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•Observations on Xand Ycan be made over time, in which case we speak of having “time series” data. oFor example we may have data on Turkey’s GDP over 30 years (data collected over a period of time). •Or they can be made over −individuals, or groups of individuals, −firms, or group of firms, −countries, or group of countries, −objects, −geographical areas, etc., in which we speak of having “cross section data”. oFor example we may have data on several countries’ GDP for one year (data collected at one point in time). •Hence, the subscript tmay refer to the tthyear (quarter, month, day, etc) or to the tthindividual or group (such as countries; Turkey, Germany, France, USA, Japan, etc..). •Data of both kinds can be combined to obtain “pooled times and cross-section data” or simply “pooled data” oFor example we may have data on 20 countries’ GDP over 30 years. oThere is a special type of pooled data, the panelor longitudinaldata, also called micropaneldata, in which the Instructor: Dr. Ozan ERUYGUR e-mail: [email protected]Lecture Notes 3
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