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1. Maximum Likelihood Estimation (MLE)
Jerry A. Hausman (1975). An Instrumental Variable Approach to Full Information Estimators for Linear and Certain Nonlinear Econometric Models. Econometrica, 43(4), 727-738.
https://doi.org/10.2307/1913081
Working paper (MIT. Dept. of Economics) ; no. 127
Jerry A. Hausman and William E. Taylor (1983). Identification in Linear Simultaneous Equations Models with Covariance Restrictions: An Instrumental Variables Interpretation. Econometrica, 51(5), 1527-1549.
https://doi.org/10.2307/1912288
Working paper (MIT. Dept. of Economics) ; no. 280
Jerry A. Hausman, Whitney K. Newey and William E. Taylor (1987). Efficient Estimation and Identification of Simultaneous Equation Models with Covariance Restrictions. Econometrica, 55(4), 849–874.
https://doi.org/10.2307/1911032
Working paper (MIT. Dept. of Economics) ; no. 369
2. Vector Autoregressive (VAR) model
Sims, C. A. (1980). Macroeconomics and Reality. Econometrica, 48(1), 1–48.
Hamilton, J. D. (1989). A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle. Econometrica, 57(2), 357–384.
4. Jae-Ho Yoon academic position and Simultaneous Equations
After producing the world's 184th Supercomputer in 2001 at work, my FIML Markov-switching model created at the South Korea Ilsan Library in 2004 went through numerous twists and turns, and 18 years later, it began to become known among economists through Applied Economics (SSCI) in 2022.
My FIML Markov-switching model, which extends Hamilton's Markov-switching model to simultaneous equations, is a part of Simultaneous Equations.
Simultaneous Equations was known in the journal Econometrica in 1933 and has been applied and developed by many genius economists for over 90 years.
MIT's Professor Jerry Hausman's 1975 article he wrote in his 20s, which launched his 50-year career as a professor, was also in the field of Simultaneous Equations.
The VAR model, created in 1980 by Nobel Prize winner Professor Chris Sims of Princeton, is a constrained model of Simultaneous Equations.
At the World Congress of Econometric Society held in Seoul in 2025, I watched professors give presentations using Simultaneous Equations.
Therefore, I have summarized the academic position of Simultaneous Equations.
5. References
Takeshi Amemiya (1985). Advanced Econometrics. Harvard University Press
Machine Learning vs. Econometrics
1. Supervised Learning : Parametric estimation
2. Unsupervised Learning : Nonparametirc estimation
3. Reinforcement Learning : Simulation
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The frequentist approach includes nonparametric methods
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