Perhaps the simplest answer to the question "What is Econometrics?" can be found at Monash University. They state that "Econometrics is a set of quantitative techniques that are useful for making "economic decisions".
What is Econometrics - Other PerspectivesThe website Pitmaster.com answers the question "What is Macroeconomics" with the following response: "[Econometrics is the] application of statistical and mathematical methods in the field of economics to test and quantify economic theories and the solutions to economic problems."
The Economist's Dictionary of Economics defines Econometrics as "The setting up of mathematical models describing mathematical models describing economic relationships (such as that the quantity demanded of a good is dependent positively on income and negatively on price), testing the validity of such hypotheses and estimating the parameters in order to obtain a measure of the strengths of the influences of the different independent variables."
What is Econometrics - Econometric ModelingThe Economics Glossary defines "Econometric Model" as follows: "An econometric model is an economic model formulated so that its parameters can be estimated if one makes the assumption that the model is correct". Now you know what Econometrics is, you may want to visit these useful resources on Econometrics:
The Econometrics Resource Center has a great deal of information on econometrics topics. If you're a student who is required to complete an econometrics project, please see the following articles:
- How to Do a Painless Econometrics Project
- How to Do a Painless Multivariate Econometrics Project
- Hypothesis Testing Using One-Sample t-Tests
- Hypothesis Testing With Multivariate Regressions Using One-Sample t-Tests
- Econometrics Term Paper Suggestions