econometrics
Statistical hypothesis testing
Econometrics is the application of statistical methods to economic data.
It uses mathematical models to test theories, measure relationships between variables, and forecast trends: The econometrics showed that interest rate changes had little effect on consumer spending.
The field bridges economics and statistics, turning abstract economic theories into testable hypotheses.
Return to former state
- estimationApproximate value judgment
- inferenceConclusion reached through reasoning
- bootstrapStart without external resources
Data indexed by moments
- cross-sectionalCut through perpendicularly
- longitudinalAlong the longer dimension
- observationalBased on direct perception
- microdataIndividual observation records
Number multiplying a variable
- p-valueProbability under null hypothesis
- elasticityTendency to resume original form
- varianceSpread around the mean
- covarianceJoint deviation measure
correlation · significance · consistent · unbiased · efficient · asymptotic
Cause-effect connection
- randomizationIntroducing chance systematically
- simultaneityState of coexisting temporally
- confoundingCausing surprise or confusion
- counterfactualContrary-to-fact supposition
Signal's similarity to itself delayed
- residualsOngoing compensation for rebroadcasts
- robustnessResistance to failure
- BICFinancial institution identifier
regression
Return to former state
- estimationApproximate value judgment
- inferenceConclusion reached through reasoning
- bootstrapStart without external resources
time-series
Data indexed by moments
- cross-sectionalCut through perpendicularly
- longitudinalAlong the longer dimension
- observationalBased on direct perception
forecasting
Estimating future conditions
coefficient
Number multiplying a variable
- p-valueProbability under null hypothesis
- elasticityTendency to resume original form
- varianceSpread around the mean
covariance · correlation · significance · consistent · unbiased · efficient · asymptotic
causality
Cause-effect connection
- randomizationIntroducing chance systematically
- simultaneityState of coexisting temporally
- confoundingCausing surprise or confusion
autocorrelation
Signal's similarity to itself delayed
- residualsOngoing compensation for rebroadcasts
- robustnessResistance to failure
- BICFinancial institution identifier
- academic fieldsmathematics, biology, chemistry, physics, history
- economicssupply and demand, inflation, GDP, GNP, gross domestic product
- college coursesbiology, calculus, chemistry, physics, quantum physics
- finance termsnet profit, gross profit, budget, credit, debt
- business analyticsanalytics, data analysis, data, KPIs, reports
- economics departmentprofessors, faculty, department head, chair, graduate students
econometricseconomic theory
Model of resource allocation
pure theory · Austrian economics · political economy · thought experiments · economic philosophy
economy, economic, economics, metrics, socioeconomic, macroeconomics, microeconomics, microeconomic, macroeconomic