Transcription of Econometrics: Economic Data and Econometric Modeling
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Econometrics: Economic Data and Econometric Modeling
Econometrics: EconomicData and Econometric ModelingBurcu EkeUC3 MWhat is econometrics?IEconometrics Economic measurementsIIt is a discipline based on the development of probabilisticmodels and statistical inference methods for the study ofeconomic relations, the contrast of Economic theories, orthe evaluation and implementation of consists of elements from different disciplines:economics, statistics and does an econometrician do?IAn econometrician is an economist who uses statistics andmathematics to understand, explain, and predict economicvariables such as employment, supply and demand,inflation, company profits, health insurance, and manyother important Economic econometrician attempts to develop accurate economicforecasting and successful policy econometrician qualitatively and quantitativelyanalyzes how the factors of interest affect a variableassociated with an Economic question of common applications of econometrics areIprediction of macroeconomic variables such as interest rate,GDP, inflationIMacroeconomic relationships such asunemployment-inflation and inflation-moneyIMicroeconomic relationships such as wage-education,production-inputIFinance such as stock volatilityIFo
I Panel (longitudinal) data All these di erent data types require speci c econometric and statistical techniques for data analysis 23. Cross-Section I A type of one-dimensional data set I Collected by observing many subjects (such as individuals, rms or countries/regions) at the same point of time, or ... I When looking for causality, ...
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