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  • Propensity score matching for a panel data with different treatment dates

    Hello everyone, I am trying to estimate whether adoption of inflation targeting (IT_dummy) by countries has led to decline in MPU_1 (outcome variable), I doing this by using propensity score matching, however the issue is that different countries have adopted inflation targeting at different dates so the treatment happens at different time period for different countries among those who have adopted it. My covariates are inflation_OECD, M3_gr_OECD, trade_openness_t. I have estimated it using the following approach:

    teffects psmatch ( MPU_1 ) ( IT_dummy inflation_OECD M3_gr_OECD trade_openne
    > ss_t )

    Treatment-effects estimation Number of obs = 669
    Estimator : propensity-score matching Matches: requested = 1
    Outcome model : matching min = 1
    Treatment model: logit max = 1
    ------------------------------------------------------------------------------
    | AI Robust
    MPU_1 | Coef. Std. Err. z P>|z| [95% Conf. Interval]
    -------------+----------------------------------------------------------------
    ATE |
    IT_dummy |
    (1 vs 0) | -.2607922 .0509514 -5.12 0.000 -.3606551 -.1609292
    ------------------------------------------------------------------------------

    Is it the correct way to do the estimation considering we have different treatment dates for different countries across the panel. I have attached some parts of my dataset below.

    Code:
    * Example generated by -dataex-. For more info, type help dataex
    clear
    input str48 Country_Name_112 long Code_int str12 Code float Year byte IMF_income double inflation_OECD float M3_gr_OECD double trade_openness_t float(IT_dummy IT_country MPU_1)
    
    "Australia"      16 "AUS" 1990 1  7.3330002    .13271028 32.293213 0 1  .03999996
    "Australia"      16 "AUS" 1991 1  3.1767001    .05445544 33.127552 0 1 .029999733
    "Australia"      16 "AUS" 1992 1     1.0122   .033646323   35.4743 0 1  .03000021
    "Australia"      16 "AUS" 1993 1     1.7537    .05526116 36.474075 1 1  .04999971
    "Australia"      16 "AUS" 1994 1     1.9696    .07675754 37.702904 1 1  .03999996
    "Australia"      16 "AUS" 1995 1     4.6278    .08394404 38.332333 1 1  .03000021
    "Australia"      16 "AUS" 1996 1  2.6154001    .09219422  38.07481 1 1  .04999971
    "Australia"      16 "AUS" 1997 1  .22490001    .08384918 40.070431 1 1          0
    "Australia"      16 "AUS" 1998 1  .86009997    .06853583 39.156116 1 1          0
    "Australia"      16 "AUS" 1999 1  1.4831001    .09329446 41.047638 1 1  .01000023
    "Australia"      16 "AUS" 2000 1  4.4573998    .07288889 44.384094 1 1  .01999998
    "Australia"      16 "AUS" 2001 1  4.4071002     .0849213 41.574364 1 1          0
    "Australia"      16 "AUS" 2002 1     2.9816    .09087438 40.312855 1 1  .05000019
    "Australia"      16 "AUS" 2003 1     2.7326    .10255513 37.156292 1 1          0
    "Australia"      16 "AUS" 2004 1  2.3433001    .10539682 39.314617 1 1  .01999998
    "Australia"      16 "AUS" 2005 1  2.6918001    .08357266 41.633934 1 1  .03999996
    "Australia"      16 "AUS" 2006 1     3.5553    .10760668 42.107552 1 1  .01000023
    "Australia"      16 "AUS" 2007 1     2.3276     .1696578 42.927799 1 1 .029999733
    "Australia"      16 "AUS" 2008 1  4.3502998      .198036 45.864979 1 1  .03000021
    "Australia"      16 "AUS" 2009 1     1.7711     .1186817 40.716385 1 1  .02999997
    "Australia"      16 "AUS" 2010 1  2.9182999    .05663257  41.97794 1 1  .01999998
    "Australia"      16 "AUS" 2011 1     3.3039     .0965039 43.287079 1 1  .04999971
    "Australia"      16 "AUS" 2012 1     1.7628    .07865613 41.273579 1 1  .02999997
    "Australia"      16 "AUS" 2013 1  2.4498999    .06669109 42.579849 1 1  .01999998
    "Australia"      16 "AUS" 2014 1     2.4879    .07214016 41.547386 1 1  .01999998
    "Australia"      16 "AUS" 2015 1     1.5084    .06803375 40.771473 1 1  .03999996
    "Australia"      16 "AUS" 2016 1      1.277        .0594 41.892971 1 1  .00999999
    "Australia"      16 "AUS" 2017 1  1.9486001    .06843496 43.226669 1 1  .03999996
