Statistical methods economics

  • - Statistics provide policymakers with a comprehensive understanding of the current state of the economy, allowing them to identify areas that require attention. - Data on GDP growth, inflation rates, employment, and trade flows help in formulating effective policies to address specific economic challenges.

  • What is statistical methods in economics?

    Statistics, in itself, is the collation and analysis of numerical data to arrive at specific inference.
    This academic discipline finds application in various other branches of studies, such as Economics.
    Any study about Economics and Statistics involves the validation of theories with quantified data sets..

This course is a self-contained introduction to statistics with economic applications. Elements of probability theory, sampling theory, statistical 
This course will provide a solid foundation in probability and statistics for economists and other social scientists. We will emphasize topics needed for  Lecture NotesSyllabusCalendarReadings

What are the different types of economic analysis methods?

These methods rely on statistical inferences to quantify and analyze economic theories by leveraging tools such as:

  1. frequency distributions
  2. probability
  3. probability distributions
  4. statistical inference
  5. correlation analysis
  6. simple and multiple regression analysis
  7. simultaneous equations models
  8. time series methods
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What statistical methods are used by econometricians?

One of the fundamental statistical methods used by econometricians is regression analysis. Regression methods are important in econometrics because economists typically cannot use controlled experiments.
Typically, the most readily available data is retrospective.


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