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In comparison to estimating all coefficients simultaneously, this two\u2010stage procedure is more robust against model misspecification, allows for a flexible choice of the first\u2010stage estimator, and enables simple testing of the overidentifying restrictions. For correct inference, we derive analytical standard error adjustments. We evaluate the finite\u2010sample properties with Monte Carlo simulations and apply the approach to a dynamic gravity equation for US outward foreign direct investment.<\/jats:p>","DOI":"10.1002\/jae.2681","type":"journal-article","created":{"date-parts":[[2019,1,7]],"date-time":"2019-01-07T02:41:02Z","timestamp":1546828862000},"page":"526-546","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":143,"title":["Estimation of linear dynamic panel data models with time\u2010invariant regressors"],"prefix":"10.1002","volume":"34","author":[{"given":"Sebastian","family":"Kripfganz","sequence":"first","affiliation":[{"name":"Department of Economics University of Exeter  Exeter UK"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Claudia","family":"Schwarz","sequence":"additional","affiliation":[{"name":"European Central Bank  Frankfurt am Main Germany"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2019,1,30]]},"reference":[{"key":"e_1_2_10_2_1","doi-asserted-by":"publisher","DOI":"10.1108\/01443581111152382"},{"key":"e_1_2_10_3_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(94)01641-C"},{"key":"e_1_2_10_4_1","doi-asserted-by":"publisher","DOI":"10.2307\/1912840"},{"key":"e_1_2_10_5_1","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455214"},{"key":"e_1_2_10_6_1","doi-asserted-by":"publisher","DOI":"10.1007\/s00181-012-0581-5"},{"key":"e_1_2_10_7_1","doi-asserted-by":"publisher","DOI":"10.1093\/0199245282.001.0001"},{"key":"e_1_2_10_8_1","doi-asserted-by":"publisher","DOI":"10.2307\/2297968"},{"key":"e_1_2_10_9_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(94)01642-D"},{"key":"e_1_2_10_10_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jce.2004.08.005"},{"key":"e_1_2_10_11_1","doi-asserted-by":"publisher","DOI":"10.2307\/1912110"},{"key":"e_1_2_10_12_1","doi-asserted-by":"publisher","DOI":"10.1017\/S0266466605050413"},{"key":"e_1_2_10_13_1","doi-asserted-by":"publisher","DOI":"10.1162\/00346530152480081"},{"key":"e_1_2_10_14_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-4076(98)00009-8"},{"key":"e_1_2_10_15_1","first-page":"53","volume-title":"Advances in econometrics: Vol.15. 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