Gain an understanding of how econometrics can answer today's questions in business, policy evaluation and forecasting with Wooldridge's INTRODUCTORY ECONOMETRICS: A MODERN APPROACH, 7E. Unlike traditional texts, this book's practical, yet professional, approach demonstrates how econometrics has moved beyond a set of abstract tools to become genuinely useful for answering questions across a variety of disciplines. The author has organized the book's presentation around the type of data being analyzed with a systematic approach that only introduces assumptions as they are needed. This makes the material easier to understand and, ultimately, leads to better econometric practices. Packed with relevant applications, the text incorporates more than 100 data sets in different formats. Updates introduce the latest developments in the field, including the recent advances in the so-called "causal effects" or "treatment effects," to provide a complete understanding of the impact and importance of econometrics today.
Perfect introduction to econometrics. Very well written. It covers all relevant topics for an empirical research. You start as a novice and at the end you can perform serious research and understand the papers based on econometric approach. Few sub-chapters and may be chapters 17 and 18 are hard to follow but otherwise you can have a fun reading the textbook. I would highlight chapter 8 on heteroskedasticity, chapters 13 and 14 on pooled crossed section and panel data, or chapter 15 on Insturmetal variables. You can read them as a novel. You will want to read them through before going to bed and you will be tempted to start some empirical project asap.
Having already read Stock and Watson's econometrics book, I do say that I found Wooldridge's simultaneously (1) more technical and challenging and (2) ultimately more useful, especially when working with the provided datasets (if you have R, go ahead and install the 'wooldridge' package when reading this book). Both books covered the same material more-or-less, but I guess it is a question of where your interests and prior knowledge of applied probability and statistics are at before taking a course in econometrics.
Simply the best undergraduate econometrics textbook available. Formal treatment, complete coverage of most important topics, and some extra math for those inclined (in the appendices).
Dense and unapproachable in subject matter, sure, but also in style and presentation, which rendered this book impossible to learn from. Thanks, internet, for providing this information in clearer and cheaper fashion.
This has been a widely used econometric textbook for a good reason. Econometrics can be a rather daunting subject to learn, but the author does a great job breaking down the seemingly complex formulae in a clear and succinct way coupled with well-chosen examples that help readers think through the underlying notions. I would no doubt strongly recommend this book to anyone who wants an accessible introduction to the subject.
One entire reading of this textbook equips you with the fundamentals of econometric modelling at the undergraduate level, to which you could begin simple empirical projects with OLS, panel data regressions, time series regressions and more.
Wooldridge goes into the details of modelling and the implications of the formulae to a deeper level than Stock&Watson, with concepts slightly above the bachelor level kept to the chapter appendixes. Many details mentioned in the book are necessary for a full-term course in econometrics, but it sheds light on the complexities of the statistics used that perhaps will not be approached unless in a grad-school class.
If you want a firm and structured understanding of fundamental econometrics, I recommend none other than Wooldridge's rendition of his most excellently elaborated field.
A great book for learning regression analysis, even for those whose topic is not related to economy (like me). I only read a section here and a few pages there, but this book helped me out a lot.
It answered a lot of specific questions I had about dummy variables, dealing with heteroskedasticity and others. Some tests are explained in a nice step-by-step manner so that they are easily implementable if no code is available for the platform of your choice.
Now, THIS is the real textbook. Author really know what's up. I personally think it is well written in format (at least compared to PMBOK). Author provide the fundamental logic or assumption clearly for every approach. Don't understand the theoretical mathematics equation? Fine, juts look at the example and you will get better understanding. Framework for each chapter is also explained flawlessly. Of course for some reason people felt that content is definitely a bit dense. But hey, it's just like the other textbook. Other think is that, a basic knowledge of statistic would be advantageous before start reading this book since I think that statistic in the appendix is not sufficient to help someone new into this.
I'm interested in knowing more about econometrics.
The whole book is written in a clear and lucid language. Previously, I read Gujrati's book and became frustrated with econometrics. I got A in my graduate Econometrics course at USF using this book. Many of my confusions was cleared. Certainly , this is good for undegrad and masters, not suitable for PhD( as PhD requires more rigorous texts). Btw, plenty of examples to count.
I like that Wooldridge has uploaded all his datasets on the wooldridge R package. This makes it easy to load the datasets and follow along to try out coding the various computer questions he has at the end of each chapter.
This is my first review, only because I believe this book deserves every bit of acclaim. Very very good book! Anyone who wants to "understand" econometrics, go for this book.
This is truly an incredible book - especially the way how chapters are organized and presented. The narrative followed in this book makes everyone understands econometrics.
I use this book instead of the required text my lecturer suggested, but it gives me more than I hope. Difficult definitions, formula, models are explained in detailed and clearly although Woolridge cancelled mostly rigorious proofs. However, my course focuses on practicing (applied econ) so it's still ok. :-) The appendix is pretty helpful to review statistical problems in comparison with its length.