Econometrics 4th edition

This book teaches some of the basic econometric methods and the underlying assumptions behind them. Estimation, hypotheses testing and prediction are three recurrent themes in this book. Some uses of econometric methods include 

(i) empirical testing of economic theory, whether it is the permanent income consumption theory or purchasing power parity, 

(ii) forecasting, whether it is GNP or unemployment in the U.S. economy or future sales in the computer industry. 

(iii) Estimation of price elasticities of demand, or returns to scale in production. More importantly, econometric methods can be used to simulate the effect of policy changes like a tax increase on gasoline consumption, or a ban on advertising on cigarette consumption.


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Econometrics 4th edition