OLS or Ordinary Least Squares is the most common method used in Econometrics. It is a linear regression technique that minimizes the sum of squared residuals (error term) to estimate…
Seasonality, sometimes referred to as seasonal variation, is common in economic time series. The time series variables may change in a cyclical pattern with time. This cyclical pattern is termed…
Autoregressive Integrated Moving Average (ARIMA) models are often used for forecasting purposes. These models for time series data have been observed to provide accurate forecasts. Additionally, these models allow dynamic…
