A fast, easy, and efficient estimator for the trade flux between heterogeneous economies
Compared to time-series or cross-section analyses, panel data allow us to control for individual specific characteristics - possibly unobservable - which may be correlated with certain explanatory variables in the specification of an economic relationship. Not controlling for unobservables leads to obtaining biased results. After controlling for such unobservable characteristics, we calculate efficient estimates of a trade flux equation between heterogeneous economies.
|Date of creation:||05 Mar 2007|
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- Peter Egger, .
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WIFO Working Papers
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"Controlling for heterogeneity in gravity models of trade and integration,"
1999-010, Federal Reserve Bank of St. Louis.
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