Transcription of GMM ESTIMATION WITH PERSISTENT PANEL DATA: Key …
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Downloaded By: [University College London] At: 16:01 25 June 2007 ECONOMETRIC REVIEWS, 19(3), 32 1-340 (2000) GMM ESTIMATION WITH PERSISTENT PANEL DATA: AN APPLICATION TO PRODUCTION FUNCTIONS Richard blundell University College London and Institute for Fiscal Studies Stephen Bond Nuffield College, Oxford and Institute for Fiscal Studies Key Words and Phrases: PANEL data; GMM; production functions JEL classification: C23, D24 ABSTRACT This paper considers the ESTIMATION of Cobb-Douglas production functions using PANEL data covering a large sample of companies observed for a small number of time periods.
Downloaded By: [University College London] At: 16:01 25 June 2007 324 BLUNDELL AND BOND The model has a dynamic (common factor) representation subject to two non-linear (common factor) restrictions .ir2 = -7rln5 and T* = -7r37r5.
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