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* * * * * * * * * * * * * * * * ? 2016 Cengage Learning?. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use. Chapter 1 ? 2016 Cengage Learning?. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use. ? kentoh/Shutterstock. ? 2016 Cengage Learning?. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning management system for classroom use. ? 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Nature of Econometrics and Economic Data The Nature of Econometrics and Economic Data What is econometrics? Econometrics = use of statistical methods to analyze economic data Econometricians typically analyze nonexperimental data Typical goals of econometric analysis Estimating relationships between economic variables Testing economic theories and hypotheses Forecasting economic variables Evaluating and implementing government and business policy The Nature of Econometrics and Economic Data Steps in econometric analysis 1) Economic model (this step is often skipped) 2) Econometric model Economic models Maybe micro- or macromodels Often use optimizing behaviour, equilibrium modeling, … Establish relationships between economic variables Examples: demand equations, pricing
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