2Regression with Panel DataA panel datasetcontains observations on multiple entities (individuals), where each entity is observed at two or more points in time. Hypothetical examples: Data on 420 California school districts in 1999 andagainin 2000, for 840 observations total. Data on 50 U.S. states, each state is observed in 3 years, for a total of 150 observations. Data on 1000 individuals, in four different months, for 4000 observations total.
3Notation for panel data A double subscript distinguishes entities (states) and time periods (years) i= entity (state), n= number of entities, so i= 1,…,nt= time period (year), T= number of time periods so t=1,…,TData: Suppose we have 1 regressor. The data are: (Xit, Yit), i= 1,…,n, t= 1,…,T
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