Log: F:\Roger-Australia\Robustness-1\Algeria-Barbados Exports log

> stralia"

. tsset ccode year

panel variable: ccode, 117100 to 725980

time variable: year, 1991 to 2000
.

. **I. Aggregate Exports

. xtgls lrexp limmig lgdp lgdpau lgdpdfrationew lpopau lpop lxrate1 l

> remote ldist lopen english white lwhitemg, igls panels(hetero)corr(psar1)nolo

> g

Cross-sectional time-series FGLS regression

Panels: heteroskedastic

Correlation: panel-specific AR(1)
Estimated covariances = 100 Number of obs = 1000

Estimated autocorrelations = 100 Number of groups = 100

Estimated coefficients = 14 Time periods = 10

Wald chi2(13) = 6256.67

Log likelihood = -1016.197 Prob > chi2 = 0.0000
------------------------------------------------------------------------------

lrexp | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

limmig | .5357224 .0390248 13.73 0.000 .4592352 .6122096

lgdp | 1.06342 .0387929 27.41 0.000 .9873873 1.139453

lgdpau | -3.138085 .8697159 -3.61 0.000 -4.842697 -1.433473

lgdpdfrati~w | -1.773783 .3365733 -5.27 0.000 -2.433455 -1.114112

lpopau | 3.801153 3.033734 1.25 0.210 -2.144857 9.747163

lpop | -.006132 .0421775 -0.15 0.884 -.0887983 .0765344

lxrate1 | .0025011 .0149197 0.17 0.867 -.026741 .0317433

lremote | .1480186 .0871536 1.70 0.089 -.0227994 .3188365

ldist | -1.402664 .1468459 -9.55 0.000 -1.690477 -1.114852

lopen | .944815 .0807348 11.70 0.000 .7865776 1.103052

english | .1465628 .0903981 1.62 0.105 -.0306141 .3237398

white | 3.101773 .5677578 5.46 0.000 1.988988 4.214558

lwhitemg | -.3836397 .0514579 -7.46 0.000 -.4844954 -.282784

_cons | 13.83057 28.19986 0.49 0.624 -41.44014 69.10128

------------------------------------------------------------------------------

-------------+---------------------------------------------------------------

limmig | .001523

lgdp | -.000912 .001505

lgdpau | -.003419 .002828 .756406

lgdpdfrati~w | .000788 -.001017 -.024054 .113282

lpopau | .013255 -.011629 -2.59467 .133574 9.20354

lpop | .000093 -.000772 .000849 -.00005 -.006646 .001779

lxrate1 | -.000014 .000184 -.000086 -.000057 .000172 -.000069 .000223

lremote | -.000448 .00118 .004762 -.002564 -.025732 .000119 -.000019

ldist | .003733 -.002681 -.006454 .004431 .017129 .002365 .000396

lopen | -.000645 .000404 .011139 -.001036 -.060128 .000939 -.00012

english | -.000695 .001245 -.002936 .000652 .018593 -.000953 .000495

white | .007405 -.002074 -.008801 -.008717 .010854 .009741 .001368

lwhitemg | -.000828 .000245 .001031 .000397 -.001865 -.000877 -.000114

_cons | -.155356 .117757 23.2031 -1.70733 -84.5003 .054554 -.008272

-------------+---------------------------------------------------------------

lremote | .007596

ldist | .001907 .021564

lopen | .002472 .000531 .006518

english | .000218 .001077 -.003031 .008172

white | .016413 .034424 -.000361 .002619 .322349

lwhitemg | -.001104 -.003457 .000037 .000036 -.028741 .002648

_cons | .194649 -.346271 .667739 -.260785 -.598482 .062609 795.232

. **II. Conservative Estimates

. *2.1. Aggregate reference priced Exports (conservative)

. xtgls lrrefp_cx limmig lgdp lgdpau lgdpdfrationew lpopau lpop lxrate1

> lremote ldist lopen english white lwhitemg, igls panels(hetero)corr(psar1)nol

> og

Panels: heteroskedastic

Correlation: panel-specific AR(1)
Estimated covariances = 100 Number of obs = 1000

