On The Interpretation of Instrumental Variables in the Presence of Specification Errors: A Causal Comment

Swamy et al. (2015) argue that valid instruments cannot exist when a structural model is misspecified. This note shows that this is not true in general. In simple examples valid instruments can exist and can help to estimate parameters of interest.

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Bibliographic details
Volume: 5
Main Author: Raunig, Burkhard
Format: Journal Article
Language: English
Place of publication: Basel MDPI AG 18.07.2017
published in: Econometrics Vol. 5; no. 3; p. 31
Data of publication: 2017-07-18
ISSN: 2225-1146
EISSN: 2225-1146
Discipline: Economics
Online Access: Fulltext
Database: CrossRef
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