    "Australia"      16 "AUS" 2018 1     1.9114    .02694584         . 1 1  .05000007
    "Australia"      16 "AUS" 2019 1     1.6108   .030110117         . 1 1  .04000008
    "Australia"      16 "AUS" 2020 1  .84689999    .08351428         . 1 1  .04000002
    "Australia"      16 "AUS" 2021 1  2.8638999    .08863882         . 1 1        .03
    "Australia"      16 "AUS" 2022 1          .            .         . 1 1  .03999996
    "Austria"        17 "AUT" 1990 1  3.2618999            . 71.488373 0 0  .03999996
    "Austria"        17 "AUT" 1991 1     3.3374            . 70.048401 0 0  .03999996
    "Austria"        17 "AUT" 1992 1  4.0208001            . 67.630165 0 0  .03999996
    "Austria"        17 "AUT" 1993 1  3.6317999            . 63.265049 0 0  .01999998
    "Austria"        17 "AUT" 1994 1  2.9533999            . 65.987091 0 0  .01999998
    "Austria"        17 "AUT" 1995 1  2.2434001            . 68.256599 0 0 .029999733
    "Austria"        17 "AUT" 1996 1  1.8609999            . 70.083672 0 0  .03000021
    "Austria"        17 "AUT" 1997 1      1.306            . 74.867691 0 0          0
    "Austria"        17 "AUT" 1998 1  .92250001            . 76.927155 0 0          0
    "Austria"        17 "AUT" 1999 1  .56900001            . 78.260139 0 0  .03999996
    "Austria"        17 "AUT" 2000 1  2.3448999            . 85.360497 0 0  .01000023
    "Austria"        17 "AUT" 2001 1  2.6500001            . 87.536667 0 0  .03999996
    "Austria"        17 "AUT" 2002 1     1.8104            . 86.948166 0 0  .01999998
    "Austria"        17 "AUT" 2003 1     1.3556            . 86.387383 0 0  .02999997
    "Austria"        17 "AUT" 2004 1  2.0611999            . 90.792343 0 0  .00999999
    "Austria"        17 "AUT" 2005 1  2.2990999            . 94.033806 0 0  .01999998
    "Austria"        17 "AUT" 2006 1  1.4414999            .  98.08831 0 0  .01999998
    "Austria"        17 "AUT" 2007 1  2.1686001            . 100.73325 0 0  .01999998
    "Austria"        17 "AUT" 2008 1  3.2160001            . 102.07368 0 0  .03000021
    "Austria"        17 "AUT" 2009 1  .50629997            . 87.062233 0 0  .02999997
    "Austria"        17 "AUT" 2010 1     1.8135            . 99.019798 0 0  .00999999
    "Austria"        17 "AUT" 2011 1  3.2866001            . 105.10279 0 0  .00999999
    "Austria"        17 "AUT" 2012 1  2.4856999            . 105.15218 0 0  .03000003
    "Austria"        17 "AUT" 2013 1     2.0002            . 104.06641 0 0 .019999996
    "Austria"        17 "AUT" 2014 1     1.6058            . 103.50353 0 0  .00999999
    "Austria"        17 "AUT" 2015 1  .89660001            . 102.43005 0 0        .02
    "Austria"        17 "AUT" 2016 1  .89160001            . 101.00203 0 0  .04000002
    "Austria"        17 "AUT" 2017 1     2.0813            . 104.37579 0 0        .03
    "Austria"        17 "AUT" 2018 1     1.9984            .         . 0 0  .01999998
    "Austria"        17 "AUT" 2019 1     1.5309            .         . 0 0  .03999999
    "Austria"        17 "AUT" 2020 1     1.3819            .         . 0 0        .03
    "Austria"        17 "AUT" 2021 1     2.7667            .         . 0 0  .05000001
    "Austria"        17 "AUT" 2022 1          .            .         . 0 0  .03999999
    "Belgium"        20 "BEL" 1990 1  3.4482999            . 120.56967 0 0 .029999733
    "Belgium"        20 "BEL" 1991 1  3.2153001            . 117.71278 0 0 .019999504
    "Belgium"        20 "BEL" 1992 1      2.428            . 114.21571 0 0 .029999733
    "Belgium"        20 "BEL" 1993 1     2.7544            . 108.20167 0 0  .02000046
    "Belgium"        20 "BEL" 1994 1  2.3775001            . 112.38893 0 0          0
    "Belgium"        20 "BEL" 1995 1  1.4680001            . 115.51136 0 0  .01999998
    "Belgium"        20 "BEL" 1996 1  2.0769999            .  118.0601 0 0  .01999998
    "Belgium"        20 "BEL" 1997 1  1.6282001            .  124.3667 0 0  .03999996
    "Belgium"        20 "BEL" 1998 1  .94929999            .  123.4845 0 0  .03999996
    "Belgium"        20 "BEL" 1999 1     1.1208            . 123.99724 0 0  .03999996
