Hi,

The video shared below differentiates between short run and long run effects of an independent variable in dynamic panel regression (19:25 to 20:50). Firstly, I would like to know when and why do we differentiate between these effects. Secondly, which effect is usually sensible to be reported in research papers (I believe majority of research papers focus on the short run effects because they interpret the coefficients directly without any transformation).

Video (19.25 to 20.50): https://youtu.be/ACyds3u_r5E?t=1164

Thanks!