Empirical Modelling in Regional Science: Towards a Global by Timo Mitze

By Timo Mitze

Economic brokers have interaction in structural relationships via time and area. This paintings begins from the empirical commentary that each one 3 dimensions, specifically time, house, and structural practical varieties, are vital for an integrative framework of recent empirical research in local technological know-how. The paintings hence goals at combining updated econometric instruments from the fields of spatial econometrics, panel time-series research and structural simultaneous equation modelling to research the several learn questions handy. many of the themes dealt inside of this paintings begin from a concrete empirical challenge, whereas challenge fixing additionally goals at producing a few new wisdom in a methodological manner, e.g. through the complementary use of Monte Carlo simulation reports to check the empirical functionality of other estimators for particular facts samples. Following a primary introductory bankruptcy, the paintings is dependent in 3 elements addressing significant matters in build up a stylized nearby financial version resembling interregional migration, issue and ultimate call for estimation. All empirical purposes use German neighborhood data.

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19) ⎥ .. ⎦. 11 We first look at the estimation output and post estimation tests and then analyze the dynamic adjustment processes in terms of impulse response functions. One major concern in our modelling approach is to carefully check for the consistency and efficiency of the chosen estimation approach. Since the system GMM approach relies on IV estimation, we basically guide instrument selection based on the Sargan (1958)/Hansen (1982) overidentification test. Especially in a multiple equation context, appropriate IV selection is of vital importance since the full IV candidate set may become 11 At this point, we focus on the PVAR(1) case since longer time lags are hardly applicable given the rather short overall sample period.

The coefficient of the border dummy remains positive for the whole sample period but is found to be statistically significant only between 1997 and 1999 and again in 2005 (see Fig. 7). When interpreting these results, it does not seem reasonable to take a positive dummy variable in favor of any kind of climatic or similar ecological regional fixed amenities for the East German states that keep people living there (which actually may be true for the case of Hawaii but not for Bitterfeld). A further substantial critique to the amenities interpretation of the dummy variable approach is that the latter can only be interpreted as amenities under the premise that the influence of other latent variables on regional net migration is of negligible order.

0 ZiM Stacking the equations for multiple-equation GMM estimation may lead to further efficiency gains if the residuals of the M equations are correlated. We therefore apply a two-step approach which explicitly accounts for cross-equation residual correlation. 17) i=1 and the vector of first step error terms eˆi = (eˆi1 , . . , eˆiM ) is derived from a consistent (equation by equation) 2SLS estimation. The system GMM estimator in the context of the PVAR(1) can then be written as: ˆ GMM = SZX (V S )−1 SZX with ⎡ ⎢ SZX = ⎣ 1 N −1 ⎢ SZy = ⎣ 1 N ..

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