggdp_eks +1,14*colony - 0,40*comlang_off - 0,5*contig + 0,6*EEA

So i know that interpreting a dummy you need to say: (e^beta-1)*100 = xx % meaning fx. beta for EEA variable is 0,6, so (e^0,6-1)*100 = 82 %, so being in the EEA increases trade by 82 %.
BUT my question is what it the coefficient is negative!? fx. comlang_off variable the coefficient is -0,4, implying a negative effect, BUT interpretation: (e^-0,4-1)*100 = 25 %, so is the effect positive or negative??

I'm so lost and hope somebody can help as i am defending my thesis and have become totally confused...

Best Julia



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