An Overview of Panel Data Analysis in Statistical and Econometric Research (Review)
DOI:
https://doi.org/10.62933/skqedv73Keywords:
PR Model , FE Model , RE Model , GMM Estimator , MG Estimator, PMG EstimatorAbstract
Panel data combine features of both time series and cross-sectional data. Data on many economic or social units are observed in more than one time period. This framework enables the analysis of both within unit processes and between-unit heterogeneity, increases the efficiency of the estimations, and improves the fit of economic and statistical models. There are two essential types of panel data models: static panel models and dynamic panel models. Static models consider the dependent variable to be independent of its own past values, meaning that it does not contain any extrinsic dynamics. They are most commonly applied when there is no explicit time dependence to the phenomena of interest.
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