NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Causal Interpretation of Two-Stage Least Squares with Multiple Instrumental Variables

Magne Mogstad, Alexander Torgovitsky, Christopher R. Walters

NBER Working Paper No. 25691
Issued in March 2019, Revised in July 2020

---- Acknowledgments ----

We thank St├ęphane Bonhomme, Vishal Kamat, Azeem Shaikh, and Ed Vytlacil for helpful comments, and Christine Blandhol, John Bonney, and Conroy Lau for outstanding research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Alexander Torgovitsky ----

Research supported in part by National Science

Foundation grant SES-1530538.

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