Estimated autocorrelations = 100 Number of groups = 100

Estimated coefficients = 14 Time periods = 10

Wald chi2(13) = 5441.81

Log likelihood = -1456.955 Prob > chi2 = 0.0000
------------------------------------------------------------------------------

lrrefp_cx | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

limmig | .363254 .0468181 7.76 0.000 .2714921 .4550158

lgdp | 1.106238 .0700878 15.78 0.000 .9688684 1.243608

lgdpau | -.4367719 .4909556 -0.89 0.374 -1.399027 .5254834

lgdpdfrati~w | -.2106845 .3023666 -0.70 0.486 -.8033121 .3819431

lpopau | 3.345482 1.774225 1.89 0.059 -.1319356 6.8229

lpop | -.0096984 .096536 -0.10 0.920 -.1989054 .1795086

lxrate1 | -.0411511 .0300322 -1.37 0.171 -.1000132 .017711

lremote | -.2155092 .1646436 -1.31 0.191 -.5382047 .1071864

ldist | -3.010429 .3993039 -7.54 0.000 -3.79305 -2.227808

lopen | -.0681666 .0542846 -1.26 0.209 -.1745626 .0382293

english | .5136397 .1866163 2.75 0.006 .1478786 .8794009

white | 7.452266 1.125933 6.62 0.000 5.245478 9.659055

lwhitemg | -.8218553 .1204268 -6.82 0.000 -1.057887 -.5858232

_cons | -35.73073 17.99403 -1.99 0.047 -70.99838 -.4630722

------------------------------------------------------------------------------

-------------+---------------------------------------------------------------

limmig | .002192

lgdp | -.001722 .004912

lgdpau | .001216 -.001864 .241037

lgdpdfrati~w | -.002023 .003365 -.024293 .091426

lpopau | -.005089 .004832 -.837696 .108814 3.14788

lpop | -.00007 -.005053 .00405 -.00145 -.02077 .009319

lxrate1 | .000121 .000382 .000614 .002687 -.006442 -.000542 .000902

lremote | .000079 .000462 -.021817 .002391 .092074 -.003679 .00059

ldist | .00942 -.010159 .003296 .001685 -.027837 .00461 .001967

lopen | .000075 -.000327 .00261 .001169 -.011615 .001201 -.00039

english | -.001264 -.001211 .005972 .004697 -.046485 .003457 .00169

white | .011059 -.027388 .024094 -.004757 -.156573 .034472 .001736

lwhitemg | -.001581 .002139 -.004618 .000664 .022858 -.00225 -.00012

_cons | -.007861 .034291 7.73097 -1.35237 -30.6416 .198085 .059979

-------------+---------------------------------------------------------------

lremote | .027108

ldist | .004123 .159444

lopen | -.002211 .000962 .002947

english | -.004531 .001339 -.000739 .034826

white | -.01221 .053958 .002958 .041087 1.26773

lwhitemg | .004071 -.007088 -.00064 -.00202 -.130118 .014503

_cons | -1.19231 -1.08463 .124675 .597628 1.55595 -.230696 323.785

. *2.2. Aggregate Differentiated Exports (conservative)

. xtgls lrdiff_cx limmig lgdp lgdpau lgdpdfrationew lpopau lpop lxrate1

> lremote ldist lopen english white lwhitemg, igls panels(hetero)corr(psar1)nol

> og

Cross-sectional time-series FGLS regression

Panels: heteroskedastic

Correlation: panel-specific AR(1)
Estimated covariances = 100 Number of obs = 1000

Estimated autocorrelations = 100 Number of groups = 100

Estimated coefficients = 14 Time periods = 10

Wald chi2(13) = 3502.57

Log likelihood = -1554.216 Prob > chi2 = 0.0000
------------------------------------------------------------------------------

lrdiff_cx | Coef. Std. Err. z P>|z| [95% Conf. Interval]