    "Belgium"        20 "BEL" 2000 1  2.5445001            . 141.07907 0 0  .01000023
    "Belgium"        20 "BEL" 2001 1     2.4693            . 138.69447 0 0  .03999996
    "Belgium"        20 "BEL" 2002 1     1.6452            . 135.12488 0 0  .01999998
    "Belgium"        20 "BEL" 2003 1      1.589            . 131.99031 0 0  .02999997
    "Belgium"        20 "BEL" 2004 1  2.0973001            . 136.03783 0 0  .00999999
    "Belgium"        20 "BEL" 2005 1     2.7814            . 143.37622 0 0  .01999998
    "Belgium"        20 "BEL" 2006 1     1.7912            . 147.69389 0 0  .01999998
    "Belgium"        20 "BEL" 2007 1     1.8231            . 151.16362 0 0  .01999998
    "Belgium"        20 "BEL" 2008 1  4.4893999            . 158.90805 0 0  .03000021
    "Belgium"        20 "BEL" 2009 1     -.0531            . 136.35675 0 0  .02999997
    "Belgium"        20 "BEL" 2010 1  2.1893001            . 151.10017 0 0  .00999999
    "Belgium"        20 "BEL" 2011 1     3.5321            . 162.75366 0 0  .00999999
    "Belgium"        20 "BEL" 2012 1     2.8397            . 163.99498 0 0  .03000003
    "Belgium"        20 "BEL" 2013 1  1.1131001            . 162.21864 0 0 .019999996
    "Belgium"        20 "BEL" 2014 1        .34            . 164.69839 0 0  .00999999
    "Belgium"        20 "BEL" 2015 1      .5614            . 160.17201 0 0        .02
    "Belgium"        20 "BEL" 2016 1     1.9739            . 164.11565 0 0  .04000002
    "Belgium"        20 "BEL" 2017 1  2.1259999            . 170.39944 0 0        .03
    "Belgium"        20 "BEL" 2018 1     2.0532            .         . 0 0  .01999998
    "Belgium"        20 "BEL" 2019 1     1.4368            .         . 0 0  .03999999
    "Belgium"        20 "BEL" 2020 1  .74080002            .         . 0 0        .03
    "Belgium"        20 "BEL" 2021 1  2.4402001            .         . 0 0  .05000001
    "Belgium"        20 "BEL" 2022 1          .            .         . 0 0  .03999999
    "Canada"         38 "CAN" 1990 1  4.7804999    .10556722  49.96703 0 1  .02000046
    "Canada"         38 "CAN" 1991 1  5.6258998    .06413302 49.202076 1 1 .009999275
    "Canada"         38 "CAN" 1992 1     1.4901    .04910714 52.717457 1 1  .01999998
    "Canada"         38 "CAN" 1993 1     1.8651    .04382979 58.244877 1 1          0
    "Canada"         38 "CAN" 1994 1      .1656    .03913575 64.398285 1 1  .01000023
    "Canada"         38 "CAN" 1995 1  2.1487999    .05100039 69.097427 1 1  .03000021
    "Canada"         38 "CAN" 1996 1     1.5705    .05487122 70.299515 1 1  .04999971
    "Canada"         38 "CAN" 1997 1     1.6212    .04741684 74.385056 1 1  .03999996
    "Canada"         38 "CAN" 1998 1  .99589998    .03614865 78.158852 1 1 .029999733
    "Canada"         38 "CAN" 1999 1     1.7348    .03651777 80.193954 1 1  .01999998
    "Canada"         38 "CAN" 2000 1  2.7193999    .07612456 82.857727 1 1          0
    "Canada"         38 "CAN" 2001 1     2.5251      .055247 78.406326 1 1          0
    "Canada"         38 "CAN" 2002 1     2.2584    .05955679 75.732689 1 1  .01999998
    "Canada"         38 "CAN" 2003 1     2.7586    .05960784 69.843437 1 1  .03999996
    "Canada"         38 "CAN" 2004 1     1.8573    .09030348  70.18055 1 1  .00999999
    "Canada"         38 "CAN" 2005 1  2.2135999    .09821226 69.709839 1 1  .00999999
    "Canada"         38 "CAN" 2006 1  2.0020001     .0747991 67.981186 1 1  .01999998
    "Canada"         38 "CAN" 2007 1  2.1384001    .10947086 66.192039 1 1  .03000021
    "Canada"         38 "CAN" 2008 1  2.3703001    .11802316 66.924232 1 1  .03999996
    "Canada"         38 "CAN" 2009 1  .29949999    .03230294 58.348248 1 1  .00999999
    "Canada"         38 "CAN" 2010 1  1.7769001    .05434945 60.060764 1 1  .02000004
    "Canada"         38 "CAN" 2011 1  2.9121001    .07355865 62.328659 1 1  .03000009
    "Canada"         38 "CAN" 2012 1     1.5157   .067195766 62.397137 1 1  .04000008
    "Canada"         38 "CAN" 2013 1  .93830001    .06544373 61.973427 1 1  .04000008
    "Canada"         38 "CAN" 2014 1     1.9066    .08271289 64.057526 1 1  .03000009
    "Canada"         38 "CAN" 2015 1     1.1252    .07446008 65.755257 1 1  .01999998
