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How econometrics is useful for research in economics?

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how econometrics is useful for research in economics? Econometrics is a crucial tool in economics research that enables economists to analyze and quantify relationships between economic variables, test hypotheses, make predictions, and guide policy decisions. It combines economic theory, mathematics, and statistical techniques to provide empirical evidence for economic theories and models. It turns theoretical …

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What is time-series data? What are its components?

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Time series data is a chronological sequence of a series of values of a variable. In other words, the data is time-stamped. It can be a discrete or continuous time series. Discrete-time series are observations taken at specific times while continuous time series are observations that are made continuously over time. It can be univariate …

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5 BEST Econometrics (EASY) Books for Beginners No One Wants to Reveal

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5 BEST Econometrics (Easy) Books for Beginners No One Wants to Reveal To decide on the Econometrics books is not easy for a beginner. One can feel overwhelmed with the content of the books if one is unfamiliar with the concepts of Mathematics, Economics and Statistics. Most of the Universities prescribe following two books; Basic …

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MacKinnon, White and Davidson(MWD) test The MacKinnon, White, and Davidson (MWD) test, also known as the Heteroscedasticity and Autocorrelation Consistent (HAC) test, is a statistical test used in econometrics to assess the presence of heteroscedasticity and autocorrelation in regression models. It is an extension of the White test that allows for robust inference when these …

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13 Most Common Econometrics Models for Researchers and Students

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Last week, I talked to a lot of students of Econometrics regarding the most difficult challenge they faced in Econometrics. The most common issue that emerged out of that discussion is constructing an econometrics model that is suitable for the data in hand and/or real world. Most often, data is not reliable as economists have …

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How to Write Literature Review for Thesis ?

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How to write literature review for thesis? What is Literature Review? Literature review for thesis or dissertation is the part with extensive reference to related research in your field. It is where you establish connection between the source texts, position yourself among these sources, and update the readers with the fill in. The purpose of …

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Econometric Models and Techniques for Analyzing Financial Markets​

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Econometric Models and Techniques for Analyzing Financial Markets​ Financial markets are complex and dynamic, requiring advanced tools and techniques to understand their intricacies. Econometric models offer a powerful framework for analyzing financial markets, enabling researchers and practitioners to uncover meaningful insights. In this article, we delve into the world of econometrics and explore how it …

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Choosing the Right Econometric Software: A Comparison of Stata, R, and Python

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Choosing the Right Econometric Software: A Comparison of Stata, R, and Python Econometric software plays a vital role in conducting rigorous data analysis and modeling in the field of economics. With numerous software options available, choosing the right one can be a daunting task. This article aims to provide a comprehensive comparative analysis of popular …

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Stationarity Vs Ergodicity in Time Series data in Econometrics

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Stationarity refers to the property of a time series where the statistical properties (such as mean and variance) are constant over time. Ergodicity, on the other hand, refers to the property of a stochastic process where the time average of a process is equal to the ensemble average over all possible realizations of the process. …

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How to use Econometrics for Stock market and Cryptocurrency?

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Use of Econometrics to study the stock market and Econometrics for Stock market and Cryptocurrency is the new buzz. Following are the ways we can employ econometrics tools to study stock market. Econometrics can be used to study the market behavior and predict the price movements of cryptocurrencies. Some ways to do this include: These …

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Real Methodology of Econometrics and how it is used in practice

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In economic research, policy analysis, and forecasting, econometric approaches are frequently employed. The methods are employed to examine economic data and forecast future trends. Among the most popular econometric methods are: – Regression Analysis: This method is used to ascertain how variables are related to one another. For instance, the cost of promotion and the …

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Breusch-Pagan LM statistic Vs Breusch–Godfrey test vs Breusch-Pagan test

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Breusch-Pagan LM statistic test The Breusch-Pagan LM statistic tests the random effects model against thepooled OLS model. The specific hypothesis under investigation is the following:H0: σ2α = 0H1: σ2α ≠ 0The random effects model reduces to a pooled OLS regression under the null (when σ2α = 0).The test is based on OLS residuals built from …

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What is variance? How it differs from co-variance? How these are related to correlation?

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What is variance? How it differs from co-variance? How these are related to correlation? The variance means the quality of being different divergent from the norm. It measures how far each number in the set is from the mean (average), and thus from every other number in the set. Variance is often depicted by this symbol: σ2. …

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What is Real Business Cycle model? How is it different from the Keynesian model? Role in DSGE model?

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Real business cycle model is based on business cycles and incorporates technological shock as the prime reason for fluctuation in economic activity. Money is neutral with no impact on real variables.  These models hold the view that fluctuations in aggregate economic activity are an antidote to the uncertainty in agents’ environment arising from exogenous technology …

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