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What is econometrics?
Econometric is a mathematical and statistical tool for empirical economic analysis. An econometric model is a set of equations that depict the major relationship in the economy. It is usually used in economic analysis to illustrate cause-effect relations and to help to predict the future tendencies for key variables. Source(S): heytutor.com/econometrics-tutor
What are various forecasting techniques in managerial economics?
econometric model Deterministic time series analysis Smoothing techniques Barometer techniques
What are the major goals of Macroeconomic policy What are the means available to policy makers in Australia to achieve these goals?
What are the major goals in microeconomics?
How do you make an economic predictions?
You become educated in both micro and macro economics as well as econometric analysis. Then you use real life data with econometric analysis in order to create equations that predict the future data. or You can do what most economic analysts on the news programs do and just make something up that you can back up with evidence that is skewed towards your point of view and then use it to make yourself sound smart on television.
Why are IV estimates typically larger than OLS estimates in econometric analysis?
IV estimates are typically larger than OLS estimates in econometric analysis because IV estimation corrects for endogeneity bias by using instrumental variables to isolate the causal relationship between the independent and dependent variables. This correction often results in larger estimates compared to OLS, which may be biased due to endogeneity issues.
