Dears,

I have a question about the model specification that I wonder if people can share their thoughts about it. I estimate a model using a panel dataset including 144 countries.
Code:
𝑦𝑖,𝑑+π‘˜ = π›Όπ‘–π‘˜ + π›Ύπ‘‘π‘˜ + π›½π‘˜π·π‘–,𝑑 + πœƒπ‘˜π‘‹π‘–,𝑑 + πœ€π‘–,𝑑+π‘˜
where
where 𝑦𝑖,𝑑 is the fertility rate for country 𝑖 in year 𝑑; 𝛼𝑖 are country fixed effects, included to
take account of differences in countries’ average fertility; 𝛾𝑑 are time fixed effects, including
to take account of global shocks and global business cycle; 𝐷𝑖,𝑑 is a dummy variable
indicating a pandemic recession event in country 𝑖 at year t. 𝑋𝑖,𝑑 is a vector that includes two
lags of the dependent variable and the pandemic recession dummy
I am interested to do a placebo test, but unfortunately, as I am searching but I do not know how can I do this.


any comments about this will be appreciated!
Thanks,