# econometrics

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## Econometrics

The quantitative science of modelling the economy. Econometric models help explain and predict variables of interest.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

## 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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

## 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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

## 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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Again, if econometricians fully understood the endogeneity they confronted, this wouldn't be an issue.
Freedman (1999) pointed out that econometricians tend to neglect the difficulties in establishing causal relations and that the mathematical complexities tend to obscure, rather than clarify, the assumptions for a statistical model.
Suppose an econometrician has access to a sample of data from this DGP, but does not know the true form of the underlying model.
Historians of railways, rather than econometricians, do however have reasons to feel some unease.
access to technical and scientific based econometricians and insight analysts ?
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., Colander, David, and Brenner, Reuven (The University of Michigan Press, 1992).
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.
This handbook will be useful for econometricians, financial statisticians, econometrics researchers, and advanced students of econometrics.

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