econometrics

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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 ?
Empirical theorizing is the sort of endeavor engaged in by the applied econometrician in constructing equations and formulating hypotheses.
I hope the paper stimulates time series econometricians and statisticians to return to the methodological issues of seasonal adjustment.
Basmann, "The Professional Responsibility of the Econometrician for Truthfulness in the Teaching of Economics," in Educating Economists, eds.
The candidate will be hosted by a group which gathers econometricians and statisticians.
As an example that might fit Dow's point, econometricians consider it important to control for other variables.
Economists and applied econometricians have always been interested in understanding the stochastic nature of unemployment time series.
There are a number of other differences that may be of interest to econometricians but their initial result is quite consistent despite using a different technique, time period, and dataset.
I also wish to commend Moroccan statisticians, demographers, econometricians, computer scientists and experts in economic prospective studies and forecasts for the contributions they have been making to improve the quality of our national statistical system.
Clive Granger remains one of the most influential time series econometricians of our time.
27) describes this methodological dispute, won by econometricians.
This handbook will be useful for econometricians, financial statisticians, econometrics researchers, and advanced students of econometrics.
I was not fond of the dry tools of linear algebra used by Fisher and other econometricians to study identification of simultaneous linear systems.

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