PANIC in the Presence of Uncertainty about the Deterministic Trend*
针对面板单位根检验中因趋势设定不当导致的虚假结果问题，该文改进了流行的PANIC方法，使其能处理确定性趋势的不确定性。
Abstract Most macroeconomic and financial panel variables are trending. However, because of the well‐known power problem in the presence of incidental trends, many researchers gamble that their unit root test regressions can be ran without such trends, thereby running the risk of obtaining spurious results. This article takes one of the most general and popular panel unit root tests, known as PANIC, and shows how it can be modified to account for the uncertainty regarding the deterministic trend.