In this paper,we consider the statistical inference problems for the fixed effect and variance component functions in the two-way classification random effects model with skewnormal errors.Firstly,the exact test stati...In this paper,we consider the statistical inference problems for the fixed effect and variance component functions in the two-way classification random effects model with skewnormal errors.Firstly,the exact test statistic for the fixed effect is constructed.Secondly,using the Bootstrap approach and generalized approach,the one-sided hypothesis testing and interval estimation problems for the single variance component,the sum and ratio of variance components are discussed respectively.Further,the Monte Carlo simulation results indicate that the exact test statistic performs well in the one-sided hypothesis testing problem for the fixed effect.And the Bootstrap approach is better than the generalized approach in the one-sided hypothesis testing problems for variance component functions in most cases.Finally,the above approaches are applied to the real data examples of the consumer price index and value-added index of three industries to verify their rationality and effectiveness.展开更多
Sustained economic growth is a key source of poverty alleviation and growth that is driven more by productivity than the quantity of factors of production is useful for long-term inclusive growth and poverty reduction...Sustained economic growth is a key source of poverty alleviation and growth that is driven more by productivity than the quantity of factors of production is useful for long-term inclusive growth and poverty reduction,which is needed in Sub-Saharan Africa.The paper sought to investigate the relative roles of capital and labour as factors of production and their productivity in the growth process of Sub-Saharan Africa using annual data from 2000 to 2018.A production function was estimated,following the construction of data for capital stock using the perpetual inventory method.The production function was estimated by applying the instrumental variables(IV)to the two-way fixed effects model,using clustered standard errors.The results show that the share of capital and labour in production were 0.14 and 0.86 respectively.Capital,labour and their productivity contributed 24.7%,51.1%and 24.2%respectively to real GDP growth during the period 2001 to 2018.Further efforts in building the productivity of capital and labour are therefore required in Sub-Saharan Africa.Building good governance,the legal framework,political stability,expanded access to quality education and affordable quality healthcare,greater openness towards technological progress are therefore imperative.展开更多
When some of the regressors in a panel data model are correlated with the random individual effects,the random effect(RE)estimator becomes inconsistent while the fixed effect(FE)estimator is consistent.Depending on th...When some of the regressors in a panel data model are correlated with the random individual effects,the random effect(RE)estimator becomes inconsistent while the fixed effect(FE)estimator is consistent.Depending on the various degree of such correlation,we can combine the RE estimator and FE estimator to form a combined estimator which can be better than each of the FE and RE estimators.In this paper,we are interested in whether the combined estimator may be used to form a combined forecast to improve upon the RE forecast(forecast made using the RE estimator)and the FE forecast(forecast using the FE estimator)in out-of-sample forecasting.Our simulation experiment shows that the combined forecast does dominate the FE forecast for all degrees of endogeneity in terms of mean squared forecast errors(MSFE),demonstrating that the theoretical results of the risk dominance for the in-sample estimation carry over to the out-of-sample forecasting.It also shows that the combined forecast can reduce MSFE relative to the RE forecast for moderate to large degrees of endogeneity and for large degrees of heterogeneity in individual effects.展开更多
基金supported by National Social Science Foundation of China(21BTJ068)。
文摘In this paper,we consider the statistical inference problems for the fixed effect and variance component functions in the two-way classification random effects model with skewnormal errors.Firstly,the exact test statistic for the fixed effect is constructed.Secondly,using the Bootstrap approach and generalized approach,the one-sided hypothesis testing and interval estimation problems for the single variance component,the sum and ratio of variance components are discussed respectively.Further,the Monte Carlo simulation results indicate that the exact test statistic performs well in the one-sided hypothesis testing problem for the fixed effect.And the Bootstrap approach is better than the generalized approach in the one-sided hypothesis testing problems for variance component functions in most cases.Finally,the above approaches are applied to the real data examples of the consumer price index and value-added index of three industries to verify their rationality and effectiveness.
文摘Sustained economic growth is a key source of poverty alleviation and growth that is driven more by productivity than the quantity of factors of production is useful for long-term inclusive growth and poverty reduction,which is needed in Sub-Saharan Africa.The paper sought to investigate the relative roles of capital and labour as factors of production and their productivity in the growth process of Sub-Saharan Africa using annual data from 2000 to 2018.A production function was estimated,following the construction of data for capital stock using the perpetual inventory method.The production function was estimated by applying the instrumental variables(IV)to the two-way fixed effects model,using clustered standard errors.The results show that the share of capital and labour in production were 0.14 and 0.86 respectively.Capital,labour and their productivity contributed 24.7%,51.1%and 24.2%respectively to real GDP growth during the period 2001 to 2018.Further efforts in building the productivity of capital and labour are therefore required in Sub-Saharan Africa.Building good governance,the legal framework,political stability,expanded access to quality education and affordable quality healthcare,greater openness towards technological progress are therefore imperative.
文摘When some of the regressors in a panel data model are correlated with the random individual effects,the random effect(RE)estimator becomes inconsistent while the fixed effect(FE)estimator is consistent.Depending on the various degree of such correlation,we can combine the RE estimator and FE estimator to form a combined estimator which can be better than each of the FE and RE estimators.In this paper,we are interested in whether the combined estimator may be used to form a combined forecast to improve upon the RE forecast(forecast made using the RE estimator)and the FE forecast(forecast using the FE estimator)in out-of-sample forecasting.Our simulation experiment shows that the combined forecast does dominate the FE forecast for all degrees of endogeneity in terms of mean squared forecast errors(MSFE),demonstrating that the theoretical results of the risk dominance for the in-sample estimation carry over to the out-of-sample forecasting.It also shows that the combined forecast can reduce MSFE relative to the RE forecast for moderate to large degrees of endogeneity and for large degrees of heterogeneity in individual effects.
基金supported by the Science and Technology Research Program of Chongqing Education Commission(Grant No.KJZD-M202100801)the Fifth Batch of Excellent Talent Support Program of Chongqing Colleges and University(Grant No.68021900601)+4 种基金the Natural Science Foundation of CQ CSTC(Grant No.cstc.2018jcyjA2073)the Program for the Chongqing Statistics Postgraduate Supervisor Team(Grant No.yds183002)the Chongqing Social Science Plan Project(Grant No.2019WT59)the Open Project from Chongqing Key Laboratory of Social Economy and Applied Statistics(Grant No.KFJJ2018066)the Mathematic and Statistics Team from Chongqing Technology and Business University(Grant No.ZDPTTD201906).
