Time series analyst relies on the trajectory of a single variable whereas an econometrician relies on a model consisting of the dependent variable and independents and their lags as well as the lags of the dependent variable
Time series analyst relies on the trajectory of a single variable whereas an econometrician relies on a model consisting of the dependent variable and independents and their lags as well as the lags of the dependent variable
@ Professor Chuck thank you for your contributions. Are they both ignorant of some shortcomings?
Economics is a science that accepts logical numbers only with thought only. Statisticians and time series accept the logic of numbers only without thinking.
@ Mustafa, what logic or shortcomings is missing in economic and statisticians thought.
Economic is a science that accepts logical numbers only with through only
Dear Olatunji A Shobande
You are an expert in this area as I am. You will remember what happened to the Box-Jenkins method when it was introduced. Because it used only a single variable most major journals did not accept papers based on it. For example, the Review of Economics and Statistics out of Harvard University published only one paper and the Journal of Business and Economic Statistics of American Statistical Association published zero paper. Then, Hendry, as well as Granger, was able to take the fine aspects of Box-Jenkins into the Cointegration and Error-correction modeling (ECM). Today, even the Journal of
Times Series is focused on variants of Hendry, Phillips, Engle and Granger's efforts. Recently, ARDL and NARDL have come from Pesaran and his friends.
I do not see a conflict: For me, time series analysis is the application of statistics (econometrics) on time series data.
Mustafa's contibution is a good joke and, unfortunately, very often true. Many economists build (mathematicel) models without caring about observations, and many econometricians estimate equations without caring about theory (i.e. without knowing what they are doing).
Economics is a science that accepts logical numbers only with thought only.
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