    "Canada"         38 "CAN" 2016 1     1.4288        .0863 64.828758 1 1  .01999998
    "Canada"         38 "CAN" 2017 1     1.5969    .06232164 64.456329 1 1  .04000008
    "Canada"         38 "CAN" 2018 1  2.2681999    .04956672         . 1 1  .00999999
    "Canada"         38 "CAN" 2019 1  1.9493001    .07719617         . 1 1  .00999999
    "Canada"         38 "CAN" 2020 1  .71700001    .12891853         . 1 1  .03999996
    "Canada"         38 "CAN" 2021 1     3.3952    .07040532         . 1 1  .00999999
    "Canada"         38 "CAN" 2022 1          .            .         . 1 1  .03999996
    "Switzerland"    39 "CHE" 2000 1  1.5585001  -.017013611 98.105598 0 0  .02999997
    "Switzerland"    39 "CHE" 2001 1  .98900002    .02789656 96.163704 0 0  .02999997
    "Switzerland"    39 "CHE" 2002 1  .64270002    .03902536  91.15303 0 0          0
    "Switzerland"    39 "CHE" 2003 1      .6383    .08198284   89.5299 0 0  .00999999
    "Switzerland"    39 "CHE" 2004 1  .80290002   .034713656 93.992554 0 0  .01000002
    "Switzerland"    39 "CHE" 2005 1  1.1720001    .04036104 100.32982 0 0  .02000004
    "Switzerland"    39 "CHE" 2006 1     1.0595     .0253724 104.51784 0 0  .03999996
    "Switzerland"    39 "CHE" 2007 1      .7324   .020913154 111.31084 0 0  .05000019
    "Switzerland"    39 "CHE" 2008 1  2.4260001    .02157936 114.77939 0 0  .04999995
    "Switzerland"    39 "CHE" 2009 1 -.48050001    .05571713 106.93017 0 0 .009999998
    "Switzerland"    39 "CHE" 2010 1      .6882   .063360885 117.25217 0 0        .03
    "Switzerland"    39 "CHE" 2011 1      .2313    .06885738 122.49618 0 0        .01
    "Switzerland"    39 "CHE" 2012 1 -.69260001    .07909172 123.68236 0 0        .04
    "Switzerland"    39 "CHE" 2013 1     -.2173     .0978839 131.79655 0 0        .05
    "Switzerland"    39 "CHE" 2014 1     -.0132    .05663831 116.86012 0 0          0
    "Switzerland"    39 "CHE" 2015 1    -1.1439   .019056354 112.73019 0 0  .03000003
    "Switzerland"    39 "CHE" 2016 1     -.4346        .0227  120.1598 0 0          0
    "Switzerland"    39 "CHE" 2017 1  .53380001   .036863204 119.10753 0 0  .01999998
    "Switzerland"    39 "CHE" 2018 1  .93629998   .029045643         . 0 0  .02000004
    "Switzerland"    39 "CHE" 2019 1  .36289999            .         . 0 0  .05000001
    "Switzerland"    39 "CHE" 2020 1 -.72589999            .         . 0 0  .00999999
    "Switzerland"    39 "CHE" 2021 1  .58179998            .         . 0 0  .04000002
    "Switzerland"    39 "CHE" 2022 1          .            .         . 0 0 .029999994
    "Chile"          41 "CHL" 1998 2  5.1101999    .12156863 53.152576 0 1  .09000015
    "Chile"          41 "CHL" 1999 2     3.3369    .09498835 54.180538 1 1  .03999996
    "Chile"          41 "CHL" 2000 2  3.8433001    .10910059 58.370842 1 1  .03999996
    "Chile"          41 "CHL" 2001 2  3.5690999      .121881 61.940739 1 1  .03000021
    "Chile"          41 "CHL" 2002 2  2.4893999    .08083832 62.492779 1 1  .01999998
    "Chile"          41 "CHL" 2003 2     2.8102   .064107634 66.554214 1 1        .23
    "Chile"          41 "CHL" 2004 2     1.0547    .05541093 69.789627 1 1        .37
    "Chile"          41 "CHL" 2005 2  3.0525999    .11028893  71.61676 1 1   .7700002
    "Chile"          41 "CHL" 2006 2      3.392    .11900984 73.098648 1 1   .4700003
    "Chile"          41 "CHL" 2007 2  4.4078002    .14066932  76.40741 1 1   .6200004
    "Chile"          41 "CHL" 2008 2     8.7163     .1690701 80.789772 1 1   .5600004
    "Chile"          41 "CHL" 2009 2  .35299999    .09208848 66.337204 1 1   .3499999
    "Chile"          41 "CHL" 2010 2     1.4107    .06192794 69.063721 1 1  .02999997
    "Chile"          41 "CHL" 2011 2  3.3412001     .1632129 72.205666 1 1        .46
    "Chile"          41 "CHL" 2016 2     3.7862        .1048 55.512703 1 1  .26999998
    "Chile"          41 "CHL" 2017 2  2.1826999    .07358798  55.69508 1 1   .3800001
    "Chile"          41 "CHL" 2018 2     2.4349    .06382261         . 1 1  .13999987
    "Chile"          41 "CHL" 2019 2  2.5574999            .         . 1 1  .08000016
    "Chile"          41 "CHL" 2021 2     4.5246            .         . 1 1        .34
