please write an abstract of the topic "The principles of construction and use of econometric models...

please write an abstract of the topic "The principles of construction and use of econometric models and methods in economic research"

Expert Solution

Econometrics deals with the measurement of economic relationships. It is an integration of economics, mathematical economics and statistics with an objective to provide numerical values to the parameters of economic relationships. The relationships of economic theories are usually expressed in mathematical forms and combined with empirical economics.

Econometric models are statistical models used for econometrics. Econometric models specify the statistical relationship that is believed to hold between the various economic quantities pertaining to a particular economic phenomenon. An econometric model can be derived from a deterministic economic model by allowing for uncertainty, or from an economic model which itself is stochastic. However, it is also possible to use econometric models that are not tied to any specific economic theory.

Use of models:

The obtained models are used for forecasting and policy formulation which is an essential part in any policy decision. Such forecasts help the policy makers to judge the goodness of fitted model and take necessary measures in order to re-adjust the relevant economic variables.

Methods in Economic Research :

Data collection
Developing theoretical frameworks
Econometrics
Economic evaluation
Economic modelling

P.S. (please upvote if you find the answer satisfactory)

orchestra answered 2 years ago

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