title: Country fixed effects
body: <p>I am trying to estimate country fixed effect with country dummies.</p>
  
  <pre><code>fe1b &lt;- plm( 
    bond_GDP_local ~ real_r + equity_volatility, model = 'within', data = panel_eme_filtered
  )
  </code></pre>
  
  <p>This gives me same coefficients with below one:</p>
  
  <pre><code>fe1bc &lt;- plm( 
    bond_GDP_local ~ real_r + equity_volatility +country_code, model = 'within', data = panel_eme_filtered
  )
  </code></pre>
  
  <p>Even though I enter country dummies into my equation, I cannot see it in results.
  Does it mean that first model already incorporates it?</p>
  
  <p>Thank you</p>
  
  <p>Both of them are giving me this:</p>
  
  <pre><code>Oneway (individual) effect Within Model
  
  Call:
  plm(formula = bond_GDP_local ~ real_r + equity_volatility, data = panel_eme_filtered, 
      model = "within")
  
  Balanced Panel: n=8, T=60, N=480
  
  Residuals :
     Min. 1st Qu.  Median 3rd Qu.    Max. 
  -2.7200 -0.3450 -0.0927  0.2200  5.6200 
  
  Coefficients :
                         Estimate    Std. Error t-value Pr(&gt;|t|)  
  real_r            -0.0331088985  0.0171886368  -1.926   0.0547 .
  equity_volatility -0.0000003838  0.0000006396  -0.600   0.5488  
  ---
  Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1
  
  Total Sum of Squares:    345.7
  Residual Sum of Squares: 342.7
  R-Squared:      0.008731
  Adj. R-Squared: -0.01025
  F-statistic: 2.06979 on 2 and 470 DF, p-value: 0.1274
  </code></pre>
  
  <p>Another Question: How can estimate robust panel time series data standard errors in this model?</p>