Federico Crudu, Michael C. Knaus, Giovanni Mellace, Joeri Smits
arXiv 17 Nov 2022 · Econometrics · publishedCanadian Journal of Economics/Revue canadienne d économique (2025) · 2 citations (OpenAlex)
arXiv:2211.09502 · PDF · DOI · OpenAlex · Extracted main text
Many econometrics textbooks imply that under mean independence of the regressors and the error term, the OLS parameters have a causal interpretation. We show that even when this assumption is satisfied, OLS might identify a pseudo-parameter that does not have a causal interpretation. Even assuming that the linear model is "structural" creates some ambiguity in what the regression error represents and whether the OLS estimand is causal. This issue applies equally to linear IV and panel data models. To give these estimands a causal interpretation, one needs to impose assumptions on a "causal" model, e.g., using the potential outcome framework. This highlights that causal inference requires causal, and not just stochastic, assumptions.
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The works this paper leans on most, across its whole bibliography — not restricted to papers in our corpus. Ranked by composite intensity, which combines how often a work is mentioned, how many sections mention it, and how much of that falls in the main text rather than the appendix.
| Reference | Intensity | Mentions | Sections | Main text | |
|---|---|---|---|---|---|
| 1 | G. W. Imbens and J. M. Wooldridge (2009) Recent developments in the econometrics of program evaluation | 0.405 | 1 | 1 | 100% |
| 2 | J. D. Angrist and J.-S. Pischke (2017) Undergraduate econometrics instruction: through our classes, darkly | 0.405 | 1 | 1 | 100% |
| 3 | A. C. Cameron and P. K. Trivedi (2005) Microeconometrics: methods and applications | 0.405 | 1 | 1 | 100% |
| 4 | J. Hahn and G. Ridder (2011) Conditional moment restrictions and triangular simultaneous equations | 0.405 | 1 | 1 | 100% |
| 5 | F. Hayashi (2000) Econometrics | 0.405 | 1 | 1 | 100% |
| 6 | J. H. Stock and M. W. Watson (2019) Introduction to econometrics | 0.405 | 1 | 1 | 100% |
| 7 | J. M. Wooldridge (2010) Econometric analysis of cross section and panel data | 0.405 | 1 | 1 | 100% |
| 8 | J. M. Wooldridge (2019) Introductory econometrics: A modern approach | 0.405 | 1 | 1 | 100% |
Showing the top 8 of 8 scored citations.