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in Introduction to Statistical Methods and Econometrics by (48.8k points)
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Briefly explain Methodology of Econometrics?

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Methodology of Econometrics: Broadly speaking, traditional or classical econometric methodology consists of the following steps.

1. Statement of the theory or hypothesis 

2. Specification of the mathematical model of the theory 

3. Specification of the econometric model of the theory 

4. Obtaining the data 

5. Estimation of the parameters of the econometric model 

6. Hypothesis testing 

7. Forecasting or prediction 

8. Using the model for control or policy purposes.

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