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Data Analysis (40%)
“Illustrations and applications based on the Grunfeld data f
Data Analysis (40%)
“Illustrations and applications based on the Grunfeld data from various publications (articles and textbooks) have been replicated.” Source: https://eeecon.uibk.ac.at/~zeileis/grunfeld/
A data set containing 20 annual observations on 3 variables for 10 (originally 11!) firms.
invest
Gross investment, defined as additions to plant and equipment plus maintenance and repairs in millions of dollars deflated by the implicit price deflator of producers’ durable equipment (base 1947).
capital
Stock of plant and equipment, defined as the accumulated sum of net additions to plant and equipment deflated by the implicit price deflator for producers’ durable equipment (base 1947) minus depreciation allowance deflated by depreciation expense deflator (10 years moving average of wholesale price index of metals and metal products, base 1947).
value
Market value of the firm, defined as the price of common shares at December 31 (or, for WH, IBM and CH, the average price of December 31 and January 31 of the following year) times the number of common shares outstanding plus price of preferred shares at December 31 (or average price of December 31 and January 31 of the following year) times number of preferred shares plus total book value of debt at December 31 in millions of dollars deflated by the implicit GNP price deflator (base 1947).
Source: https://rdrr.io/cran/AER/man/Grunfeld.html
Grunfeld’s investment function involves a firm’s current gross investment, I(t), being dependent on the firm’s beginning-of-year capital stock, C(t -1) and the value of its outstanding shares at the beginning of the year, F(t – 1).
Basing your analysis on “The Grunfeld Data at 50” by Kleiber & Zeileis (2010) provide a DETAILED REPORT for the data. It should describe the data, explain the pooled OLS, FE and RE regressions and conclude with an explanation on how would you choose between FE versus RE models.
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