    "Chile"          41 "CHL" 2022 2          .            .         . 1 1  .01000023
    "Colombia"       48 "COL" 1990 2    29.1378     .3211009 27.586397 0 1   .0399971
    "Colombia"       48 "COL" 1991 2    30.3484     .2777778 27.450308 0 1  .02999878
    "Colombia"       48 "COL" 1992 2    27.0306    .41847825 26.988049 0 1 .030000687
    "Colombia"       48 "COL" 1993 2  22.441299     .3908046 29.368584 0 1 .030000687
    "Colombia"       48 "COL" 1994 2    22.8472     .4600551 29.167078 0 1  .02000046
    "Colombia"       48 "COL" 1995 2    20.8971     .3660377 28.861448 0 1  .04000092
    "Colombia"       48 "COL" 1996 2    20.7971    .25828728  29.25156 0 1  .03999901
    "Colombia"       48 "COL" 1997 2  18.462601    .27113062 28.909676 0 1  .02999878
    "Colombia"       48 "COL" 1998 2  18.681299     .2072539 29.158529 0 1 .019996643
    "Colombia"       48 "COL" 1999 2    10.8734    .06008584 28.953964 1 1 .030000687
    "Colombia"       48 "COL" 2000 2     9.2226   .033738192 32.667088 1 1  .04999924
    "Colombia"       48 "COL" 2001 2  7.9696999    .07114883 33.901112 1 1  .03999996
    "Colombia"       48 "COL" 2002 2  6.3519001    .08043876 32.982639 1 1  .03999996
    "Colombia"       48 "COL" 2003 2  7.1307001    .11393119 36.516182 1 1          0
    "Colombia"       48 "COL" 2004 2     5.9013    .13417721 35.863426 1 1          0
    "Colombia"       48 "COL" 2005 2  5.0514002     .1794643 35.634239 1 1  .01000023
    "Colombia"       48 "COL" 2006 2     4.2925     .1672975 38.173943 1 1  .03000021
    "Colombia"       48 "COL" 2007 2  5.5451002    .18806745 36.329895 1 1  .01000023
    "Colombia"       48 "COL" 2008 2     6.9986    .15393013 38.052059 1 1  .03999996
    "Colombia"       48 "COL" 2009 2  4.2010002    .14569536 34.280003 1 1  .03999996
    "Colombia"       48 "COL" 2010 2  2.2711999     .0800991 33.700848 1 1  .03999996
    "Colombia"       48 "COL" 2011 2  3.4175999    .14220184 38.668869 1 1  .01000023
    "Colombia"       48 "COL" 2012 2     3.1673     .1654953 38.296097 1 1  .05000019
    "Colombia"       48 "COL" 2013 2     2.0181     .1638191 37.697979 1 1  .03999996
    "Colombia"       48 "COL" 2014 2     2.8978    .11917099 37.319782 1 1 .029999733
    "Colombia"       48 "COL" 2015 2     4.9902    .10229277 38.621464 1 1  .01999998
    "Colombia"       48 "COL" 2016 2  7.5142999        .0997 36.465904 1 1  .01999998
    "Colombia"       48 "COL" 2017 2  4.3120999    .06092571 34.858223 1 1  .01000023
    "Colombia"       48 "COL" 2018 2     3.2402    .05614125         . 1 1  .01000023
    "Colombia"       48 "COL" 2019 2  3.5255001     .0766921         . 1 1          0
    "Colombia"       48 "COL" 2020 2     2.5246    .13559961         . 1 1  .01999998
    "Colombia"       48 "COL" 2021 2     3.4951    .08847737         . 1 1  .02999997
    "Colombia"       48 "COL" 2022 2          .            .         . 1 1          0
    "Costa Rica"     51 "CRI" 2013 2  5.2312999     .0921702  65.61837 0 0  1.1599998
    "Costa Rica"     51 "CRI" 2014 2  4.5191998    .14435759 67.045547 0 0  .52999973
    "Costa Rica"     51 "CRI" 2015 2  .80199999    .06723586 62.518318 0 0       1.93
    "Costa Rica"     51 "CRI" 2016 2     -.0175        .0338 64.755089 0 0       2.42
    "Costa Rica"     51 "CRI" 2017 2     1.6259    .03849874 67.572868 0 0       1.67
    "Costa Rica"     51 "CRI" 2018 2  2.2211001 -.0021423248         . 0 0       1.44
    "Costa Rica"     51 "CRI" 2019 2      2.096    .02156259         . 0 0  2.1799998
    "Costa Rica"     51 "CRI" 2020 2  .72490001     .1494883         . 0 0       2.93
    "Costa Rica"     51 "CRI" 2021 2     1.7265    .10564388         . 0 0       1.32
    "Costa Rica"     51 "CRI" 2022 2          .            .         . 0 0  1.8000002
    "Czech Republic" 56 "CZE" 1993 1     20.813    .15882353 79.134575 0 1  .05000019
    "Czech Republic" 56 "CZE" 1994 1    10.0394    .21601805 75.699593 0 1 .009999275
    "Czech Republic" 56 "CZE" 1995 1  8.9905005    .19851577 83.894958 0 1  .05000019
    "Czech Republic" 56 "CZE" 1996 1  8.7587996    .16989164 81.493256 0 1  .02000046
