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The Grunfeld Data at 50

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  • Christian Kleiber
  • Achim Zeileis

Abstract

. This paper revisits Grunfeld's well‐known investment data, one of the most widely used datasets in all of applied econometrics, on the occasion of their 50th anniversary. It presents, apparently for the first time after the publication of the original Chicago Ph.D. thesis, the full dataset, points out errors and inconsistencies in several currently available versions, and also revisits a number of empirical studies from the literature of the last five decades. Our findings provide a cautionary tale on the use of widely known data and underline the need for mandatory data and code archives.

Suggested Citation

  • Christian Kleiber & Achim Zeileis, 2010. "The Grunfeld Data at 50," German Economic Review, Verein für Socialpolitik, vol. 11(4), pages 404-417, November.
    • Handle: RePEc:bla:germec:v:11:y:2010:i:4:p:404-417
    DOI: 10.1111/j.1468-0475.2010.00513.x
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    More about this item

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C30 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - General
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General

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