def panel_index(time, panels, names=None):
    """
    Returns a multi-index suitable for a panel-like DataFrame.

    Parameters
    ----------
    time : array-like
        Time index, does not have to repeat
    panels : array-like
        Panel index, does not have to repeat
    names : list, optional
        List containing the names of the indices

    Returns
    -------
    multi_index : MultiIndex
        Time index is the first level, the panels are the second level.

    Examples
    --------
    >>> years = range(1960,1963)
    >>> panels = ['A', 'B', 'C']
    >>> panel_idx = panel_index(years, panels)
    >>> panel_idx
    MultiIndex([(1960, 'A'), (1961, 'A'), (1962, 'A'), (1960, 'B'),
                (1961, 'B'), (1962, 'B'), (1960, 'C'), (1961, 'C'),
                (1962, 'C')], dtype=object)

    or

    >>> years = np.repeat(range(1960,1963), 3)
    >>> panels = np.tile(['A', 'B', 'C'], 3)
    >>> panel_idx = panel_index(years, panels)
    >>> panel_idx
    MultiIndex([(1960, 'A'), (1960, 'B'), (1960, 'C'), (1961, 'A'),
                (1961, 'B'), (1961, 'C'), (1962, 'A'), (1962, 'B'),
                (1962, 'C')], dtype=object)
    """
    if names is None:
        names = ['time', 'panel']
    time, panels = _ensure_like_indices(time, panels)
    return MultiIndex.from_arrays([time, panels], sortorder=None, names=names)