    "Czech Republic" 56 "CZE" 1997 1     8.5962   .067482635 85.074165 1 1          0
    "Czech Republic" 56 "CZE" 1998 1    10.6984    .06197707 84.688614 1 1 .029999733
    "Czech Republic" 56 "CZE" 1999 1  2.1354001    .08899912 86.261253 1 1  .05000019
    "Czech Republic" 56 "CZE" 2000 1  3.7753999    .06511254 98.233116 1 1  .03000021
    "Czech Republic" 56 "CZE" 2001 1  4.6627002    .10842767 99.309967 1 1 .029999733
    "Czech Republic" 56 "CZE" 2002 1      1.903   -.08556513 91.525978 1 1  .04999995
    "Czech Republic" 56 "CZE" 2003 1      .1187    .05584512 95.015198 1 1  .01999998
    "Czech Republic" 56 "CZE" 2004 1  2.7600999    .07099201 113.86833 1 1   .0400002
    "Czech Republic" 56 "CZE" 2005 1     1.8571    .06277436 122.01527 1 1  .00999999
    "Czech Republic" 56 "CZE" 2006 1  2.5339999     .1237092 127.63251 1 1          0
    "Czech Republic" 56 "CZE" 2007 1  2.8531001     .1508914 130.37291 1 1          0
    "Czech Republic" 56 "CZE" 2008 1  6.3586998    .13350368 124.28883 1 1  .03999996
    "Czech Republic" 56 "CZE" 2009 1     1.0194    .08523528 113.49277 1 1  .00999999
    "Czech Republic" 56 "CZE" 2010 1     1.4727    .01428015 128.96707 1 1  .00999999
    "Czech Republic" 56 "CZE" 2011 1     1.9172   .020094713 138.78497 1 1  .00999999
    "Czech Republic" 56 "CZE" 2012 1     3.2876    .05520703 147.53746 1 1          0
    "Czech Republic" 56 "CZE" 2013 1     1.4383    .04649227 147.97818 1 1  .03999999
    "Czech Republic" 56 "CZE" 2014 1  .34400001    .05374389 158.72696 1 1  .03999999
    "Czech Republic" 56 "CZE" 2015 1  .30939999    .07828337 156.09987 1 1  .00999999
    "Czech Republic" 56 "CZE" 2016 1  .68349999        .0871 151.39468 1 1  .01000002
    "Czech Republic" 56 "CZE" 2017 1     2.4505    .09428755 152.02075 1 1  .00999999
    "Czech Republic" 56 "CZE" 2018 1  2.1494999    .05405178         . 1 1  .02999997
    "Czech Republic" 56 "CZE" 2019 1  2.8478999    .06834676         . 1 1  .01999998
    "Czech Republic" 56 "CZE" 2020 1  3.1612999    .09853688         . 1 1  .03999996
    "Czech Republic" 56 "CZE" 2021 1  3.8397999    .09683338         . 1 1  .02999997
    "Czech Republic" 56 "CZE" 2022 1          .            .         . 1 1  .01999998
    "Germany"        57 "DEU" 1991 1  4.0469999            . 47.974556 0 0  .05000019
    "Germany"        57 "DEU" 1992 1  5.0570002            . 45.050022 0 0  .02000046
    "Germany"        57 "DEU" 1993 1  4.4745998            . 40.644306 0 0  .01000023
    "Germany"        57 "DEU" 1994 1     2.6931            . 42.072948 0 0  .03999996
    "Germany"        57 "DEU" 1995 1     1.7062            .  43.54472 0 0  .03000021
    "Germany"        57 "DEU" 1996 1     1.4497            . 44.996727 0 0  .00999999
    "Germany"        57 "DEU" 1997 1     1.9394            . 49.601032 0 0  .02999997
    "Germany"        57 "DEU" 1998 1  .91119999            .  51.58287 0 0  .03999996
    "Germany"        57 "DEU" 1999 1  .58539999            . 53.369446 0 0  .03999996
    "Germany"        57 "DEU" 2000 1     1.4403            . 61.389999 0 0  .01000023
    "Germany"        57 "DEU" 2001 1     1.9839            . 61.977795 0 0  .03999996
    "Germany"        57 "DEU" 2002 1     1.4208            .  60.77301 0 0  .01999998
    "Germany"        57 "DEU" 2003 1     1.0342            . 61.519135 0 0  .02999997
    "Germany"        57 "DEU" 2004 1     1.6657            .  65.85611 0 0  .00999999
    "Germany"        57 "DEU" 2005 1     1.5469            . 70.421196 0 0  .01999998
    "Germany"        57 "DEU" 2006 1     1.5774            . 77.082169 0 0  .01999998
    "Germany"        57 "DEU" 2007 1     2.2983            . 79.370529 0 0  .01999998
    "Germany"        57 "DEU" 2008 1  2.6284001            . 80.944908 0 0  .03000021
    "Germany"        57 "DEU" 2009 1      .3127            . 70.665047 0 0  .02999997
    "Germany"        57 "DEU" 2010 1  1.1038001            . 79.303085 0 0  .00999999
    "Germany"        57 "DEU" 2011 1  2.0752001            . 84.747734 0 0  .00999999
    "Germany"        57 "DEU" 2012 1  2.0085001            . 85.874748 0 0  .03000003
    "Germany"        57 "DEU" 2013 1  1.5046999            . 84.836426 0 0 .019999996
