On Wed, 18 Apr 2012, Alessandro Noè Bossi wrote: In principle, you could estimate each equation (one per variable) via some dynamic panel technique by using the dpanel command. IMHO, your dataset is WAY too small to even attempt anything like that, but technically you're not infringing any law and the econometrics police will not storm your house and arrest you in the middle of the night. -------------------------------------------------- Riccardo (Jack) Lucchetti Dipartimento di Economia Università Politecnica delle Marche (formerly known as Università di Ancona) r.lucchetti(a)univpm.it http://www2.econ.univpm.it/servizi/hpp/lucchetti --------------------------------------------------