On The Interpretation Of Instrumental Variables In The Presence Of Specification Errors: A Causal Comment

ECONOMETRICS（2017）

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摘要

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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关键词

causal inference,instrumental variable,omitted variable,structural model

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