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Title: On the interpretation of instrumental variables in the presence of specification errors: a reply
Authors: Swamy, P. A.V. B.
Hall, Stephen G.
Tavlas, George S.
von zur Muehlen, Peter
First Published: 19-Jul-2017
Publisher: MDPI
Citation: Econometrics, 2017, 5(3), 32
Abstract: [First paragraph] We appreciate the effort and thoughtfulness of Burkhard Raunig’s attempted critique of Swamy et al. (2015). As we show below, however, it is based on a misunderstanding of the distinction between simultaneous and recursive modeling.
DOI Link: 10.3390/econometrics5030032
ISSN: 2225-1146
eISSN: 2225-1146
Version: Publisher Version
Status: Peer-reviewed
Type: Journal Article
Rights: Copyright © the authors, 2017. This is an open-access article distributed under the terms of the Creative Commons Attribution License (, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
Appears in Collections:Published Articles, Dept. of Economics

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