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SimultaneousEquations.pdf
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ECON  5370  Advanced Econometric Theory III  le...
ECON  5370  Advanced Econometric Theory III  lecture_notes Simultaneous Equation Models 1 Introduction Many economic problems involve the interaction of multiple endogenous variables within a system of equa tions. Estimating the parameters of such as system is typically not as simple as doing OLS equationby equation. Issues such as identication (whether the parameters are even estimable) and endogenei
ECON  5370  Advanced Econometric ...
ECON  5370  Advanced Econometric Theory III  lecture_notes Simultaneous Equation Models 1 Introduction Many economic problems involve the interaction of multiple endogenous variables within a system of equa tions. Estimating the parameters of such as system is typically not as simple as doing OLS equationby equation. Issues such as identication (whether the parameters are even estimable) and endogenei
Page 12
Clearly, estimation of (6) is likely to produce three distinct estimates of
1
, which reects the overidenti
cation problem.
12
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