econometric
Quantitative economic analysis
Econometric describes methods that apply statistical and mathematical techniques to economic data in order to test theories, forecast trends, or measure relationships between economic variables.
An econometric model might analyze how interest rates affect housing prices, or predict unemployment based on GDP growth.
The researchers used econometric analysis to determine whether the minimum wage increase affected employment levels.
The field itself is called econometrics.
Return to former state
- estimationApproximate value judgment
- coefficientsNumerical multipliers in expressions
- variablesChangeable elements in equations
- multivariateInvolving multiple variables simultaneously
time-series · cross-sectional · specification · identification · calibration · structural · dynamic · stochastic
Forecast of coming events
- projectionSomething that extends outward
- trendDirection of change
- scenarioPostulated event sequence
- nowcastingVery short-term weather prediction
Conclusion reached through reasoning
- p-valueProbability under null hypothesis
- significanceQuality of mattering
- autocorrelationSignal's similarity to itself delayed
- varianceSpread around the mean
residuals · robust · F-test · asymptotic · consistent · unbiased
National output abbreviation
- inflationSustained price level increase
- unemploymentBeing without paid work
- consumptionUsing up of resources
- investmentDeploying capital for returns
demand · supply · trade · growth · utility · elasticity · equilibrium · welfare
Subset for study
- observationAttentive watching or remark
- cross-sectionView through interior
- longitudinalAlong the longer dimension
- microdataIndividual observation records
survey · census · administrative · attrition · truncation · censoring · outliers · cleaning
regression
Return to former state
- estimationApproximate value judgment
- coefficientsNumerical multipliers in expressions
- variablesChangeable elements in equations
multivariate · time-series · cross-sectional · specification · identification · calibration · structural · dynamic · stochastic
prediction
Forecast of coming events
- projectionSomething that extends outward
- trendDirection of change
- scenarioPostulated event sequence
inference
Conclusion reached through reasoning
- p-valueProbability under null hypothesis
- significanceQuality of mattering
- autocorrelationSignal's similarity to itself delayed
variance · residuals · robust · F-test · asymptotic · consistent · unbiased
GDP
National output abbreviation
- inflationSustained price level increase
- unemploymentBeing without paid work
- consumptionUsing up of resources
investment · demand · supply · trade · growth · utility · elasticity · equilibrium · welfare
sample
Subset for study
- observationAttentive watching or remark
- cross-sectionView through interior
- longitudinalAlong the longer dimension
microdata · survey · census · administrative · attrition · truncation · censoring · outliers · cleaning · transformation
econometricqualitative
Relating to characteristics, not quantities
descriptive · narrative · anecdotal · ethnographic · hermeneutic
econometrictheoretical
Based on hypothesis, untested
abstract · a priori · axiomatic · deductive · philosophical