GMM Estimation of Empirical Growth Models.
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 su...
| Main Authors: | , , |
|---|---|
| Format: | Working paper |
| Language: | English |
| Published: |
CEPR
2001
|