Affiliation:
1. University of California, San Diego, 9500 Gilman Dr. #0534, La Jolla, CA 92093-0534.
2. Center for Global Development, 1800 Massachusetts Ave. NW, Third Floor, Washington, DC 20036.
Abstract
Concern has intensified in recent years that many instrumental variables used in widely-cited growth regressions may be invalid, weak, or both. Attempts to remedy this general problem remain inadequate. We show how a range of published studies can offer more evidence that their results are not spurious. Key steps include: grounding growth regressions in more generalized theoretical models, deployment of new methods for estimating sensitivity to violations of exclusion restrictions, opening the “black box” of GMM with supportive evidence of instrument strength, and utilization of weak-instrument robust tests and estimators. (JEL C52, E23, F35, O41, O47)
Publisher
American Economic Association
Subject
General Economics, Econometrics and Finance
Cited by
305 articles.
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