By Terence C. Mills
Following theseminal Palgrave guide of Econometrics: quantity I , this moment quantity brings jointly the finestacademicsworking in econometrics at the present time andexploresapplied econometrics, containing contributions onsubjects includinggrowth/development econometrics and utilized econometrics and computing.
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Extra info for Palgrave Handbook of Econometrics: Volume 2: Applied Econometrics
Sample text
Tress (1959) offers a near contemporary analysis of the acrimony between economics and econometrics at that time, and a possible reconciliation. , Hendry, 1980). But if it was impossible to empirically uncover things not already known theoretically, then no science could have progressed; rather, scholasticism would still rule. There are several flaws in Keynes’ claims, of which three are the most important. First, “partial knowledge” can be valuable, and can be learnt from evidence, with or without prior theories, albeit being subject to revision later.
Most reductions occur implicitly, as investigators usually approach modeling from the opposite perspective, namely what to include in their analysis, although its success or failure will depend on whether the sub-set of variables considered allows a model to capture the salient and constant characteristics of the data-generating process (DGP). What to include and how to include it certainly depends on the economics behind the analysis; but what is found depends on the unknown data-generating process and the losses of information from the reductions that were necessary to derive the postulated model.
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