Growth rate convergence, fact or artifact? An essay on panel data econometrics / Marc Nerlove -- Do panel data rescue the purchasing power parity (PPP) theory? / G.S. Maddala, Shaowen Wu and Peter C. Liu -- Neglected heterogeneity and dynamics in cross-country savings regressions / Nadeem U....

This paper presents a class of robust estimators for linear and non-linear simultaneous equations models, which are a direct generalization of the maximum likelihood estimator. The new estimators are obtained as solutions of a generalized likelihood equation. They are resistant to deviations...