This paper reviews the cross-country record of economic growth, using as organizing framework how economic theory has guided that empirical analysis. The paper argues that recent studies of economic growth - both empirical and theoretical - distinguish from previous work in three distinct ways:...

This paper reviews the cross-country record of economic growth, using as organizing framework how economic theory has guided that empirical analysis. The paper argues that recent studies of economic growth—both empirical and theoretical—distinguish from previous work in three distinct...

We consider a new method to estimate causal effects when a treated unit suffers a shock or an intervention, such as a policy change, but there is not a readily available control group or counterfactual. We propose a two-step approach where in the first stage an artificial counterfactual is...

Recently, there has been a growing interest in developing econometric tools to conduct counterfactual analysis with aggregate data when a “treated” unit suffers an intervention, such as a policy change, and there is no obvious control group. Usually, the proposed methods are based on the...

This paper reviews recent developments in nonparametric identi.cation of mea- surement error models and their applications in applied microeconomics, in particular, in empirical industrial organization and labor economics. Measurement error models describe mappings from a latent distribution to...

We consider a new, flexible and easy-to-implement method to estimate the causal effects of an intervention on a single treated unit when a control group is not available and which nests previous proposals in the literature. It is a two-step methodology where in the first stage, a counterfactual...

In this paper, we study the asymptotic distributions for least-squares (OLS), fully modified (FM), and dynamic OLS (DOLS) estimators in cointegrated regression models in panel data. We show that the OLS, FM, and DOLS estimators are all asymptotically normally distributed. However, the asymptotic...

The problems of how to evaluate and compare the quality of models formed from panel data are discussed. Using the lessons learnt from the valuation of time series models using post-sample forecasting a variety of tests are suggested using several out-of-sample parts of a panel data set, but...

This study provides new mechanisms for identifying and estimating explosive bubbles in mixed-root panel autoregressions with a latent group structure. A post-clustering approach is employed that combines a recursive $k$-means clustering algorithm with panel-data test statistics for testing the...

Understanding the income/GDP and price elasticities of electricity demand is important for forecasting demand and evaluation of the potential impact of policies. Yet, there has been little work on this topic that focuses on countries outside the OECD. We employ a new database of cross-country...