Lessons from a Decade of IPS and LLC
总结了面板数据单位根分析领域20年来的重要发现，指出忽视这些发现可能导致严重后果，并通过模拟和理论论证加以说明。
This paper points to some of the facts that have emerged from 20 years of research into the analysis of unit roots in panel data, an area that has been heavily influenced by two studies, IPS (Im, Pesaran, and Shin, 2003 Im , K. S. , Pesaran , M. H. , Shin , Y. ( 2003 ). Testing for unit roots in heterogeneous panels . Journal of Econometrics 115 : 53 – 74 .[Crossref], [Web of Science ®] , [Google Scholar]) and LLC (Levin et al., 2002 Levin , A. , Lin , C. , Chu , C.-J. ( 2002 ). Unit root tests in panel data: Asymptotic and finite-sample properties . Journal of Econometrics 108 : 1 – 24 .[Crossref], [Web of Science ®] , [Google Scholar]). Some of these facts are known, others are not. But they all have in common that, if ignored, the effects can be very serious. This is demonstrated using both simulations and theoretical arguments.