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Econometric Diagnostic Tests

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The Practice of Econometric Theory

Part of the book series: Advanced Studies in Theoretical and Applied Econometrics ((ASTA,volume 44))

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Abstract

It is evident from the previous chapter that more than half a century has passed since economists first began to use the electronic computer. During this time, the modern techniques of econometrics were developed and have evolved, to some degree coincidentally and to some interactively. The formation of econometrics as a sub-discipline of economics and the development of its constituent ideas are the respective subjects of the well-known books by Qin Duo (Qin, 1993) and Mary Morgan (Morgan, 1978) cited in the last chapter, each of which in its own way traces econometrics from its earliest history to its more formal modern development, which has occurred mainly during the period since 1943. Other authors have further elaborated various aspects of this history. The contributions include a history volume edited by Adrian Darnell, a methodological critique by Adrian Darnell and Lynne Evans, a history by Roy Epstein, and a special issue of the Oxford Economic Papers edited by Neil de Marchi and Christopher Gilbert (de Marchi, & Gilbert, 1989), as well as a history of macroeconometric model building edited by Ronald Bodkin, Lawrence Klein, and Kanta Marwah (Bodkin, Klein, & Marwah, 1991; Christ 1994; Darnell & Evans 1990; de Marchi, & Gilbert, 1989; Epstein, 1987; Gilbert, 1991; Qin & Gilbert, 2001). In addition, David Hendry and Mary Morgan have compiled a collection of foundation readings (Hendry & Morgan, 1995) and most recently the Palgrave Handbook of Econometrics (Mills & Patterson, 2006) has been published. Some years ago, J. J. Thomas, at the end of an article describing the early econometric history of the consumption function suggested that “now is the time for econometricians to write their own history of econometrics, particularly while some of the pioneers are still available to contribute to an accurate account of the early work”(Thomas, 1989, p. 145). His admonition may have been heeded.

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Renfro, C. (2009). Econometric Diagnostic Tests. In: The Practice of Econometric Theory. Advanced Studies in Theoretical and Applied Econometrics, vol 44. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-75571-5_4

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