Stages of construction of an econometric model
Stages of construction of an econometric model - are:
1st specification of the model - to determine objaśnianych variables and explanatory model and the analytical form of statistical data sources,
2nd estimation of model parameters - based on data collected by LSM (least squares)
3rd verification of the model - to determine whether results are consistent with economic theory and statistics,
4th use the model - for the simulation and forecasting.
See also:
Econometric Prediction
Forecast Interval
Financial Management
State Budget
Budgetary principles
Thanks for  Sorry for all grammatical and spelling mistakes. All definitions was translated from polish language. Oryginal definition: here
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