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This paper evaluates the performance of alternative estimation methods for multiplicative and log models with heteroskedasticity. Contrary to Santos Silva and Tenreyro (2006), the results of a simulation study indicate that the Pseudo Poisson Maximum Likelihood estimator (PPML) is not always the...
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extensive margin when data contain only positive trade flows. We also control for the pervasive presence of heteroscedasticity … heteroscedasticity bias is large and important. -- gravity estimation ; heteroscedasticity in data ; intensive and extensive margin …
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Although economists have long been aware of Jensen's inequality, many econometric applications have neglected an important implication of it: the standard practice of interpreting the parameters of log-linearized models estimated by ordinary least squares as elasticities can be highly misleading...
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