limmig | .4456416 .0548647 8.12 0.000 .3381087 .5531745

lgdp | 1.05764 .0650759 16.25 0.000 .9300941 1.185187

lgdpau | 2.402993 2.036362 1.18 0.238 -1.588203 6.394189

lgdpdfrati~w | -2.308972 .8182524 -2.82 0.005 -3.912717 -.7052266

lpopau | -8.361541 7.010657 -1.19 0.233 -22.10218 5.379095

lpop | -.113785 .0841337 -1.35 0.176 -.278684 .0511141

lxrate1 | -.0795353 .0286574 -2.78 0.006 -.1357028 -.0233678

lremote | -.1079735 .2066724 -0.52 0.601 -.513044 .2970969

ldist | -2.326125 .2373201 -9.80 0.000 -2.791264 -1.860986

lopen | .0535266 .089206 0.60 0.548 -.1213139 .228367

english | .7565226 .1844847 4.10 0.000 .3949391 1.118106

white | 2.571554 1.141766 2.25 0.024 .3337329 4.809374

lwhitemg | -.2524341 .1037534 -2.43 0.015 -.4557872 -.0490811

_cons | 81.33365 64.5076 1.26 0.207 -45.09892 207.7662

------------------------------------------------------------------------------

. vce
| limmig lgdp lgdpau lgdpdf~w lpopau lpop lxrate1

-------------+---------------------------------------------------------------

limmig | .00301

lgdp | -.001921 .004235

lgdpau | -.002485 .005892 4.14677

lgdpdfrati~w | -.003472 .00194 -.201645 .669537

lpopau | .007664 -.029846 -14.0616 .945786 49.1493

lpop | -7.7e-06 -.003798 -.001448 .000794 .011033 .007078

lxrate1 | .000248 .000571 .001034 -.000352 -.008249 -.000991 .000821

lremote | .004506 -.001748 .004622 -.007026 -.039744 -.001681 .00123

ldist | .006853 -.005496 -.005544 .012127 .009206 .001922 .003057

lopen | -.000223 .000979 .015633 .003273 -.078877 .000604 -.000011

english | -.003353 .001799 -.001232 .009533 .016737 -.002165 .001013

white | .020247 -.019807 .037715 -.125115 -.172268 .010212 .002444

lwhitemg | -.001847 .00132 -.003137 .010606 .01411 -.000211 -.000155

_cons | -.139547 .380071 124.617 -11.1977 -446.911 -.171381 .068252

-------------+---------------------------------------------------------------

lremote | .042713

ldist | .022871 .056321

lopen | .004737 .001155 .007958

english | -.015857 .001118 -.003775 .034035

white | .079497 .031728 -.002364 -.012898 1.30363

lwhitemg | -.004652 -.000797 .000335 .001177 -.115088 .010765

_cons | -.005232 -.714862 .819738 -.12922 1.13278 -.127411 4161.23

. *2.3. Aggregate Homogenous Exports (conservative)

. xtgls lrhomo_cx limmig lgdp lgdpau lgdpdfrationew lpopau lpop lxrate1

> lremote ldist lopen english white lwhitemg, igls panels(hetero)corr(psar1)nol

> og

Cross-sectional time-series FGLS regression

Panels: heteroskedastic

Correlation: panel-specific AR(1)
Estimated covariances = 100 Number of obs = 1000

Estimated autocorrelations = 100 Number of groups = 100

Estimated coefficients = 14 Time periods = 10

Wald chi2(13) = 1953.42

Log likelihood = -1621.758 Prob > chi2 = 0.0000
------------------------------------------------------------------------------

