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If we focus on the estimates made with the packs variable, Table 1 shows that the slope coefficient is equal to -0.747, -0.725, and -0.793, with heteroscedasticity and autocorrelation-consistent (HAC) standard error of 0.150, 0.026 and 0.139, for the three periods 20052021, 20052010 and 20112021, respectively

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And yet The industrys economics remain unusually resilient

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