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Panel Data Models Solve Weak Instrument Issues, Ensuring Consistent Estimation

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Weak Instruments in Panel Data Models

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The article discusses the issue of weak instrumental variables in panel data models. It explains that when instrumental variables are weak, the 2SLS estimator is inconsistent, except in panel data models with both large n and T, where it is consistent. This means that in large panel models with weak instrumental variables, the model can still be identified.