Discuss the linear simultaneous equations model

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Reference no: EM131530121

Question: 1. Explain the meaning of each of the following terms.

(a) Endogenous variables.

(b) Exogenous variables.

(d) Reduced-form equations.

(e) Order condition for identification.

(f) Rank condition for identification.

(g) Indirect least squares.

(h) Two-stage least squares.

(i) Instrumental variable methods.

(j) Normalization.

(k) Simultaneity bias.

(I) Recursive systems.

2. Explain concisely what is meant by "the identification problem" in the context of the linear simultaneous equations model.

Reference no: EM131530121

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