You can accomplish this by keeping a global variable, and setTimouts, to wait a delay of 200ms and then check if one of the 2 elements have focus.
var keepFocus = false;
function hideList(){
if(!keepFocus){
$('#myList').hide();
}
}
$('#myInput').blur(function() {
keepFocus = false;
window.setTimeout(hideList, 200);
}).focus(function(){
keepFocus = true;
});
$('#myList').blur(function() {
keepFocus = false;
window.setTimeout(hideList, 200);
}).focus(function(){
keepFocus = true;
});