I wonder if you would be able to do a video on the underlying fundamental difference between econometrics and data science. Thank you for the amazing videos!
Thank You Ben.Until now Econometrics seemed to be a very heavy term with mumbo jumbo in it.Now it doesn't. Although I still realize that it is very complicated. :)
Hi Wendy, thanks for your message. I am planning to do more videos on microeconometrics in the next few weeks; I already have some on cross-sectional models which are applicable to microeconometrics, but am going to do some more videos on panel models and logit/probit and maximum likelihood estimators in the next 2 weeks. Do you have any particular requests? Thanks, Ben
Awesome! I am also taking the course: Panel Data Analysis of Microeconomic Decisions...if you could including STATA, or other statistical softwares that would be helpful...Anyway, you are just brilliant...
Sir can you help me with , what is the difference between these fields: masters in economics, applied economics, econometrics, and business economics. Will be so thankful and grateful to you. Hoping for your reply .
awesome, I would say though that econometrics doesn't provide a way to understand if one set of data causes the other, wich is the area of economic reasoning and social sciences, but provides a statistical scenario that may be valuable to human interpreting.
Thank you for the videos. Will you do videos about Microeconometrics sometime later? I am using them to catch up with my lessons of Microeconometrics...
Hi Ben! Thanks a lot for your efforts and sharing your knowledge! I have a question about the causal relationship you mentioned in this video. In 1:00, you said "that's not to say that is necessarily a causal relationship" but in 3:02 said "Econometrics is a way of understanding for this time series data, does this TV advertising here CAUSE sales to go up?". Probably I'm wrong but it seems a bit contradictory. Could you help me understand this?
Cause was used in context of the term, but what he means is that there is evidence pointing towards (indicating) a positive correlation between the two variables.
hey Ben thanks for this useful video.i study computer science.and we also make predictive models .i saw ,there are lots of models in econometric for different sort of problems(if variables are first unit root or not ,...)we never care about them in creating out models! so what is the difference between making models with machine learning methods and econometric methods?
Econometrics is about causal inference, so explaning economic dependencies. For this you calculate parameters which are used for interpretation. Machine learning is more like a black Box. Everything which classifies well or calculate good prediction is used. "Introduction to statistical learning" (Hastie and Tibshirani) gives a good intuition.
Thanks for the videos Ben, I know this isn't the important part of the video, but I'm wondering why a fall in interest rates would lead to an increase in inflation. I've tried to look online but I keep seeing interest and inflation moving in the same direction. Is it because a fall in interest results in more investment (because it is cheaper) which increases money supply in the economy resulting in businesses raising prices to get a bigger profit? What I'm reading is that a higher inflation rate results in a lower real return so in order to compensate for higher inflation, interest rates would need to rise in order for investments to be worth it.
as you side "fall in interest results in more investment which increases money supply" that also means lower saving and more spending which higher goods demand. In my point of view, higher money supply and higher goods demand influence higher goods price will result in higher inflation.
A fall in interest rates encourages consumers and firms to borrow money and to spend said money. This in tern results in an increase in aggregate demand as both consumption spending (consumers) and investment spending (firms) are key components of aggregate demand. (Aggregate demand consists of consumption spending +investment spending + government spending + (exports-imports) (C+I+G+(X-M)) )
Hi Wendy, I have made some videos on panel data now, and am starting some on logit and probit. Have a look at my channel homepage for these videos (for some reason RUclips won't let me post you a link to them?) Hope all is well, Best, Ben
@@goldeng4889 every science is 'common sense' then. That's just a stupid argument. I study econometrics and you either need to be excellent at math or willing to work very hard to compensate for it
Econometrics is really big science and people will understand its importance soon. They have to learn.
thank you so much!! i was bothered by econometrics a lot, until i meet your videos on youtube!
Hi, glad to hear you liked it, and it was helpful! Best, Ben
I wonder if you would be able to do a video on the underlying fundamental difference between econometrics and data science. Thank you for the amazing videos!
Thank You Ben.Until now Econometrics seemed to be a very heavy term with mumbo jumbo in it.Now it doesn't. Although I still realize that it is very complicated.
:)
Hi Wendy, thanks for your message. I am planning to do more videos on microeconometrics in the next few weeks; I already have some on cross-sectional models which are applicable to microeconometrics, but am going to do some more videos on panel models and logit/probit and maximum likelihood estimators in the next 2 weeks. Do you have any particular requests? Thanks, Ben
Awesome! I am also taking the course: Panel Data Analysis of Microeconomic Decisions...if you could including STATA, or other statistical softwares that would be helpful...Anyway, you are just brilliant...
