Econometrics, the result of a certain outlook on the role of economics, consists of the application of mathematical statistics to economic data to lend empirical support to the models constructed by mathematical economics and to obtain numerical results
The art of the econometrician consists in finding the set of assumptions that are both sufficiently specific and sufficiently realistic to allow him to take the best possible advantage of the data available to him.
How do econometricians proceed in their analysis of an economic problem?
That is, what is their methodology? Although there are several schools of thought on econometric methodology, we present here the traditional or classical methodology, which still dominates empirical research in economics and other social and behavioral sciences. Steps:
1. Statement of theory or hypothesis.
2. Specification of the mathematical model of the theory
3. Specification of the statistical, or econometric, model
4. Obtaining the data
traditional econometric methodology proceeds along the following steps:
1. Statement of theory or hypothesis.
2. Specification of the mathematical model of the theory
3. Specification of the statistical, or econometric, model
4. Obtaining the data
traditional econometric methodology proceeds along the following steps:
5. Estimation of the parameters of the econometric model
6. Hypothesis testing
7. Forecasting or prediction
8. Using the model for control or policy purposes.
ASE, REI, anul III, engleza, econometrie
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