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Our approach augments the popular two\u2010way\u2010fixed\u2010effects specification with unit\u2010specific weights that arise from a model for the assignment mechanism. We show how to construct these weights in various settings, including the staggered adoption setting, where units opt into the treatment sequentially but permanently. The resulting estimator converges to an average (over units and time) treatment effect under the correct specification of the assignment model, even if the fixed\u2010 effect model is misspecified. We show that our estimator is more robust than the conventional two\u2010way estimator: it remains consistent if either the assignment mechanism or the two\u2010way regression model is correctly specified. In addition, the proposed estimator performs better than the two\u2010way\u2010fixed\u2010effect estimator if the outcome model and assignment mechanism are locally misspecified. This strong robustness property underlines and quantifies the benefits of modeling the assignment process and motivates using our estimator in practice. We also discuss an extension of our estimator to handle dynamic treatment effects.<\/jats:p>","DOI":"10.3982\/qe1962","type":"journal-article","created":{"date-parts":[[2024,11,15]],"date-time":"2024-11-15T09:48:52Z","timestamp":1731664132000},"page":"999-1034","source":"Crossref","is-referenced-by-count":18,"title":["Design\u2010robust two\u2010way\u2010fixed\u2010effects regression for panel data"],"prefix":"10.3982","volume":"15","author":[{"given":"Dmitry","family":"Arkhangelsky","sequence":"first","affiliation":[{"name":"CEMFI"},{"name":"CEPR"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Guido W.","family":"Imbens","sequence":"additional","affiliation":[{"name":"Graduate School of Business and Department of Economics, Stanford University"},{"name":"SIEPR"},{"name":"NBER"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Lihua","family":"Lei","sequence":"additional","affiliation":[{"name":"Graduate School of Business and Department of Statistics, Stanford University"},{"name":"SIEPR"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Xiaoman","family":"Luo","sequence":"additional","affiliation":[{"name":"Instacart"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"2359","published-online":{"date-parts":[[2024]]},"reference":[{"issue":"1","key":"quan200345-bib-0001","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1111\/0034-6527.00321","volume":"72","author":"Abadie","year":"2005","journal-title":"The Review of Economic Studies"},{"issue":"1","key":"quan200345-bib-0002","doi-asserted-by":"crossref","first-page":"265","DOI":"10.3982\/ECTA12675","volume":"88","author":"Abadie","year":"2020","journal-title":"Econometrica"},{"issue":"1","key":"quan200345-bib-0003","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1093\/qje\/qjac038","volume":"138","author":"Abadie","year":"2023","journal-title":"The Quarterly Journal of Economics"},{"issue":"2","key":"quan200345-bib-0004","doi-asserted-by":"crossref","first-page":"245","DOI":"10.1177\/0033354920976575","volume":"136","author":"Abouk","year":"2021","journal-title":"Public health reports"},{"issue":"2","key":"quan200345-bib-0005","doi-asserted-by":"crossref","first-page":"280","DOI":"10.1016\/j.jeconom.2019.07.010","volume":"223","author":"Aguirregabiria","year":"2021","journal-title":"Journal of Econometrics"},{"key":"quan200345-bib-0006","first-page":"1277","volume-title":"Handbook of Labor Economics","volume":"3","author":"Angrist","year":"1999"},{"key":"quan200345-bib-0007","doi-asserted-by":"crossref","DOI":"10.1093\/0199245282.001.0001","volume-title":"Panel Data Econometrics","author":"Arellano","year":"2003"},{"issue":"12","key":"quan200345-bib-0008","doi-asserted-by":"crossref","first-page":"4088","DOI":"10.1257\/aer.20190159","volume":"111","author":"Arkhangelsky","year":"2021","journal-title":"American Economic Review"},{"issue":"3","key":"quan200345-bib-0009","doi-asserted-by":"crossref","first-page":"649","DOI":"10.1093\/ectj\/utac019","volume":"25","author":"Arkhangelsky","year":"2022","journal-title":"The Econometrics Journal"},{"key":"quan200345-bib-0010","doi-asserted-by":"crossref","unstructured":"Arkhangelsky, Dmitry, Guido W. 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