## The Limits of EconometricsEconometric issues have provoked a lively and sometimes adversarial debate in the economics profession. The excitement and intellectual vitality of that debate is captured here for the reader in a lucid overview of econometric approaches, describing their advantages and limitations. This ambitious book focuses on the underlying methodological issues rather than concentrating upon econometric techniques. The limits of econometric investigations are identified through a critical appraisal of three different approaches associated with the work of Professors Hendry, Leamer and Sims. After explaining why the early optimism in econometrics was misplaced, it argues that rejection is not an appropriate response. It offers a rich spectrum of approaches to a problem of central importance in the development of modern economics. The book will appeal not only to all econometricians whatever their persuasion but also to all those with an interest in the methodology of economics. |

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### Efni

EMPIRICAL ANALYSIS AS SCIENTIFIC EXPLANATION | 26 |

ECONOMETRICS AND POSITIVE ECONOMICS | 40 |

ix | 52 |

Höfundarréttur | |

11 aðrir hlutar ekki sýndir

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analysis appear applied approach assumed assumptions attempt auxiliary hypotheses Bayesian causality Chapter classical coefficients cointegration concept conclusion consider consistent critical decision dependent described determined discussion distributed dynamic econometric econometric modelling economic theory economists effects empirical equation equilibrium error term estimation evidence examined example exogenous experiment explicit fact falsification follows forecasting framework given Hendry identified implies important included independent induction inference integrated interest interpretation lead Leamer least logical long-run main hypothesis mean measurement method methodological nature noted objective observed offer original parameters particular position possible practice pre-test prediction presented prior probability problem procedure question random reference regarding regression rejected relationship requires restrictions role sample Sims specification stage statement stationary statistical structural techniques theoretical tion traditional true values variables vector