lrhomo_cx | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

limmig | .4689931 .0537015 8.73 0.000 .3637401 .5742461

lgdp | .9624427 .0965386 9.97 0.000 .7732304 1.151655

lgdpau | -.0067957 1.124622 -0.01 0.995 -2.211014 2.197423

lgdpdfrati~w | -.3031055 .475671 -0.64 0.524 -1.235403 .6291925

lpopau | -6.305624 3.84712 -1.64 0.101 -13.84584 1.234592

lpop | .1318384 .1082324 1.22 0.223 -.0802932 .34397

lxrate1 | .0680498 .0371513 1.83 0.067 -.0047655 .1408651

lremote | -1.140578 .2315617 -4.93 0.000 -1.59443 -.686725

ldist | -1.654223 .5027341 -3.29 0.001 -2.639564 -.6688825

lopen | .0776649 .0990323 0.78 0.433 -.1164349 .2717646

english | .8899772 .3030661 2.94 0.003 .2959785 1.483976

white | 11.37588 2.564303 4.44 0.000 6.349934 16.40182

lwhitemg | -1.357203 .2735518 -4.96 0.000 -1.893355 -.8210517

_cons | 109.0541 36.21138 3.01 0.003 38.08108 180.0271

------------------------------------------------------------------------------

-------------+---------------------------------------------------------------

limmig | .002884

lgdp | -.003085 .00932

lgdpau | .005651 -.01081 1.26477

lgdpdfrati~w | -.003649 .007386 -.059185 .226263

lpopau | -.021734 .024372 -4.20113 .299753 14.8003

lpop | .000305 -.005837 .000717 -.002755 -.002259 .011714

lxrate1 | -.000144 .001146 .002824 .00274 -.018381 -.001369 .00138

lremote | .000459 .008813 -.037279 .012082 .099971 -.007109 .000642

ldist | .015359 -.012324 .02274 -.005553 -.143552 .013349 .00225

lopen | .000047 -.001157 -.020618 .006501 .048869 .0022 -.00026

english | -.002642 .003568 .018876 .004796 -.089594 .005905 .003001

white | .009616 -.02297 .103796 -.014096 -.475261 .03472 .004883

lwhitemg | -.001119 .00152 -.011529 .001728 .051958 -.002881 -.000316

_cons | .114843 -.191812 36.8453 -3.8236 -135.458 -.094876 .19255

-------------+---------------------------------------------------------------

lremote | .053621

ldist | .027936 .252742

lopen | .001993 -.001149 .009807

english | -.015459 .013602 -.004094 .091849

white | -.01158 .053399 -.000449 .127014 6.57565

lwhitemg | .002718 -.006818 .000441 -.012966 -.696697 .074831

_cons | -1.5062 -.885233 -.282366 .800595 4.6329 -.498603 1311.26

. **III. Liberal Estimates

. *3.1. Aggregate reference priced Exports (liberal)

. xtgls lrrefp_lx limmig lgdp lgdpau lgdpdfrationew lpopau lpop lxrate1

> lremote ldist lopen english white lwhitemg, igls panels(hetero)corr(psar1)nol

> og

Panels: heteroskedastic

Correlation: panel-specific AR(1)
Estimated covariances = 100 Number of obs = 1000

Estimated autocorrelations = 100 Number of groups = 100

Estimated coefficients = 14 Time periods = 10

Wald chi2(13) = 2151.73

Log likelihood = -1456.778 Prob > chi2 = 0.0000
------------------------------------------------------------------------------