    "Germany"        57 "DEU" 2014 1  .90679997            . 84.365257 0 0  .00999999
    "Germany"        57 "DEU" 2015 1  .51440001            . 85.711967 0 0        .02
    "Germany"        57 "DEU" 2016 1  .49169999            . 83.962219 0 0  .04000002
    "Germany"        57 "DEU" 2017 1     1.5095            . 86.533714 0 0        .03
    "Germany"        57 "DEU" 2018 1     1.7322            .         . 0 0  .01999998
    "Germany"        57 "DEU" 2019 1     1.4457            .         . 0 0  .03999999
    "Germany"        57 "DEU" 2020 1  .50669998            .         . 0 0        .03
    "Germany"        57 "DEU" 2021 1  3.1429999            .         . 0 0  .05000001
    "Germany"        57 "DEU" 2022 1          .            .         . 0 0  .03999999
    "Denmark"        60 "DNK" 1990 1  2.6415999    .05286344 67.290199 0 0 .019999504
    "Denmark"        60 "DNK" 1991 1     2.3952     .0878661 69.146515 0 0  .02000046
    "Denmark"        60 "DNK" 1992 1      2.096     .1076923 67.001907 0 0          0
    "Denmark"        60 "DNK" 1993 1     1.2579    .05632716 65.604988 0 0 .029999733
    "Denmark"        60 "DNK" 1994 1      1.992   .068663254 67.780579 0 0          0
    "Denmark"        60 "DNK" 1995 1     2.0836   -.02050581 68.622635 0 0          0
    "Denmark"        60 "DNK" 1996 1  2.1263001   .073272854 68.574226 0 0  .01999998
    "Denmark"        60 "DNK" 1997 1     2.1822    .08355007 71.266151 0 0  .02999997
    "Denmark"        60 "DNK" 1998 1     1.8457    .05790579 71.299118 0 0  .03000021
    "Denmark"        60 "DNK" 1999 1  2.4978001    .03828701 72.697197 0 0  .03999996
    "Denmark"        60 "DNK" 2000 1     2.9033 -.0021851952 82.983948 0 0          0
    "Denmark"        60 "DNK" 2001 1  2.3378999   .035313442  83.96859 0 0          0
    "Denmark"        60 "DNK" 2002 1  2.4244001   .034373347 84.556938 0 0  .03999996
    "Denmark"        60 "DNK" 2003 1  2.0750999    .18251534 80.881729 0 0  .01999998
    "Denmark"        60 "DNK" 2004 1     1.1544    .13143104 82.207779 0 0          0
    "Denmark"        60 "DNK" 2005 1     1.8178  -.016622087 89.399765 0 0  .01999998
    "Denmark"        60 "DNK" 2006 1  1.9242001    .13464154 97.366699 0 0  .01999998
    "Denmark"        60 "DNK" 2007 1     1.6933    .12910959 100.06786 0 0  .03999996
    "Denmark"        60 "DNK" 2008 1  3.4163001    .15696087 104.82822 0 0  .03999996
    "Denmark"        60 "DNK" 2009 1     1.3047    .06763665 89.755028 0 0          0
    "Denmark"        60 "DNK" 2010 1     2.3109   .029343156 94.099976 0 0  .04999995
    "Denmark"        60 "DNK" 2011 1  2.7586999   -.07347328 101.24574 0 0  .01999998
    "Denmark"        60 "DNK" 2012 1  2.3979001     .1273172   103.241 0 0  .01999998
    "Denmark"        60 "DNK" 2013 1  .78909999   -.11602147 103.05015 0 0        .03
    "Denmark"        60 "DNK" 2014 1  .56400001    .09869526 102.26392 0 0  .00999999
    "Denmark"        60 "DNK" 2015 1  .45199999    .17577896 104.04822 0 0 .019999996
    "Denmark"        60 "DNK" 2016 1        .25        .0043 100.45024 0 0        .04
    "Denmark"        60 "DNK" 2017 1     1.1471   .008563179 101.99168 0 0  .04000002
    "Denmark"        60 "DNK" 2018 1      .8136  -.002073255         . 0 0          0
    "Denmark"        60 "DNK" 2019 1  .75809997            .         . 0 0        .03
    "Denmark"        60 "DNK" 2020 1  .42070001            .         . 0 0  .03999999
    "Denmark"        60 "DNK" 2021 1      1.853            .         . 0 0        .03
    "Denmark"        60 "DNK" 2022 1          .            .         . 0 0  .01999998
    "Spain"          66 "ESP" 1990 1  6.7217999            . 35.642998 0 0  .05000019
    "Spain"          66 "ESP" 1991 1  5.9341998            . 35.511341 0 0 .029999733
    "Spain"          66 "ESP" 1992 1     5.9245            . 36.012535 0 0  .03999996
    "Spain"          66 "ESP" 1993 1  4.5690999            . 36.993076 0 0  .01000023
    "Spain"          66 "ESP" 1994 1     4.7184            . 41.695606 0 0  .01000023
    "Spain"          66 "ESP" 1995 1     4.6738            . 44.830265 0 0  .03999996
    "Spain"          66 "ESP" 1996 1     3.5588            . 46.328423 0 0          0
