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 ?
Based on Fitch's GEO forecasts for the EM-DM growth differential and the pace of Fed tightening, our econometric model predicts capital flows remaining steady as a share of GDP in the next two years, at around 0.8% of GDP.
Our results and conclusions are relatively robust since they are based on an econometric model, which exhibits highly significant exogenous variables, strong dependence between exogenous and endogenous variables and fulfillment of all econometric verification tests.
Bhowmik's book is of considerable importance for applied econometricians because it addresses very diverse topics using different econometric tools with great mastery.
Specific objectives of the study were (1) to quantify how much PELS varies among studies, and (2) to characterize how specific explanatory variables affect PELS: forest products, geographic regions, econometric model form, ownership characteristics (owner of supplier, nonforest income, age), data type, price observations frequency, interest rate, standing stock, price deflation, and time period.
Interestingly, one of the early opposed the econometric approach in macroeconomics was Milton Friedman (1940).
A review of previous studies indicates various methods of measuring the TFP growth rate in an economy: growth accounting method, index number method, and econometric method.
Using econometric analyses, the authors examine the characteristics of SMEs that participate in production networks in Chapter 5.
The workshop was aimed at imparting knowledge on data issues, analysis, econometric modeling and its applications in the context of empirical research, which was inaugurated by the university Rector Dr.
They report a rising aggregated trend in citations of more recent papers in the "Development" and "International" JEL fields and a declining aggregated trend in citations of recent papers in the "Econometric" and "Theory" JEL fields.
For the railroads, all five articles are econometric studies.
The content of the book focuses on five econometric methods called Furious Five.
The author advises using an econometric approach when applying the past trends in this book to forecasting future performance.