the estimation of long-run effects in dynamic heterogeneous panel data models with cross-sectionally dependent errors. The …This paper investigates the long-run effects of public debt and inflation on economic growth. Our contribution is both … over the 1965-2010 period, we find significant negative long-run effects of public debt and inflation on growth. Our …

I derive the unconditional transformed likelihood function and its derivatives for a fixed-effects panel data model … polynomial of the spatial weights matrix and, in general, tends to infinity with increasing sample size. Consistent estimation …