Initial conditions and Blundell–Bond estimators
初始条件与 Blundell–Bond 估计量
We place the Blundell–Bond paper in the context of the early development of panel data estimators that accounted for unobserved heterogeneity, dynamics and persistent economic series. The initial work focused on appropriate econometric methods to estimate dynamic models using unbalanced panel data with many firms and/or individuals but covering a small number of time periods. Eliminating the unobserved firm-specific ‘fixed’ effects by taking first-differences and using as…