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The project seeks to develop new methods for modeling, estimation, and inference in panel data models with a factor error or approximate factor error structure. This error structure has roots in economics and finance, and the usual additive individual effects and time effects are special cases of this structure. Explanatory variables are correlated with unobserved factors and factor loadings.
The Economics program supports research designed to improve the understanding of the processes and institutions of the U.S. economy and of the world system of which it is a part. This program also strengthens both empirical and theoretical economic analysis as well as the methods for rigorous research on economic behavior. It supports research in almost every area of economics.