What is Applied Econometrics?
In applied econometrics, practitioners apply their skills during economic statistics and data analysis to try and provide possible solutions to economical issues which are complex. In the conduct of economic analysis, they refer to a collection of econometric instruments, such as regression analysis, time series analysis and panel data analysis to help draw conclusions about the influence of the economic variables on each other or to make an informed forecast or policy recommendation. The applied econometrician plays a key function to steering decision-making structures at the different sectors of the economy including the mechanics of the finance sector, marketing, and public policy, where evidence-based ideals which are derived from observational data become the guiding element.