econometrics

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Related to econometric: Econometric analysis

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 ?
Scrutinising the properties of time series data, this book examines the procedures and tools of contemporaneous econometrics and investigates systematic application of econometric methods to economic data.
The econometric model construction process involves 3 stages (Blaszczuk, 2006):
Section three discusses the types of revenue forecasting methods used, the perceived difficulty of forecasting alternative revenue sources, and the influence of population size and government structure on the use of econometric methods in municipalities.
Bergstrom rose through the ranks at Auckland to Associate Professor of Economics until he left New Zealand to take up a Readership at the London School of Economics (1962-1964) joining Bill Phillips, Jim Durbin and later Denis Sargan to make the LSE the leading centre for econometric research in the UK.
The chapters cover virtually all topics discussed in standard econometric courses, whether undergraduate or graduate.
In her cost-benefit analysis, published in the November/December 2002 issue of Medical Decision Making, Brown applied econometric modeling to those earlier data and found that the expenses incurred in inspection, abatement, medical care, and special education in homes in the limited enforcement area totaled more than $101,000 over 10 years.
Therefore, past econometric tests are wrong in their assumption that the IMF is having an effect only when it has a policy in implementation.
Waltham, MA), has acquired WEFA (Wharton Econometric Forecasting Associates) from Thomson Financial (New York) and DRI, an economic information company, from McGraw-Hill Cos.
It isn't econometric models, interest rates, stock prices -- or even earnings reports & consumer confidence studies -- that cause recessions or downturns.
This includes information gathered from extensive interviews with market participants, new econometric work, and the experience of bank supervisors.
In off-site surveillance, supervisors rely primarily on two analytical tools: supervisory screens and econometric models.
Stratecasts' ongoing interviews with casting users and econometric experts who have been analyzing the first quarter of 1999 indicate that many market sectors continue to strengthen while others are slowing.