Sir can you help me with , what is the difference between these fields: masters in economics, applied economics, econometrics, and business economics. Will be so thankful and grateful to you. Hoping for your reply .
Pedazo de video gracias me generaste más intriga y curiosidad por la economía de la que ya tenía.
Thanks so much for the video. It helps me so much on understanding the basic of Econometrics :)
Your videos help me a lot!Really appreciate you for your selflessness of knowledge.
Thanks for taking time to do the videos. They help a hellav a lotta!
What a wonderful series!
awesome, I would say though that econometrics doesn't provide a way to understand if one set of data causes the other, wich is the area of economic reasoning and social sciences, but provides a statistical scenario that may be valuable to human interpreting.
Hi Ben, Could you tell me the primary book(s) or any reading material that you are using for these videos? Thanks!
very informative video = thank you
thank you, watching from Indonesia
could you make a video about dummy variables, chow test?
Thank you very much for the tutorial, what subjects in statistic and math do you recommend to refresh before I start econometrics.
nice explanation
Thank you for the videos. Will you do videos about Microeconometrics sometime later? I am using them to catch up with my lessons of Microeconometrics...
Hi Ben! Thanks a lot for your efforts and sharing your knowledge! I have a question about the causal relationship you mentioned in this video. In 1:00, you said "that's not to say that is necessarily a causal relationship" but in 3:02 said "Econometrics is a way of understanding for this time series data, does this TV advertising here CAUSE sales to go up?". Probably I'm wrong but it seems a bit contradictory. Could you help me understand this?
I think he's making the assumption as in this case we have the context as well, which let's us know that it's more likely to be causation
@@marioventura6055 It makes sense. Thanks a bunch for your help! Have a great day! ;)
Cause was used in context of the term, but what he means is that there is evidence pointing towards (indicating) a positive correlation between the two variables.
hey Ben thanks for this useful video.i study computer science.and we also make predictive models .i saw ,there are lots of models in econometric for different sort of problems(if variables are first unit root or not ,...)we never care about them in creating out models! so what is the difference between making models with machine learning methods and econometric methods?
Econometrics is about causal inference, so explaning economic dependencies. For this you calculate parameters which are used for interpretation. Machine learning is more like a black Box. Everything which classifies well or calculate good prediction is used. "Introduction to statistical learning" (Hastie and Tibshirani) gives a good intuition.
Thanks for the videos Ben, I know this isn't the important part of the video, but I'm wondering why a fall in interest rates would lead to an increase in inflation. I've tried to look online but I keep seeing interest and inflation moving in the same direction. Is it because a fall in interest results in more investment (because it is cheaper) which increases money supply in the economy resulting in businesses raising prices to get a bigger profit?
What I'm reading is that a higher inflation rate results in a lower real return so in order to compensate for higher inflation, interest rates would need to rise in order for investments to be worth it.
as you side "fall in interest results in more investment which increases money supply" that also means lower saving and more spending which higher goods demand. In my point of view, higher money supply and higher goods demand influence higher goods price will result in higher inflation.
A fall in interest rates encourages consumers and firms to borrow money and to spend said money. This in tern results in an increase in aggregate demand as both consumption spending (consumers) and investment spending (firms) are key components of aggregate demand. (Aggregate demand consists of consumption spending +investment spending + government spending + (exports-imports) (C+I+G+(X-M)) )
@@billgytes2944 what subject is this? I want to study this very same thing... Graduate programs
Hi Wendy, I have made some videos on panel data now, and am starting some on logit and probit. Have a look at my channel homepage for these videos (for some reason RUclips won't let me post you a link to them?) Hope all is well, Best, Ben
Any textbook required for this course?
is there any books for UG studentsto understand deeply
Sir may I study in hindi language
Please help me
Thanks❤🧡
lol this vid let me know that the problems wasn't on me but the professor...
Do you need to be good at math to understand this ?
Shawn Afshar not really
Shawn Afshar yes its only math
No, it’s common sense
@@goldeng4889 math is common sense
@@goldeng4889 every science is 'common sense' then. That's just a stupid argument. I study econometrics and you either need to be excellent at math or willing to work very hard to compensate for it
Good video but stop saying 'sort of' please
People who don’t spend always have most to complains.