lrrefp_lx | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

limmig | .3691254 .0477108 7.74 0.000 .2756139 .4626368

lgdp | .9047743 .0811349 11.15 0.000 .7457528 1.063796

lgdpau | -.2427933 .4874152 -0.50 0.618 -1.198109 .7125229

lgdpdfrati~w | .1855574 .2413467 0.77 0.442 -.2874734 .6585882

lpopau | -2.5796 1.726721 -1.49 0.135 -5.963912 .8047112

lpop | .1744112 .1005157 1.74 0.083 -.022596 .3714185

lxrate1 | -.0123154 .0273608 -0.45 0.653 -.0659415 .0413108

lremote | -.228064 .1584515 -1.44 0.150 -.5386233 .0824952

ldist | -2.276439 .4744732 -4.80 0.000 -3.20639 -1.346489

lopen | .0374578 .049966 0.75 0.453 -.0604737 .1353893

english | .9860901 .2445177 4.03 0.000 .5068442 1.465336

white | 11.0393 2.089064 5.28 0.000 6.944808 15.13379

lwhitemg | -1.100753 .2044944 -5.38 0.000 -1.501554 -.6999508

_cons | 51.56151 17.33686 2.97 0.003 17.58188 85.54114

------------------------------------------------------------------------------

-------------+---------------------------------------------------------------

limmig | .002276

lgdp | -.002371 .006583

lgdpau | .001364 -.003629 .237574

lgdpdfrati~w | -.001825 .004384 -.023897 .058248

lpopau | -.006876 .013237 -.817836 .100924 2.98157

lpop | .000665 -.005801 .004932 -.003548 -.024911 .010103

lxrate1 | .000122 .000086 .00153 .001509 -.008178 -.000222 .000749

lremote | .000754 .000215 -.020413 .002061 .077508 -.003115 .000074

ldist | .00731 -.010784 .002161 -.001505 -.023556 .008061 .002385

lopen | -.000051 .000052 .001949 .000961 -.009105 .000669 -.000127

english | -.001927 -.000299 .009772 .003476 -.034432 .001524 .001902

white | .00958 -.029089 .02346 -.006685 -.142745 .036072 .009941

lwhitemg | -.001153 .001934 -.003509 .000503 .018551 -.002297 -.000889

_cons | .034655 -.07358 7.50872 -1.15294 -28.4132 .206618 .068091

-------------+---------------------------------------------------------------

lremote | .025107

ldist | .010448 .225125

lopen | -.001456 -.000574 .002497

english | -.007437 .024288 -.000288 .059789

white | .031923 -.175876 -.00445 .020971 4.36419

lwhitemg | -.001053 .018601 .000197 -.000041 -.422866 .041818

_cons | -1.03222 -1.85047 .107839 .11159 3.14495 -.382795 300.567

. *3.2. Aggregate Differentiated Exports (liberal)

. xtgls lrdiff_lx limmig lgdp lgdpau lgdpdfrationew lpopau lpop lxrate1

> lremote ldist lopen english white lwhitemg, igls panels(hetero)corr(psar1)nol

> og

Cross-sectional time-series FGLS regression

Panels: heteroskedastic

Correlation: panel-specific AR(1)
Estimated covariances = 100 Number of obs = 1000

Estimated autocorrelations = 100 Number of groups = 100

Estimated coefficients = 14 Time periods = 10

Wald chi2(13) = 3234.93

Log likelihood = -1572.919 Prob > chi2 = 0.0000
------------------------------------------------------------------------------

lrdiff_lx | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

limmig | .4186405 .0580011 7.22 0.000 .3049603 .5323206

lgdp | 1.163905 .0729922 15.95 0.000 1.020843 1.306967

lgdpau | 2.263686 2.118892 1.07 0.285 -1.889267 6.416639

lgdpdfrati~w | -2.47285 .8233741 -3.00 0.003 -4.086634 -.8590664

lpopau | -8.145993 7.293639 -1.12 0.264 -22.44126 6.149278

lpop | -.2375019 .0872077 -2.72 0.006 -.4084259 -.0665779

lxrate1 | -.0385346 .0291178 -1.32 0.186 -.0956045 .0185352

lremote | .0717314 .2041069 0.35 0.725 -.3283108 .4717735

ldist | -2.249558 .2381598 -9.45 0.000 -2.716342 -1.782773

lopen | .0987378 .1009365 0.98 0.328 -.0990941 .2965696

english | .8488649 .20194 4.20 0.000 .4530697 1.24466

white | 2.828485 1.158229 2.44 0.015 .5583967 5.098572

lwhitemg | -.264882 .1056756 -2.51 0.012 -.4720023 -.0577616

_cons | 78.73105 67.12622 1.17 0.241 -52.83391 210.296

------------------------------------------------------------------------------

-------------+---------------------------------------------------------------

limmig | .003364

lgdp | -.002547 .005328

lgdpau | -.003411 .00704 4.48971

lgdpdfrati~w | -.003691 .003443 -.210425 .677945

lpopau | .012003 -.036986 -15.2165 .955836 53.1972

lpop | .000727 -.004743 -.001864 -.001871 .014402 .007605

lxrate1 | .00007 .000808 .001015 .000675 -.009144 -.001212 .000848

lremote | .004038 -.001335 .002212 -.004341 -.03433 -.000592 .000994

ldist | .007046 -.005447 -.007691 .013175 .014047 .002249 .0025

lopen | -.000346 .001284 .016725 .00419 -.090231 .000752 2.4e-06

english | -.005023 .003834 .001159 .012115 .006375 -.003578 .001312

white | .019075 -.021569 .031215 -.121137 -.127828 .013659 .000049

lwhitemg | -.001782 .001498 -.002671 .010462 .010432 -.000482 .000064

_cons | -.183147 .455564 134.816 -11.1688 -483.802 -.21629 .089053

-------------+---------------------------------------------------------------

lremote | .04166

ldist | .023386 .05672

lopen | .005737 .001446 .010188

english | -.017185 -.000318 -.004549 .04078

white | .074872 .008681 -.004111 -.021482 1.3415

lwhitemg | -.004421 .001398 .000525 .00213 -.119028 .011167

_cons | -.052368 -.752647 .960537 -.015142 .822961 -.102353 4505.93

. *3.3. Aggregate Homogenous Exports (liberal)

