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@jon_mellon Agreed about IVs from well-defined policy rules. That said, here is a "classic" Econ reference where I do believe the IV is valid (even though it is rainfall 😁) https://t.co/4e4q1E30uy
The Interpretation of Instrumental Variables Estimators in Simultaneous Equations Models with an Application to the Demand for Fish
Overview of attention for article published in Review of Economic Studies, July 2000
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