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Article
Conditions Sufficient to Infer Causal Relationships Using Instrumental Variables and Observational Data
Econometritions frequently believe that standard instrumental variables (IV) methods can prove causal relationships. We review the relevant formal causal inference literature, and we demonstrate that this beli...
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Article
Price formulation and the law of one price in internationally linked markets: an examination of the natural gas markets in the USA and Canada
The degree to which the law of one price holds (integration) along with determining each individual markets’ role in price discovery is examined for 11 major natural gas markets, six from the USA and five from...
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Article
D-separation, forecasting, and economic science: a conjecture
The paper considers the conjecture that forecasts from preferred economic models or theories d-separate forecasts from less preferred models or theories from the Actual realization of the variable for which a ...
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Article
Graphical Methods, Inductive Causal Inference, and Econometrics: A Literature Review
Recent work with graphical methods for inductive causal inference with observational econometric data is reviewed and compared with earlier work. Two alternative algorithms are described. Caveats on applicatio...
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Article
Effect of lock delay on grain barge rates: examination of upper Mississippi and Illinois Rivers
Directed acyclic graphs and multivariate time-series analysis are used to identify and measure the effect of lock delay on the upper Mississippi and Illinois Rivers grain barge rates. Lock congestion on these ...
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Article
Money and prices: U.S. Data 1869–1914 (A study with directed graphs)
This paper reconsiders empirical evidence on relationships among money, income, nominal prices, and wheat prices. Error correction and directed acyclic graphs are used to study both lagged and contemporaneous...