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In virtually all texts of intermediate Macroeconomics$^1$ the Mundell-Fleming model is taught. But his estimate is not addressed in the classical texts of econometrics. I've always wanted to read some reference, but my searches have not worked

1: "Most open macroeconomy models in the textbooks are variations of the Mundell-Fleming model." Ohno Lecture notes: Mundell-Fleming Model with a Floating Exchange Rate

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First, you don't estimate the "model", but its parameters. You can then try tests that check if the specification is correct and if you do want to test the "model".

There are different approaches to estimation. In this nice article the author uses a VAR model to estimate the parameters of the Mundell-Flemming model for the Australian economy.

http://cms-content.bates.edu/prebuilt/huh.pdf?origin=publication_detail

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