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Using a transformation of the autoregressive distributed lag model due toBewley, a novel pooled Bewley (PB) estimator of long-run coefficients fordynamic panels with heterogeneous short-run dynamics is proposed. The PBestimator is directly comparable to the widely used Pooled Mean Group (PMG)estimator, and is shown to be consistent and asymptotically normal. Monte Carlosimulations show good small sample performance of PB compared to the existingestimators in the literature, namely PMG, panel dynamic OLS (PDOLS), and panelfully-modified OLS (FMOLS). Application of two bias-correction methods and abootstrapping of critical values to conduct inference robust to cross-sectionaldependence of errors are also considered. The utility of the PB estimator isillustrated in an empirical application to the aggregate consumption function.

Pooled Bewley Estimator of Long Run Relationships in Dynamic Heterogenous Panels