Econometrics Methodology

The application of statistics to economic models is commonly known as econometrics. In the past there was little commonality between the fields of statistics and econometrics. From the point of view of the economist, statistics was primarily concerned with estimating and testing reduced-form relationships using Classical (objective) and Bayesian (subjective) approaches. Econometrics, on the other hand, concerned itself with structural relationships that described the macroeconomic interactions of sets of agents in the determination of equilibrium Gross Domestic Product and the microeconomic interactions of sets of agents in the determination of equilibrium prices and quantities in specific markets. Over time, statistics and econometrics moved closer together as practitioners in both disciplines learned from one another.

Ragnar Frisch is credited with coining the term econometrics and he is one of the founders of the Econometrics Society, see Christ (1983). Econometrics aims to give empirical content to economic relationships. The three key ingredients are economic theory, economic data, and statistical methods. Neither theory without measurement, nor measurement without theory are sufficient for explaining economic phenomena. As Frisch emphasized, their union is the key for success in the future development of econometrics.

Badi Baltagi

Distinguished Professor, Economics

Research Interests: Econometrics

Alfonso Flores-Lagunes

Melvin A. Eggers Economics Faculty Scholar
Professor, Economics

Research Interests: Labor economics; applied and theoretical econometrics
 

William Horrace

Distinguished Professor, Economics

Research Interests: Econometrics, firm-level production and efficiency analysis, peer effects and strategic interactions, fishery and resource economics, crime and policing

Hugo Jales

Assistant Professor, Economics

Research Interests: Labor economics, econometrics

Yoonseok Lee

Melvin A. Eggers Economics Faculty Scholar
Associate Professor, Economics

Research Interests: Econometric theory and applied econometrics

Jan Ondrich

Professor, Economics

Research Interests: Econometrics, labor economics, urban economics

Yulong Wang

Assistant Professor, Economics

Research Interests:  Econometrics, applied econometrics, risk management, finance

For more information about CPR programs and research projects, contact Peggy Austin. You may also obtain general information about CPR by calling +1 315-443-3114, or by sending an email to ctrpol@syr.edu.