One key field is economics, broadly defined. Governments, businesses, policy organizations, central banks, financial services firms, and economic consulting firms around the world routinely forecast major economic variables, such as gross domestic product (GDP), unemployment, consumption, investment, the price level, and interest rates. Governments use such forecasts to guide monetary and fisca…
Econometrics is important — it is used constantly in business, finance, economics, government, consulting and many other fields. Econometric models are used routinely for tasks ranging from data description to policy analysis, and ultimately they guide many important decisions. To develop a feel for the tremendous diversity of econometric applications, let’s explore some of the areas where …