. xtgls lrhomo_lx limmig lgdp lgdpau lgdpdfrationew lpopau lpop lxrate1

> lremote ldist lopen english white lwhitemg, igls panels(hetero)corr(psar1)nol

> og

Cross-sectional time-series FGLS regression

Panels: heteroskedastic

Correlation: panel-specific AR(1)
Estimated covariances = 100 Number of obs = 1000

Estimated autocorrelations = 100 Number of groups = 100

Estimated coefficients = 14 Time periods = 10

Wald chi2(13) = 2996.51

Log likelihood = -1546.101 Prob > chi2 = 0.0000
------------------------------------------------------------------------------

lrhomo_lx | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

limmig | .5674274 .0437583 12.97 0.000 .4816628 .653192

lgdp | 1.090867 .0665203 16.40 0.000 .9604899 1.221245

lgdpau | -.4696997 .6491049 -0.72 0.469 -1.741922 .8025225

lgdpdfrati~w | -.4393622 .4836532 -0.91 0.364 -1.387305 .5085806

lpopau | 2.058018 2.337262 0.88 0.379 -2.522931 6.638966

lpop | -.1735992 .0834984 -2.08 0.038 -.337253 -.0099455

lxrate1 | -.043061 .030118 -1.43 0.153 -.1020913 .0159693

lremote | -.6905287 .1914649 -3.61 0.000 -1.065793 -.3152645

ldist | -1.997943 .3054545 -6.54 0.000 -2.596623 -1.399263

lopen | .051683 .0705646 0.73 0.464 -.0866212 .1899871

english | .6399975 .2371467 2.70 0.007 .1751985 1.104796

white | 5.452227 2.054324 2.65 0.008 1.425826 9.478628

lwhitemg | -.7493989 .2095815 -3.58 0.000 -1.160171 -.3386267

_cons | -16.47238 23.54443 -0.70 0.484 -62.61861 29.67385

------------------------------------------------------------------------------

-------------+---------------------------------------------------------------

limmig | .001915

lgdp | -.001787 .004425

lgdpau | -.00009 -.003069 .421337

lgdpdfrati~w | -.003367 .003647 -.057856 .23392

lpopau | .000777 .005248 -1.46237 .302183 5.46279

lpop | -.000018 -.003071 .004093 .001027 -.021517 .006972

lxrate1 | -.000331 .00066 .001377 .002788 -.010002 -.00029 .000907

lremote | .001669 .00134 -.028309 .001945 .12068 -.004426 .000091

ldist | .006118 -.008172 -.004527 .001587 -.002429 .010041 .000838

lopen | .000081 -.000842 .000393 .005382 -.005649 .001735 -.000326

english | -.001387 .001516 .015801 .008349 -.098716 .003604 .003095

white | .007509 -.010517 .031766 -.008173 -.219484 .018128 .006864

lwhitemg | -.000667 .000658 -.004188 .001298 .026106 -.001523 -.000507

_cons | -.050284 .01111 13.5559 -3.86664 -53.3615 .153129 .105842

-------------+---------------------------------------------------------------

lremote | .036659

ldist | .015376 .093302

lopen | -.002305 .000889 .004979

english | -.013713 .014745 -.001328 .056239

white | .009447 .054753 -.002943 .069232 4.22025

lwhitemg | .001283 -.004009 .000163 -.006885 -.424946 .043924

_cons | -1.69776 -.881407 .085006 1.08815 2.06904 -.280348 554.34

. *IV. Aggregate NON-Manufacturing Exports (Sum of Sitc0,1,2,3,4)

. xtgls lrxnmf limmig lgdp lgdpau lgdpdfrationew lpopau lpop lxrate1

> lremote ldist lopen english white lwhitemg, igls panels(hetero)corr(psar1)nol