lElucidate, with illustrations, the application of ‘simultaneous

Question

lElucidate, with illustrations, the application of ‘simultaneous equation models’ in panel data contexts

13 Jul 2023

Answer :

Word Count : 291

Simultaneous equation models (SEMs) are a class of econometric models that account for the interdependence between multiple endogenous variables. In panel data contexts, SEMs can be used to model the relationships between variables that vary across both time and individuals.

Consider a simple SEM with two endogenous variables, y and x, and one exogenous variable, z. The equations can be written as:

y = a + b*x + c*z + u
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