notes01 - Introduction to the Course ECON 399 Neil Hepburn...

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Introduction to the Course ECON 399 Neil Hepburn Contents 1 Introduction 1 2 Applications of Econometrics 1 2.1 Testing Theories . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2.2 Forecasting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Where We are Headed 3 1 Introduction What is Econometrics Econometrics is the application of mathematical and statistical tools to economic problems In eco 101 you saw supply and demand curves - where did they come from? In most cases in textbooks they are grabbed from thin air. In the real world they are estimated using the tools of econometrics Econometrics allows us to go from the nice simple world of textbook mod- els in your theory courses into the real world - believe it or not economics really does fit with the real world. 2 Applications of Econometrics Applications of Econometrics Econometrics has two main uses in economics 1. testing theories 2. forecasting 1
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2.1 Testing Theories Testing Theories In ECON 102 you encountered the Keynesian consumption function
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This note was uploaded on 10/04/2011 for the course ECONOMICS 399 taught by Professor Neil.h during the Spring '11 term at University of Alberta.

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notes01 - Introduction to the Course ECON 399 Neil Hepburn...

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