I will start with a pretty simple chapter from Gujarati.I appreciate your encouragement and hope to receive more that should keep me motivated to keep this blog alive always.We should get down to the main business now.
What is Econometrics?
In very simple words,this is analysis of economic data.For analyzing economic data we use a lot different tools and mostly they are different disciplines of Mathematics.In FRM we study simple Statistical inference and regression analysis to do this.To put it formally, It is application of mathematics(stats) to economic data to get some mathematical model that explains it.It could also be to validate the model.
Different types of data used for Analysis?
Core reading mentions three different kind of data for this.
a) Time-series
b) Cross Sectional
c) Pooled
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