In simple terms, econometrics is the application of mathematics and statistics to the study of economic and financial data. This course of study is learned in universities and employed by practitioners working in government circles and corporate organizations.
Whether you are still an undergraduate or working in an establishment, you can rely heavily on econometrics textbooks to broaden your knowledge of the current application of econometrics to daily activities.
Best Econometrics Textbooks: Our Top 7 Picks
There are many econometrics resources out there, but have carefully handpicked the 7 best econometrics textbooks and reviewed them in this guide. The 7 best options reviewed on this page will take you through the fundamentals of econometrics to professional application in real-life situations.
1. Using Econometrics: A Practical Guide, Global Edition
This Using Econometrics: A Practical Guide, Global Edition, is in its 7th edition – having maintained its educational relevance for the past 30 years. This econometrics textbook is designed for users of all levels – from beginner econometrics students to working professionals who require a ready resource for instant reference. It retains the core essentials of preceeding editions and comes with updated knowledge that reflects recent changes in the econometrics field.
This material provides clarity and improvements on elementary econometrics, single-equation linear regression analysis, and real-world practicability for all users. Available in paperback and eBook formats, Using Econometrics: A Practical Guide, Global Edition is recommended for all econometrics enthusiasts who want to acquire credible professionalism in the sector.
Author(s): A. H. Studenmund
Publisher: Pearson
Current Edition: Paperback, 7th Edition (January, 2017)
Pages: 576
2. Introductory Econometrics: A Modern Approach (MindTap Course List)
This textbook on econometrics covers the essentials utilizing statistical tools for economic growth and purposes. It applies the practical approach of the specialized subject to worldwide utility in business and politics. The author said it “demonstrates how econometrics has moved beyond a set of abstract tools to become genuinely useful for answering questions across a variety of disciplines.”
With more than 100 data sets incorporated in various formats, Introductory Econometrics: A Modern Approach is designed for use in business, policy evaluation, and economic forecasting for quality results. In its 7th edition, this textbook takes the user from the fundamentals to the complex in simple graduation techniques for enhanced comprehension and easy field application. It is recommended for everyone who wishes to become a distinguished professor of economics like Jeffrey Wooldridge – the author.
Author(s): Jeffrey M. Wooldridge
Publisher: Cengage Learning
Current Edition: Hardcover, 7th Edition (January, 2019)
Pages: 816
3. Mostly Harmless Econometrics: An Empiricist’s Companion
Whether you are a political scientist, historian, or anthropologist, you can formulate and test critical hypotheses about the social world using Mostly Harmless Econometrics: An Empiricist’s Comparison textbook. Written by seasoned econometricians who are not afraid to challenge the status quo in the dynamics of econometrics, this practical textbook enables the user to ask social questions and attain analytical answers that can change the world in all aspects.
If you are constantly engaged in the analysis of economic data, then this econometrics textbook is for you. It equips users with solutions to socio-economic problems that confront empirical research in social science. And since the “application of econometrics in empirical research is as much art as science,” the user can rely on the econometric techniques revealed in this book to solve various problems. It extensively covers regression-discontinuity designs, quantile regression, and standard errors among other empirical tools for real policy changes.
Author(s): Joshua Angrist and Jorn-Steffen Pischke
Publisher: Princeton University Press
Current Edition: Paperback, 1st Edition (January, 2009)
Pages: 392
4. A Guide to Econometrics (6th Edition)
Peter Kennedy’s A Guide to Econometrics is a full spectrum textbook for first-level university students and master’s as well as doctorate candidates. This econometrics textbook in its 6th edition contains newer sections on instrumental variables, computational considerations, GMM, nonparametrics, and introduction to wavelets among other core subjects. It also contains practical formulas and tips that students and practitioners can employ to succeed at their studies and careers respectively.
Recommended for all interested users, A Guide to Econometrics reflects the econometric expertise of the author; and the skepticism, insights, humor, and intuition that set him apart as a distinguished professor of econometrics. This textbook is available in hardcover and paperback and other digital formats for all levels of users.
Author(s): Peter Kennedy
Publisher: Wiley-Blackwell
Current Edition: Paperback, 6th Edition (February, 2008)
Pages: 608
5. Introductory Econometrics for Finance
Who is better qualified to write on econometrics if not a professor of finance and director of research as well as consultant to banks, corporations, and professional bodies? Chris Brooks is not only a university lecturer; he is also a practicing professional in finance, real estate, and econometrics and an editor of several forecasting, accounting, and business review journals. His Introductory Econometrics for Finance texbook speaks volumes of his academic and professional expertise on this subject.
A complete guide for finance and economics students at all academic levels, Introductory Econometrics for Finance covers empirical techniques to finance, case studies for illustrative purposes, introductory mathematics and statistics for socio-economic solutions, and learning outcomes among others. It is recommended for students and professionals who desire to apply econometric techniques to solving emerging and existing business and political problems.
Author(s): Chris Brooks
Publisher: Cambridge University Press
Current Edition: Paperback, 4th Edition (May, 2019)
Pages: 724
6. Principles of Econometrics
The academic and professional expertise of three distinguished authors comes to play in the contents of Principles of Econometrics. Written for undergraduates and post-graduates of finance and economics courses, it attempts to explore the dynamics of econometrics for solving real-world problems. This textbook is filled with practical examples and empirical research that underscore the importance of modern knowledge in the field of econometrics, and recommended for students and practitioners.
According to the authors, Principles of Econometrics in its 5th edition is “an introductory book for undergraduate students in economics and finance, as well as first-year graduate students in a variety of fields that include economics finance, accounting, marketing, public policy, sociology, law, and political science,” and it provides users with practical econometric skills for “modeling, estimation, inference, and forescasting techniques when working with real-world economic problems.”
Author(s): R. Carter Hill; William E. Griffiths; and Guay C. Lim
Publisher: Wiley
Current Edition: Paperback, 5th Edition (February, 2018)
Pages: 912
7. Real Econometrics: The Right Tools to Answer Important Questions
In its second edition, this textbook provides students with all they require to pass econometrics-related examinations and make a living career as professional econometricians. It provides practitioners with a refresher insight into advanced techniques of using real econometrics to answer complex economic questions. It equips users with the right statistical tools to analyze hypotheses for addressing current political and economic agendas.
Using a fascinating combination of mathematical models and statistical case studies, the author sought to serve students practical formulations to econometrics for business/government policies. According to the author, this textbook provides users with the “contemporary understanding of causal inference…and invites students to extract meaningful information about important economic policy issues from available data.” It also contains conceptual exercises and guidance for R software to aid deeper comprehension and applicability.
Author(s): Michael Bailey
Publisher: Oxford University Press
Current Edition: Paperback, 2nd Edition (January, 2019)
Pages: 656
