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

Burkhard Raunig ()
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Burkhard Raunig: Economic Studies Division, Central Bank of Austria, Otto-Wagner-Platz 3, Vienna 1090, Austria

Econometrics, 2017, vol. 5, issue 3, 1-6

Abstract: 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.

Keywords: causal inference; instrumental variable; omitted variable; structural model (search for similar items in EconPapers)
JEL-codes: B23 C C00 C01 C1 C2 C3 C4 C5 C8 (search for similar items in EconPapers)
Date: 2017
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