blundell-bond

Dear experts! I am having some difficulties in interpreting the results of my regression model using Blundell–Bond linear dynamic panel-data estimation (xtdpdsys). Countries in scope: 7, firms: 30, time period 15 years (annual observations) My dependent variable is: - RD...

Hi all, When using the difference GMM estimator, the constant is differenced out by way of the first-difference transformation. So using the option "noconstant" is moot. But what is the interpretation of the constant in System GMM? The system GMM uses the original levels equation and the...