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.