Econometric Forecasting Model
The econometric forecasting model is a tool that reveals relationships among economic variables to forecast future developments. The concept introduces this term by briefly describing the development and history of the model and exploring its strengths and weaknesses.
Econometric Forecasting Model Definition
Econometric forecasting models are systems of relationships between variables such as GNP, inflation, exchange rates etcetera. Their equations are then estimated from available data, mainly aggregate time series (Clements and Hendry, 2002). However, econometric models can be used for many applications rather than macroeconomic ones (Wooldridge, 2009). Econometrics means economic measurement; applying statistical techniques to relevant data econometrics reveals the relationships among economic variables (Kacapyr, 1996).
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Econometric Forecasting Model References (4 of up to 20) *
- Auffhammera, M. and Carson, R.T. (2007) Forecasting the Path of China's CO2 Emissions using Province-level Information. Journal of Environmental Economics and Management, Vol. 55(3), pp. 229-247.
- Clements, M.P. and Hendry, D.F. (2002) A Companion to Economic Forecasting. Wiley-Blackwell.
- Gutner, T. (2006) Hot Property Housing Prices Stronger Than You Think. Available at:
[Accessed: 1 November 2011].
- Haymans, S.H. (2008) Forecasting and Econometric Models. The Concise Encyclopaedia of Economics. [online] Available at: www.econlib.org/library/Enc/ForecastingandEconometricModels.html [Accessed: 6 February 2012].
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