<?xml version='1.0' encoding='UTF-8'?><xml><records><record><source-app name="HighWire" version="7.x">Drupal-HighWire</source-app><ref-type name="Journal Article">17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Cruz, Luiz M.</style></author><author><style face="normal" font="default" size="100%">Moreira, Marcelo J.</style></author></authors><secondary-authors></secondary-authors></contributors><titles><title><style face="normal" font="default" size="100%">On the Validity of Econometric Techniques with Weak Instruments</style></title><secondary-title><style face="normal" font="default" size="100%">Journal of Human Resources</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2005</style></year><pub-dates><date><style  face="normal" font="default" size="100%">2005-03-31 00:00:00</style></date></pub-dates></dates><pages><style  face="normal" font="default" size="100%">393-410</style></pages><doi><style  face="normal" font="default" size="100%">10.3368/jhr.40.2.393</style></doi><volume><style face="normal" font="default" size="100%">40</style></volume><issue><style face="normal" font="default" size="100%">2</style></issue><abstract><style  face="normal" font="default" size="100%">We evaluate Angrist and Krueger (1991) and Bound, Jaeger, and Baker (1995) by constructing reliable confidence regions around the 2SLS and LIML estimators for returns-to-schooling regardless of the quality of the instruments. The results indicate that the returns-to-schooling were between 8 and 25 percent in 1970 and between 4 and 14 percent in 1980. Although the estimates are less accurate than previously thought, most specifications by Angrist and Krueger (1991) are informative for returns-to-schooling. In particular, concern about the reliability of the model with 178 instruments is unfounded despite the low first-stage F-statistic. Finally, we briefly discuss bias-adjustment of estimators and pretesting procedures as solutions to the weak-instrument problem.</style></abstract></record></records></xml>