17 In the GDP regressions, log yields have a positive coefficient on the second stage, but only weakly significant (when Jordan is excluded).
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Fertilizing growth: Agricultural inputs and their effects in economic development.
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Even when adding these global oil price and exchange rate controls, the instrument continues to be highly significant and consistent in the first stage in column VI, despite there being an association between global oil price (decayed by distance) and fertilizer usage.
We show in the robustness section that specifying yields in logs or using the log of agricultural value added per worker instead leads to results that are consistent but only marginally statistically significant.