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Econometrics is an application of statistical methods to economic data in order to give empirical content to economic relationships. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference." An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships." Jan Tinbergen is one of the two founding fathers of econometrics. The other, Ragnar Frisch, also coined the term in the sense in which it is used today.
Tjalling Charles Koopmans was a Dutch-American mathematician and economist. He was the joint winner with Leonid Kantorovich of the 1975 Nobel Memorial Prize in Economic Sciences for his work on the theory of the optimum allocation of resources. Koopmans showed that on the basis of certain efficiency criteria, it is possible to make important deductions concerning optimum price systems.
Werner Ploberger is an Austrian economist. He graduated in mathematics from the Vienna University of Technology. Beginning in 1997, he was a professor of economics at the University of Rochester. Effective July 1, 2006, he is professor of economics at Washington University in St. Louis. He is married to Gabriele Ploberger, and has a son.
William Arnold Barnett is an American economist, whose current work is in the fields of chaos, bifurcation, and nonlinear dynamics in socioeconomic contexts, econometric modeling of consumption and production, and the study of the aggregation problem and the challenges of measurement in economics.
Sir Richard William Blundell CBE FBA is a British economist and econometrician.
James Harold Stock is an American economist, professor of economics, and vice provost for climate and sustainability at Harvard University. He is co-author of Introduction to Econometrics, a leading undergraduate textbook, and co-editor of the Brookings Papers on Economic Activity. Stock served as a Chair of the Harvard Economics Department from 2007 to 2009 and as a member of President Obama's Council of Economic Advisers from 2013 to 2014.
In econometrics and statistics, a structural break is an unexpected change over time in the parameters of regression models, which can lead to huge forecasting errors and unreliability of the model in general. This issue was popularised by David Hendry, who argued that lack of stability of coefficients frequently caused forecast failure, and therefore we must routinely test for structural stability. Structural stability − i.e., the time-invariance of regression coefficients − is a central issue in all applications of linear regression models.
Stephen Edward Morris is an economic theorist and game theorist especially known for his research in the field of global games. Since July 2019, he has been a professor of economics at the Massachusetts Institute of Technology. Prior to that he taught at Princeton, Yale, and the University of Pennsylvania. He was the editor of Econometrica for the period 2007–2011, and in 2019 served as president of the Econometric Society.
Ehud Kalai is a prominent Israeli American game theorist and mathematical economist known for his contributions to the field of game theory and its interface with economics, social choice, computer science and operations research. He was the James J. O’Connor Distinguished Professor of Decision and Game Sciences at Northwestern University, 1975-2017, and currently is a Professor Emeritus of Managerial Economics and Decision Sciences.
The methodology of econometrics is the study of the range of differing approaches to undertaking econometric analysis.
Kenneth David West is the John D. MacArthur and Ragnar Frisch Professor of Economics in the Department of Economics at the University of Wisconsin. He is currently co-editor of the Journal of Money, Credit and Banking, and has previously served as co-editor of the American Economic Review. He has published widely in the fields of macroeconomics, finance, international economics and econometrics. Among his honors are the John M. Stauffer National Fellowship in Public Policy at the Hoover Institution, Alfred P. Sloan Research Fellowship, Fellow of the Econometric Society, and Abe Fellowship. He has been a research associate at the NBER since 1985.
Causation in economics has a long history with Adam Smith explicitly acknowledging its importance via his (1776) An Inquiry into the Nature and Causes of the Wealth of Nations and David Hume and John Stuart Mill (1848) both offering important contributions with more philosophical discussions. Hoover (2006) suggests that a useful way of classifying approaches to causation in economics might be to distinguish between approaches that emphasize structure and those that emphasize process and to add to this a distinction between approaches that adopt a priori reasoning and those that seek to infer causation from the evidence provided by data. He represented by this little table which useful identifies key works in each of the four categories.
Guido Wilhelmus Imbens is a Dutch-American economist whose research concerns econometrics and statistics. He holds the Applied Econometrics Professorship in Economics at the Stanford Graduate School of Business at Stanford University, where he has taught since 2012.
John Philip Rust is an American economist and econometrician. John Rust received his PhD from MIT in 1983 and taught at the University of Wisconsin, Yale University and University of Maryland before joining Georgetown University in 2012. John Rust was awarded Frisch Medal in 1992 and became the fellow of Econometric Society in 1993.
Charles Frederick Roos was an American economist who made contributions to mathematical economics. He was one of the founders of the Econometric Society together with American economist Irving Fisher and Norwegian economist Ragnar Frisch in 1930. He served as Secretary-Treasurer during the first year of the Society and was elected as President in 1948. He was director of research of the Cowles Commission from September 1934 to January 1937.
Xiaohong Chen is a Chinese economist who currently serves as the Malcolm K. Brachman Professor of Economics at Yale University. She is a fellow of the Econometric Society and a laureate of the China Economics Prize. As one of the leading experts in econometrics, her research focuses on econometric theory, Semi/nonparametric estimation and inference methods, Sieve methods, Nonlinear time series, and Semi/nonparametric models. She was elected to the American Academy of Arts and Sciences in 2019.
Yuriy Gorodnichenko is an economist and Quantedge Presidential professor at the University of California, Berkeley.
Isaiah Andrews is an American economist who is a professor of economics at the Massachusetts Institute of Technology and a research associate of the National Bureau of Economic Research. He is also a co-editor of the American Economic Review. In 2018, The Economist named him one of the 8 "best young economists of the decade." He was named a MacArthur Fellow in 2020 and in 2021, the American Economic Association awarded him the John Bates Clark Medal.
Richard T. Baillie is a British–American economist and statistician who is currently the A J Pasant Professor of Economics at the Michigan State University. He is also part time professor at King's College, London, and Senior Scientific Officer for the Rimini Center for Economic Analysis in Italy, and also on the Executive Council of the Society for Nonlinear Dynamics in Econometrics (SNDE).
Philip A. Haile is an economist and the Ford Foundation Professor of Economics at Yale University.
References
- 1 2 Andrews's CV
- ↑ "Book of Members, 1780-2010: Chapter A" (PDF). American Academy of Arts and Sciences. Retrieved 18 April 2011.
