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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP3068 |
DP3068 Educational Attainment, Labour Market Institutions and the Structure of Production | |
Stephen Nickell; Stephen Redding; Joanna K Swaffield | |
发表日期 | 2001-11-11 |
出版年 | 2001 |
语种 | 英语 |
摘要 | This Paper highlights a problem in using the first-differenced GMM panel data estimator to estimate cross-country growth regressions. When the time series are persistent, the first-differenced GMM estimator can be poorly behaved, since lagged levels of the series provide only weak instruments for subsequent first-differences. Revisiting the work of Caselli, Esquivel and Lefort (1996), we show that this problem may be serious in practice. We suggest using a more efficient GMM estimator that exploits stationarity restrictions and this approach is shown to give more reasonable results than first-differenced GMM in our estimation of an empirical growth model. |
主题 | International Macroeconomics |
关键词 | Convergence Growth Generalized method of moments Weak instruments |
URL | https://cepr.org/publications/dp3068 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532100 |
推荐引用方式 GB/T 7714 | Stephen Nickell,Stephen Redding,Joanna K Swaffield. DP3068 Educational Attainment, Labour Market Institutions and the Structure of Production. 2001. |
条目包含的文件 | 条目无相关文件。 |
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