Forecasting involves using past data to predict future values from "summary" of Introduction to Econometrics by Christopher Dougherty
Forecasting is a fundamental aspect of econometrics, involving the use of historical data to make predictions about future values. This process relies on the assumption that past patterns and relationships between variables will continue into the future. By analyzing past data, econometricians can identify trends and patterns that can be used to forecast future outcomes. One common method of forecasting is time series analysis, which involves studying the behavior of a variable over time. This allows econometricians to identify trends, seasonal patterns, and other factors that may influence future values. By using statistical techniques to ...
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