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-country or paneldata and made use of GDP as the dependent variable. The selection of variables for this study took these empirical studies into consideration; however, our final model is based on the objectives of this study and the availability of data. We
endogeneity bias since the unobserved panel-level effects can be correlated with the lags of the dependent variable. One can use the dynamic paneldata system estimator developed by Arellano-Bover/Blundell-Bond, using GMM estimation on first differenced
, even though the method is quite limited in capturing longer-term effects. Our model is based on Falagiarda and Reitz (2015) . These authors employed a similar set of paneldata to examine the impact of the ECBs quantitative easing programs. They
The calculations were based on the paneldata of the EPC (Economic Policy Committee) OGWG (Output Gap Working Group) database. The former provides detailed data on potential growth and its factors, including quantity of labour and productivity. Based