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|Title:||The non-existence of instrumental variables|
|Authors:||Swamy, P. A. V. B.|
Tavlas, George S.
Hall, Stephen G.
|Publisher:||Dept. of Economics, University of Leicester|
|Abstract:||The method of instrumental variables (IV) and the generalized method of moments (GMM) and their applications to the estimation of errors-in-variables and simultaneous equations models in econometrics require data on a sufficient number of instrumental variables which are (insert space) both exogeneous and relevant. We argue that in general such instruments (weak or strong) cannot exist.|
|Series/Report no.:||Papers in Economics|
|Appears in Collections:||Reports, Dept. of Economics|
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