how can I do it considering a time-series model?
I`m interested in individual and common trends for GrossProduct,
InterestRate and Population
thanks
> On Feb 4, 2006, at 4:29 PM, Cornelia Schmidt wrote:
>
>> I know it is a basic question, but it would be great if you could help
>> me.
>> I have a panel dataset for a sample of 50 countries over a period of
>> 40 years.
>>
>> How can I test if there is a time trend in the data and how can I
>> correct for it?
>
> Individual trends or common? Deterministic or stochastic? Linear or
> otherwise? You'll need to provide a bit more information to get an
> appropriate answer to your question. While you could simply dummy for
> years, that may be effectively throwing away useful information in the
> time domain (certainly year dummies won't help identify a time trend);
> with T = 40 as you have, you may want to consider an explicit model of
> the time-series process(es) contributing to your data generation
> process. Hope that helps.
>
> -- Mike
>
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