How to prepare the data for a proc panel pooled regression

[Shayan2012]

update: As Ksharp suggested, I reposted this question in the forecasting forum:

https://communities.sas.com/t5/SAS-Forecasting-and-Econometrics/How-to-prepare-data-for-a-proc-panel...

Hi all,

I am trying to run a pooled regression for a sample. here is the code that I have right now:

data have; 
 input fundid time flow flow_lag return; 
 datalines;
 10001 1 10 . .01
 10001 2 12 10 -.03
 10001 3 -10 12 .04
 10002 1 61 . .03
 10002 2 36 61 .04
 10002 3 10 36 0.01
 ; 
run;
proc panel data = have;
 id fundid time;
 model flow = return flow_lag / pooled;
run;

Of course, I have lots of funds and lots of time periods. But I am just showing 2 funds and 3 time periods to understand better how the proc panel works.

When I run the above regression, I get the error:

There is only one cross section or time series observation. Computations will be terminated.

I get this message even when I run on the whole sample, which I know has lots of cross section and time series. As far as I understand, I have both multiple cross sections (two fundids) and multiple time series (three time ids).  So I think there should be something about pooled regression that I do not get at all.

Here are my two questions

1. How should I arrange my data for the proc panel so that I do not face the above error?
2. Is my time id correct? or should it be necessarily a variable with time informat?

If there is any reference that can help me, I would appreciate it if you mention it as well.

thanks a lot,

[Ksharp]

It is about SAS/ETS, plz post it at Forecast forum.