This paper presents an overview of the Cowles Commission effort in the area of econometric theory and a critical review of the Brookings Project, but flaws are noted in both efforts. The Brookings part reflects a view of the project as seen by one of the younger members of the coordinating team;...

Test statistics and estimators for reduced-form coefficients involved in overidentifying exclusion restrictions are proposed. The test statistics, under the null hypothesis, do not depend on unknown parameters. One of the test statistics is exactly a "Student" "t" under the null hypothesis. A...