Bayesian Inference in IV Regressions
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It is well known that standard frequentist inference breaks down in IV regressions with weak instruments. Bayesian inference with diffuse priors suffers from the same problem. We show that the issue arises because flat priors on the first-stage coefficients overstate instrument strength. In contrast
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美国国家经济研究局创建时间：
2026-01-01