    "Spain"          66 "ESP" 1997 1     1.9711            . 51.292252 0 0  .03000021
    "Spain"          66 "ESP" 1998 1     1.8343            . 52.864227 0 0  .03999996
    "Spain"          66 "ESP" 1999 1  2.3103001            . 54.738052 0 0  .03999996
    "Spain"          66 "ESP" 2000 1  3.4335001            . 60.237831 0 0  .01000023
    "Spain"          66 "ESP" 2001 1  3.5897999            . 58.074154 0 0  .03999996
    "Spain"          66 "ESP" 2002 1  3.0657001            . 54.982864 0 0  .01999998
    "Spain"          66 "ESP" 2003 1  3.0388999            .  53.11137 0 0  .02999997
    "Spain"          66 "ESP" 2004 1  3.0392001            .  54.21246 0 0  .00999999
    "Spain"          66 "ESP" 2005 1  3.3687999            . 54.335106 0 0  .01999998
    "Spain"          66 "ESP" 2006 1     3.5156            . 55.659271 0 0  .01999998
    "Spain"          66 "ESP" 2007 1  2.7867999            . 57.406456 0 0  .01999998
    "Spain"          66 "ESP" 2008 1  4.0753002            . 55.757931 0 0  .03000021
    "Spain"          66 "ESP" 2009 1 -.28780001            .   46.4972 0 0  .02999997
    "Spain"          66 "ESP" 2010 1  1.7999001            . 52.343571 0 0  .00999999
    "Spain"          66 "ESP" 2011 1     3.1961            . 58.086094 0 0  .00999999
    "Spain"          66 "ESP" 2012 1     2.4461            . 59.931141 0 0  .03000003
    "Spain"          66 "ESP" 2013 1     1.4086            . 61.179611 0 0 .019999996
    "Spain"          66 "ESP" 2014 1 -.15109999            . 62.996475 0 0  .00999999
    "Spain"          66 "ESP" 2015 1 -.50040001            .   63.5373 0 0        .02
    "Spain"          66 "ESP" 2016 1     -.2026            . 63.077847 0 0  .04000002
    "Spain"          66 "ESP" 2017 1     1.9561            . 65.714531 0 0        .03
    "Spain"          66 "ESP" 2018 1      1.675            .         . 0 0  .01999998
    "Spain"          66 "ESP" 2019 1  .69950002            .         . 0 0  .03999999
    "Spain"          66 "ESP" 2020 1 -.32280001            .         . 0 0        .03
    "Spain"          66 "ESP" 2021 1  3.0931001            .         . 0 0  .05000001
    "Spain"          66 "ESP" 2022 1          .            .         . 0 0  .03999999
    end

  • #2
    How many countries are treated at each intervention date? I suspect not many, in which case I don't think PS matching is a good way to go unless you are immediately aggregating by exposure time (which makes sense). But why not try flexible estimation using twfe (xthdidregress twfe or user-written jwdid) or synthetic diff-in-diffs (user-written sdid)? In the former case, you can use controls. You can also use the Callaway-Sant'Anna doubly robust estimator (csdid will aggregate the effects by exposure time).

    Comment


    • #3
      Jeff Wooldridge Thank you for the valuable suggestion, I will look into it. However, there are studies for example "Re-evaluating the effectiveness of inflation targeting" and "Inflation targeting adoption and institutional quality: Evidence from developing countries" which have used PSM for estimation. In total there are around 41 countries that has adopted inflation targeting but the adoption dates are different which is shown in the data below.


      Code:
      * Example generated by -dataex-. To install: ssc install dataex
      clear
      input str3 country_code int adoption_year
      "NZL" 1990
      "CAN" 1991
      "GBR" 1992
      "AUS" 1993
      "SWE" 1993
      "CZE" 1997
      "ISR" 1997
      "POL" 1998
      "BRA" 1999
      "COL" 1999
      "CHL" 1999
      "THA" 2000
      "ZAF" 2000
      "MEX" 2001
      "ISL" 2001
      "NOR" 2001
      "KOR" 2001
      "HUN" 2001
      "PHL" 2002
      "PER" 2002
      "ROU" 2005
      "IDN" 2005
      "GTM" 2005
      "SRB" 2006
      "TUR" 2006
      "ARM" 2006
      "GHA" 2007
      "URY" 2007
      "GEO" 2009
      "ALB" 2009
      "PRY" 2011
      "UGA" 2011
      "USA" 2012
      "DOM" 2012
      "MDA" 2013
      "JPN" 2013
      "RUS" 2014
      "KAZ" 2015
      "UKR" 2015
      "ARG" 2016
      "IND" 2016
      end

      Comment

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