ThenewPANELprocedureenhancesthefeaturesthatwereimplementedintheTSCSREGprocedure. The following list shows the most important additions.
1. New estimation methods include between estimators, pooled estimators, and dynamic panel estimators that use the generalized method of moments (GMM). The variance components for random-effects models can be calculated for both balanced and unbalanced panels by using the methods described by Fuller and Battese, Wansbeek and Kapteyn, Wallace and Hussain, or Nerlove.
2. The CLASS statement creates classification variables that are used in the analysis.
3. The TEST statement includes new options for Wald, Lagrange multiplier, and the likelihood ratio tests.
4. The new RESTRICT statement specifies linear restrictions on the parameters.
5. The FLATDATA statement enables the data to be in a compressed form
6. Several methods that produce heteroscedasticity-consistent covariance matrices (HCCME) are added because the presence of heterscedasticity can result in inefficient and biased estimates of the variance covariance matrix in the OLS framework.
7. The LAG statement can generate a large number of missing values, depending on lag order. Typically, it is difficult to create lagged variables in the panel setting. If lagged variables are created in a DATA step, several programming steps that include loops are often needed. By including the LAG statement, the PANEL procedure makes the creation of lagged values easy.Themissingvaluescanbereplacedwithzeros,overallmean,timemean,orcrosssectionmean by using the LAG, ZLAG, XLAG, SLAG, and CLAG statements.
8. ODS Graphics plots can now be produced by the PANEL procedure. The new plots include residual, predicted, and actual value plots, Q-Q plots, histograms, and profile plots.
9. The OUTPUT statement enables you to output data and estimates that can be used in other analyses.
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