econometrics

(redirected from Econometric analysis)
Also found in: Dictionary, Thesaurus, Encyclopedia.

Econometrics

The quantitative science of modelling the economy. Econometric models help explain and predict variables of interest.

Econometrics

The use of mathematics to assess economic data. There are two broad subdivisions in econometrics. Theoretical econometrics uses statistics to find strengths or weaknesses of an economic model considered on its own terms. Applied econometrics, on the other hand, considers how well a model conforms to real life data. For example, one may look at average wages for those with different levels of education to determine whether or not higher education is cost effective.

econometrics

the application of statistical techniques in the analysis of economic data. Econometrics is used extensively in establishing statistical relationships between, for example, levels of national income and consumption in the economy, as a basis for formulating government ECONOMIC POLICY, and is used by firms to forecast demand for their products. See SALES FORECASTING, REGRESSION ANALYSIS.

econometrics

the discipline within economics that attempts to measure and estimate statistically the relationship between two or more economic variables. For example, economic theory suggests that consumption expenditure is a function of disposable income (C = f (Y)) or, more precisely, that consumption expenditure is linked to disposable income through the equation C = a + b.Y. For each level of disposable income, consumption can be measured and a statistical relationship established between the two variables by making numerical estimates of the parameters, a and b in the equation. Because consumption is dependent upon income, it is termed the DEPENDENT VARIABLE, whilst disposable income is termed the INDEPENDENT VARIABLE. Econometric models can have many hundreds of measured variables, linked by several hundred estimated equations, not just one, as is the case when models are constructed for macroeconomic FORECASTING purposes. See REGRESSION ANALYSIS.
References in periodicals archive ?
In the fourth article, Jianmin Tang from Industry Canada explores this issue though a comprehensive econometric analysis of the drivers of labour productivity growth in OECD countries.
Our econometric analysis used three industry metrics: output, productivity, and employment.
Data Source: An actuarial and econometric analysis of data from the 2011 Medicare Trustees Report, done under a current-law framework.
While it can be argued in theory that house price changes have little effect on overall UK wealth, our econometric analysis suggests that an unanticipated future fall in house prices could have a significant impact in dampening the speed of the recovery in consumer spending in the medium term.
It is almost entirely quantitative, and summarizes recent econometric analysis.
Biofuel Mandate and World Food Prices: An Econometric Analysis of the Demand and Supply of Calories"
Nor is it a general reference such as Econometric Analysis by William Greene, or even an in-depth look at one area such as Wooldridge's Econometric Analysis of Cross Section and Panel Data or Hamilton's Time Series Analysis.
Might these include: the emphasis on statistical tests of significance; a possibly reductionist view that issues can be analysed through econometric analysis of available data series; or the value of VAR models; or perhaps even Granger causality?
He finds it possible to develop market and environmental policies that encourage technological innovation as he describes how the oil and gas industry has learned to innovate as resources decline (in which he performs an econometric analysis of production and exploration), the role of the Porter hypothesis in analyzing environmental regulations and technological change, sector-specific contributions of innovations in exploration and development as well as production, the environmental Kuznets curve and what it says about the impact of pollution abatement, alternative technology indexes, methods of forecasting energy supply and pollution, and in a particularly interesting section, the question of whether environmental technology change saves pollution or costs.
It includes econometric analysis of insider trading with papers that focus on insider trading regulation.
The econometric analysis was available to the peer reviewers, and neither challenged the model or the conclusions drawn from it.
Recent econometric analysis of the trade and currency data show the responsiveness of U.