Rejoinder to Herzer, Nowak-Lehmann, Dreher, Klasen, and Martinez-Zarzoso (2014)
回应Herzer等人对Lof等人（2014）的评论，指出其提出的新方法割裂了实证模型与理论，且未解决反向因果问题，同时澄清对方对实证策略的误解。
The Herzer et al. (2014) comment on our article (Lof et al., 2014) addresses two issues. First, they propose various ways to circumvent our concerns regarding data handling in a paper by Nowak-Lehmann et al. (2012). We point out that under these new approaches the link between the empirical model and theoretical specification no longer holds. Moreover, the issue of reverse causality is not tackled by Herzer et al. (2014). Second, Herzer et al. (2014) criticize our empirical strategy and Panel VAR results. We show their remarks are based on misunderstandings and were, for the most part, already addressed in Lof et al. (2014).