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Much of this work employs regression methods and uses inter-industry data, but important studies are also conducted at the industry, ??
ndings, and they identify some of the limitations of regression analyses, particularly at the inter-industry level.
While the inter-industry analyses are of- ten inconclusive, defensible empirical patterns emerge within particular industries or narrow industry categories.
Studies in the third group thus sometimes return to the inter-industry focus that character- ized much of the earlier empirical work; however, the empirical analysis is now strongly guided by general theoretical considerations.
The endogeneity concern is fundamental and calls for simultaneous-equation methods; however, in an inter-industry study, the identi??
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