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Suppose that you want to estimate the effect of years of education on log wages...

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Algebra

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Suppose that you want to estimate the effect of years of education on log wages using those variables and some other explanatory variables You consider estimating by OLS a Explain the conditions needed for obtaining a consistent estimator by OLS bj Give a proof that OLS is consistent for the case of one explanatory variable Explain the role of assumption MLR 4 c Explain what happends to the consistency result if you exclude a relevant explanatory variable

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