The purpose of this paper is to help dispel the common textbook misperception that consistent instrumental variable estimation requires exogenous instruments. A necessary and sufficient condition is presented that implies Stock and Watson's (2010, App. 12.6) conditional mean independence...

This article is a guide to Lauchlin Currie's thoughts on development and economic growth. Growth is a necessary condition for development and a minimum of law and order is a necessary condition for growth. According to Currie, the causes of growth are not to be found in the traditional factors...

The ARDL bounds test of Pesaran, Shin and Smith (2001) has become an important tool for exploring cointegration. However, some pretesting is needed for its valid application: regressor variables should not be integrated of order higher than unity; the dependent variable must be integrated of...

This paper measures the change in US unemployment and participation rates by gender due to the onslaught of the COVID-19 pandemic. It uses a triple difference estimation, DiDiD, and time series generated synthetic controls to compare these rates. The results suggest, thought not strongly, that...

This document explores various information theoretic concepts initially developed in physics and engineering and used today in many other fields. Information is defined as a quantity inversely proportional to the probability that an event happens and entropy is defined as the expected value of...