Quotes About Econometrics

A good way to do econometrics is to look for good natural experiments and use statistical methods that can tidy up the confounding factors that Nature has not controlled for us.

It came as a surprise to find that a professional society and journal (Econometrica) were flourishing, and I entered this area of study with great enthusiasm.

Any econometrician who wants to see practical application of his science will be highly concerned with applications to economic planning at the national level.

His favoured objects of contemplation were economic facts, usually in statistical form. He used to say that his best ideas came to him from 'messing about with figures and seeing what they must mean'. Yet he was famously sceptical about econometrics – the use of statistical methods for forecasting purposes. He championed the cause of better statistics, not to provide material for the regression coefficient, but for the intuition of the economist to play on.

I think the rise of quantitative econometrics and a highly mathematical approach to risk management was the obverse of a decline in interest in financial history.

The first and most optimistic response was complete rational expectations econometrics. A rational expectations equilibrium is a likelihood function. Maximize it.

I work on the boundary between economics and statistics in this field called econometrics. Part of my interest is understanding how you use statistics in productive ways to analyze dynamic economic models.

If you examine the list of Fellows of the Econometrics Society in 1954 you will find the names of 20 of the first 27 prizewinners. I was a duly certified member of the Econometric Mafia...Without that accreditation, I suspect I would not have won the prize.

The study of econometrics revolves around how to generate a good or the preferred estimator in a given estimating situation p.5