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st: Year dummies in panel regs (Econometrics question)


From   "Narahari H.S." <naraharihs@yahoo.co.in>
To   statalist <statalist@hsphsun2.harvard.edu>
Subject   st: Year dummies in panel regs (Econometrics question)
Date   Sun, 22 Jul 2012 12:45:32 +0800 (SGT)

Hello all,

This is not a Stata specific question but a general econometrics question.

I am curious to know why year dummies are included in panel regressions. I have asked a few professors and googled a bit but the only answer I get is "to capture unobserved year effects". Is that all there is to it or is there any other reason why they are included? Also, what is the mistake in not including them in the regression model?

Thanks in advance
Hari

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