| Biography | |
|---|---|
 Prof. Yong Bao Purdue University, USA |
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| Title: Indirect Inference Estimation of Dynamic Panel Data Models | |
| Abstract: I propose a new estimator that inverts the approximate binding function using the asymptotic bias of the within-groups (WG) estimator in a first-order dynamic panel model with fixed effects under the asymptotic regime of large N and finite T. The new estimator is in the spirit of indirect inference (II) and corrects the inconsistency of the WG estimator. It is simulation-free, does not rely on any distributional assumption on the idiosyncratic error term, and is asymptotically normally distributed. Monte Carlo results indicate that the new estimator performs extremely well in finite samples and beats substantially other consistent estimators. It is also much computationally cheaper compared with the simulation-based estimator. | |
| Biography: Education University of California, Riverside (September 1999 – June 2004) Ph.D. in Economics, June 2004 M.A. in Economics, March 2002 University of International Business and Economics, Beijing, China (September 1994 – July 19998) Bachelor of Economics (with distinction), July 1998 Academic Employment Professor of Economics, Purdue University, Aug 2017– Professor of Economics and Department Head, University of Macau, China, 2016– (currently on leave) Associate Professor of Economics (with tenure), Purdue University, 2010-2017 Associate Professor of Economics (without tenure), Purdue University, 2008-2010 Assistant Professor of Economics, Temple University, 2007-2008 Assistant Professor of Economics, University of Texas at San Antonio, 2004-2007 Teaching Associate, Extension Center, University of California, Riverside, 2002, 2003, 2004 | |
