Regarding time dummies in logit panel model

[shilpa gupta]

I am examining firm level determinants of external commercial borrowing in India for the time period 2004-2020 by applying the random effect logit panel model.. There are 9 independent firm level variable and 4 macro level variables and i have also included the time dummies. Should i retain the time dummies with macro level variable or i should run the model with 4 macro level variables ?

[Carlo Lazzaro]

Shilpa:
your question, without any ecberp of your data, does not offer the chance for a helpful reply.
That said, I would retain the time dummies and, even better, create a single categorical time variable, reshaoing the data in -long- format, if they are currently -wide-.