Rainfall and Weak Instruments
Validity and Refinement of Rainfall Variables as Instruments for Transitory Income
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Income is a key regressor in many economic
applications, but it is almost always not exogenous.
Given that rainfall is externally provided by nature
and that it is also correlated with income in the
rural setting, rainfall shocks seem to be the
perfect instrument in two-stage least squares
estimation. This book examines the validity and
refinement of the use of rainfall variables as
instruments for transitory income in the context of
weak instruments.
applications, but it is almost always not exogenous.
Given that rainfall is externally provided by nature
and that it is also correlated with income in the
rural setting, rainfall shocks seem to be the
perfect instrument in two-stage least squares
estimation. This book examines the validity and
refinement of the use of rainfall variables as
instruments for transitory income in the context of
weak instruments.
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