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Arthur Lewbel Profile picture
Arthur Lewbel
@lewbel
Economics, econometrics, juggling, travel, politics. Econ Professor at Boston College and citizen of the world.
Jul 29, 2020 • 4 tweets • 2 min read
As a student at MIT, I heard the expression, "The Iron Law of Econometrics," referring to OLS coefficients being biased toward zero, due to measurement error attenuation bias and other data issues. #EconTwitter #Econometrics
1/4 But who coined the term, "iron law of econometrics?"
Hausman (2001 JEP) says, "At MIT I have called this the 'Iron Law of Econometrics' - the magnitude of the estimate is usually smaller than expected."
This would seem to answer the question...
2/4