what method is being discussed?
Econometrics
what is it?
the application of statistical methods to economic data
what does it try to do?
give empirical content to economic relations
what else is it considered to be?
the quantitative analysis of actual economic phenomena
based on what?
the concurrent development of theory and observation, related by appropriate methods of inference
what does it allow economists to do?
sift through mountains of data to extract simple relationships
when was the word first used?
1910
by who?
Paweł Ciompa
who is he?
a Polish economist
who made up the term that we now use?
Ragnar Frisch
who else played an important role in coming up with it?
Jan Tinbergen
to what extent?
considered by many to be one of the founding fathers
what is the most important tool for econometrics?
the multiple linear regression model
what does this theory use?
statistical theory and mathematical statistics
to accomplish what?
to evaluate and develop econometric methods
which is the most used tool?
linear regression
how is this done?
unknown
how is it visualized?
as fitting a line through data points representing paired values
of what?
the independent and dependent variables
what is the main goal of an econometrician?
to find estimators that have desirable statistical properties