Dear Sven and Allin
Many thanks for your fast response.
José 

Enviado desde mi iPhone

> El 20 ene 2021, a las 23:10, Allin Cottrell <[email protected]> escribió:
> 
> On Wed, 20 Jan 2021, JOSE FRANCISCO PERLES RIBES wrote:
> 
>> Dear Sven:
>> Please, find attached the .xlsx dataset for replication purposes.
>> As far I know, there are not missing values in this dataset.
>> Many thanks again.
> 
> I tried this with gretl vs stata's xtabond2. (By way of data check, I got the 
> same results as you report from gretl.)
> 
> xtabond2 found 45 instruments and produced parameter estimates that differed 
> widely from both gretl and the results you report from xtdpdsys. I also tried 
> with Ox/DPD and got the error message "not enough observations in sample".
> 
> In the file replication.xlsx, all series except Afiliados and Dens
> (and of course Year) are non-time varying.
> 
> Bottom line: seems like this is a pretty dodgy specification.
> 
> Allin
> 
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