Calderón, César; Moral-Benito, Enrique; Servén, Luis - Banco de España - 2011
group (PMG) estimator, which allows for unrestricted short-run parameter heterogeneity across countries while imposing the … robust to alternative dynamic specifications and infrastructure measures. There is little evidence of long-run parameter … heterogeneity across countries, whether heterogeneity is unconditional, or conditional on their level of development, population …