Panel data refers to data collected on a number of individuals over a number of time periods (e.g., the Household, Income and Labour Dynamics in Australia survey that has been conducted annually since 2001). With repeated observations of enough cross-sections, panel analysis permits the researcher to study the dynamics of change with short time series. A vast range of econometric techniques have been extended to allow the specification, estimation, and inference in the context of models that include individual (firm, person, etc.) effects.