The Nonexistence of Instrumental Variables

Stephen Hall (), P.A.V.B. Swamy and George Tavlas

No 09/16, Discussion Papers in Economics from Division of Economics, School of Business, 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.

JEL-codes: C32 C51 (search for similar items in EconPapers)
Date: 2009-09
New Economics Papers: this item is included in nep-ecm
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Citations: View citations in EconPapers (4)

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Working Paper: The Nonexistence of Instrumental Variables (2011)
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