Analysis of Panels and Limited Dependent Variable Models: In Honour of G.S. Maddala

Analysis of Panels and Limited Dependent Variable Models: In Honour of G.S. Maddala

Analysis of Panels and Limited Dependent Variable Models: In Honour of G.S. Maddala

Analysis of Panels and Limited Dependent Variable Models: In Honour of G.S. Maddala

Synopsis

This important collection brings together leading econometricians to discuss recent advances in the areas of the econometrics of panel data, limited dependent variable models and limited dependent variable models with panel data. The contributors focus on the issues of simplifying complex real world phenomena into easily generalizable inferences from individual outcomes. As the contributions of G. S. Maddala in the fields of limited dependent variables and panel data have been particularly influential, it is a fitting tribute that this volume is dedicated to him.

Excerpt

GS [G. S. Maddala] came to Chicago with a very strong statistical background (a ba in Mathematics from Andhra University and an ma in Statistics from Bombay University) and immediately impressed everyone who came into contact with him. When he showed up in my econometrics class it was clear that here was somebody from whom I could learn. a teacher is lucky when that happens. His first published paper (Econometrica, 1962) on the quarterly consumption function came out of this class. It was joint work with Robert Lucas, Neil Wallace, and myself. Not bad company.

At Chicago, we tried to convert gs to empirical work. He did a first-rate dissertation on “Productivity and Technological Change in the Bituminous Coal Industry” (Journal of Political Economy, 1965) and a pioneering study of international diffusion of new steel making techniques (Economic Journal, 1967). But whether it was the profession's cool reception to empirical work in general or the pull of his first love, almost all of his subsequent work has been in econometric methodology, where he has been both an innovator and a great expositor and synthesizer. He has worked in almost all areas of econometrics: distributed lags, generalized least squares, panel data, simultaneous equations, errors in variables, tests of significance, switching and market disequilibrium models, qualitative and limited dependent variable models, selection and self-selection biases, exact small sample distributions of estimators, outliers and bootstrap methods, Bayesian econometrics, and more. a veritable textbook of econometrics, which he proceeded to write most successfully in several versions. Nor was it all just pure methodology. Substantive issues were also examined: estimates of liquid asset demands, functional forms for income distributions and production functions, returns to education and discrimination in loan markets, the meaning of rationality in expectations, and issues in the estimation of rational expectations models. All of his papers are serious papers where an effort is made to grapple with substantive and important questions.

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