Introductory Econometrics A Modern Approach
Two Stage Least Squares Estimation Cannot Be Applied to a Panel
Two stage least squares estimation cannot be applied to a panel data set.
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Instrumental variables cannot be used for estimating a regression equation if the regression model suffers from the measurement error problem.
The two stage least squares estimator is less efficient than the ordinary least squares estimator when the explanatory variables are exogenous.
Increasing the number of overidentifying restrictions can cause severe biases in two stage least squares estimators.
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