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Home > Business & Economics > Economics > Econometrics > A Guide to Modern Econometrics-eBook
A Guide to Modern Econometrics
 
 
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A Guide to Modern Econometrics
This revised and updated edition of A Guide to Modern Econometrics continues to explore a wide range of topics in modern econometrics by focusing on what is important for doing and understanding empirical work. It serves as a guide to alternative techniques with the emphasis on the intuition behind the approaches and their practical relevance. New material includes Monte Carlo studies, weak instruments, nonstationary panels, count data, duration models and the estimation of treatment effects. Features of this book include: Coverage of a wide range of topics, including time series analysis, cointegration, limited dependent variables, panel data analysis and the generalized method of moments Empirical examples drawn from a wide variety of fields including labour economics, finance, international economics, environmental economics and macroeconomics End-of-chapter exercises review key concepts in light of empirical examples A supplementary website, featuring additional materials including data sets for illustrations and exercises, can be found at /go/verbeek2ed


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Title of ebook: A Guide to Modern Econometrics
ISBN: 9780470857748
Publisher: John Wiley & Sons, Inc.
Internet download file size: 3610 kb
Pages: 446
Released online for download: 09-27-2005
Author of eBook: Verbeek, Marno

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A Guide to Modern Econometrics


Chapter One

Introduction

1.1 About Econometrics

Economists are frequently interested in relationships between different quantities, for example between individual wages and the level of schooling. The most important job of econometrics is to quantify these relationships on the basis of available data and using statistical techniques, and to interpret, use or exploit the resulting outcomes appropriately. Consequently, econometrics is the interaction of economic theory, observed data and statistical methods. It is the interaction of these three that makes econometrics interesting, challenging and, perhaps, difficult. In the words of a seminar speaker, several years ago: 'Econometrics is much easier without data'.

Traditionally econometrics has focused upon aggregate economic relationships. Macro-economic models consisting of several up to many hundreds equations were specified, estimated and used for policy evaluation and forecasting. The recent theoretical developments in this area, most importantly the concept of cointegration, have generated increased attention to the modelling of macro-economic relationships and their dynamics, although typically focusing on particular aspects of the economy. Sin ... read full excerpt from A Guide to Modern Econometrics ebook



 


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