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Empirical Modeling in Economics: Specification and Evaluation

Paperback / softback

Main Details

Title Empirical Modeling in Economics: Specification and Evaluation
Authors and Contributors      By (author) Clive W. J. Granger
Foreword by Geoff Harcourt
Physical Properties
Format:Paperback / softback
Pages:112
Dimensions(mm): Height 216,Width 140
Category/GenreEconomic forecasting
ISBN/Barcode 9780521778251
ClassificationsDewey:330.0724
Audience
Professional & Vocational
Tertiary Education (US: College)
Illustrations 2 Tables, unspecified

Publishing Details

Publisher Cambridge University Press
Imprint Cambridge University Press
Publication Date 30 September 1999
Publication Country United Kingdom

Description

In these three essays, Professor Granger explains the process of constructing and evaluating an empirical model. Drawing on a wide range of cases and vignettes from economics, finance, politics and environment economics, as well as from art, literature, and the entertainment industry, Professor Granger combines rigour with intuition to provide a unique and entertaining insight into one of the most important subjects in modern economics. Chapter 1 deals with Specification. The process of specifying a model is discussed using deforestation in the Amazon region of Brazil as an illustration. Chapter 2 considers Evaluation, and argues that insufficent evaluation is undertaken by economists, and that models should be evaluated in terms of the quality of their output. In Chapter 3, the question of how to evaluate forecasts is considered at several levels of increasing depth and using a more sophisticated, technical approach than in the earlier two chapters.

Author Biography

Winner of The Nobel Prize for Economics 2003.

Reviews

'Wide ranging in scope [these essays] condense a large amount of material into a short book ... they contain a lot of wisdeom and illuminating insights.' The Times Higher Education Supplement