G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3068
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
URLhttps://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.
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