The Limits of Econometrics
Econometric issues have provoked a lively and sometimes adversarial debate in the economics profession. The excitement and intellectual vitality of that debate is captured here for the reader in a lucid overview of econometric approaches, describing their advantages and limitations. This ambitious book focuses on the underlying methodological issues rather than concentrating upon econometric techniques. The limits of econometric investigations are identified through a critical appraisal of three different approaches associated with the work of Professors Hendry, Leamer and Sims. After explaining why the early optimism in econometrics was misplaced, it argues that rejection is not an appropriate response. It offers a rich spectrum of approaches to a problem of central importance in the development of modern economics. The book will appeal not only to all econometricians whatever their persuasion but also to all those with an interest in the methodology of economics.
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ECONOMICS DATA AND PROBABILITY
EMPIRICAL ANALYSIS AS SCIENTIFIC EXPLANATION
ECONOMETRICS AND POSITIVE ECONOMICS
8 other sections not shown
adopted analysis appear applied approach argued assumed assumptions attempt auxiliary hypotheses Chapter classical cointegration concept conclusion consequence consider consistent critical decision defined dependent described determinants discussion distributed econometric econometric modelling economic theory economists effects empirical equation error term estimation evidence examined example exogenous experiment fact falsification follows forecasting framework function given Hendry identified implies important included independent induction inference integrated interest interpretation lead Leamer least logical long-run main hypothesis material mean measurement method methodology nature noted objective observed offer outcomes parameters particular position possible practice predictions premise presented prior probability problem procedure question random reasoning reference refutation regarding regression rejected relationship repeated requires restrictions role sample Sims specification statement statistical structural techniques theoretical tion traditional true variables