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Title: The non-existence of instrumental variables
Authors: Swamy, P. A. V. B.
Tavlas, George S.
Hall, Stephen G.
First Published: Sep-2009
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
Type: Report
Appears in Collections:Reports, Dept. of Economics

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