中国科学院数学与系统科学研究院 Academy of Mathematics and Systems Science Chinese Academy of Sciences Introduction to Econometrics Professor Yongmiao Hong March 17,2021
Introduction to Econometrics Professor Yongmiao Hong March 17, 2021
CONTENTS 1.1 Introduction 1.2 Quantitative Features of Modern Economics 1.3 Mathematical Modeling 1.4 Empirical Validation 1.5 lllustrative Examples 1.6 Limitations of Econometric Analysis ADVANCED ECONOMETRICS Introduction to Econometrics May18,2021 2
ADVANCED ECONOMETRICS Introduction to Econometrics May 18, 2021 2 1.1 Introduction 1.2 Quantitative Features of Modern Economics 1.3 Mathematical Modeling 1.4 Empirical Validation 1.5 Illustrative Examples 1.6 Limitations of Econometric Analysis CONTENTS
Introduction Econometrics has become an integrated part of teaching and research in modern economics. Core courses in economics: microeconomics macroeconomics (financial econometrics economics) ADVANCED ECONOMETRICS Introduction to Econometrics May18,2021 3
ADVANCED ECONOMETRICS Introduction to Econometrics May 18, 2021 3 Introduction • Econometrics has become an integrated part of teaching and research in modern economics. • Core courses in economics: microeconomics macroeconomics econometrics (financial economics)
Introduction Empirical revolution in the past 40 years in economics: 1 Data-based empirical studies 0.9 in economics 8s 0.5 Evidence-based causal 0.4 0.3 inference 0.1 0 1980 1985199019952000200520102015 Consistent with scientific Publication year research paradigm Empirical Theoretical Econometrics ADVANCED ECONOMETRICS Introduction to Econometrics May18,2021 4
ADVANCED ECONOMETRICS Introduction to Econometrics May 18, 2021 4 Introduction • Empirical revolution in the past 40 years in economics: Data-based empirical studies in economics Evidence-based causal inference Consistent with scientific research paradigm
Introduction Key differences of empirical studies between economics and natural sciences: Controlled experiements in natural sciences Nonexperimental nature of economic system and economic data The importance of econometrics as a general methodology of empirical research in economics has been increasingly recognized over the past several decades ADVANCED ECONOMETRICS Introduction to Econometrics May18,2021 5
ADVANCED ECONOMETRICS Introduction to Econometrics May 18, 2021 5 Introduction • Key differences of empirical studies between economics and natural sciences: • The importance of econometrics as a general methodology of empirical research in economics has been increasingly recognized over the past several decades Controlled experiements in natural sciences Nonexperimental nature of economic system and economic data