The paper was published in an open access, refereed econometrics journal. In Professor Lady’s words: “Among other things we show, with considerable illustration, that multi-stage least squares as commonly practiced can “estimate” structural arrays that could not possibly have generated the data upon which the reduced form estimation is based.”

Buck, Andrew and George Lady, 2015, “A New Approach to Model Verification, Falsification and Selection,” Econometrics 2015, 3(3), doi: 10.3390/econometrics3030466, June 2015, pp. 466-493. On-line at: http://www.mdpi.com/2225-1146/3/3/466/html