Skip to content

GCRI · Mathematics, statistics and data

Econometrics

Econometrics applies statistical methods to economic data to estimate relationships, test theories and forecast. It provides empirical evidence on how shocks and policies affect economic outcomes. Economic Development stewards this page for the Nexus Consortium.

Make an enquiry Back to Mathematics, statistics and data
01Register

Econometrics on the record.

The Global Centre for Risk and Innovation
  1. 01InstitutionThe Global Centre for Risk and Innovation (GCRI)
  2. 02The methodWhat econometrics covers
  3. 03Reference practiceEconometrics follows statistical and reporting standards
  4. 04In systemic risk workEstimating damage functions
  5. 05Applied inPlatforms that apply this method
  6. 06StewardshipWho maintains this page
  7. 07SourcesWhere this page’s references lead
02The method

What econometrics covers.

  1. 01

    Core methods

    panel data models; time-series econometrics; vector autoregression; structural estimation; limited dependent variable models; identification strategies.

  2. 02

    Data and instruments

    national accounts; firm and household panels; financial market data; trade data; administrative records.

  3. 03

    Validation

    Models are assessed through specification tests, robustness checks and out-of-sample performance. Results are compared across datasets and methods.

  4. 04

    Limits

    Endogeneity, measurement error and structural change can bias estimates. Relationships may shift under extreme conditions.

  5. 05

    Use in risk decisions

    Econometric evidence estimates how disasters, pandemics and financial shocks affect output, employment and prices. It informs the economic case for risk reduction.

03Reference practice

Econometrics follows statistical and reporting standards.

ReferenceWhat it sets
Panel and time-series methodsEstimation of economic relationships
System of National AccountsUnderlying data definitions
Replication standards in economics journalsData and code availability
04Process

How the process runs.

Process

Econometrics: Incident handling, CSF 2.0

CSF 2.0 has six Functions to address concurrently, in no implied order; this walk-through picks outcomes from Detect, Respond, Recover, Identify and Govern.

  1. 01 Detect

    1. 01Detect: adverse event analysis (DE.AE)DatasetPotentially adverse events are analysed to detect cybersecurity incidents. Information is correlated from multiple sources.
    2. 02Declare and triage (DE.AE-08, RS.MA-02)GateIncidents are declared when adverse events meet the defined incident criteria. Incident reports are triaged and validated.

  2. 02 Respond

    1. 03Respond: incident analysis (RS.AN)ModelInvestigations establish what has taken place and the root cause. Records of the investigation keep their integrity and provenance.
    2. 04Respond: incident mitigation (RS.MI)Step · Programme ownerActivities prevent expansion of an event and mitigate its effects. Incidents are contained and eradicated.
    3. 05Respond: reporting and communication (RS.CO)StepResponse is coordinated with internal and external stakeholders as laws, regulations or policies require. Stakeholders are notified.

  3. 03 Recover

    1. 06Recover: incident recovery plan execution (RC.RP)StepRestoration is performed to restore availability. The integrity of backups and other restoration assets is verified before use.

  4. 04 Improve and govern

    1. 07Identify: improvement (ID.IM)StepImprovements come from evaluations, tests, exercises and operations. Incident response plans are set, shared, maintained and improved.
    2. 08Govern: oversight (GV.OV)Decision · Programme ownerRisk management results inform and adjust the risk strategy. Leadership is responsible and accountable for cybersecurity risk.

Neutral outline of a published external standard or method, from its issuing body. Not a record of operation. Nexus does not perform, certify or approve any step shown. A gate or decision belongs to the party the source names. The six Functions are Govern, Identify, Protect, Detect, Respond and Recover.

05In systemic risk work

Estimating damage functions.

Damage functions linking hazards to economic outcomes are estimated econometrically. Results depend on specification and on whether past relationships hold under new extremes. Replication with shared data and code is how these estimates are checked.

  • Report specification sensitivity.
  • Beware extrapolation beyond observed range.
  • Share data and code where licences allow.
  • Applications on Economic Development and Food Nexus.
06Applied in

Platforms that apply this method.

07Stewardship

Who maintains this page.

Economic Development stewards econometrics: it keeps this description current and reviews how the method is applied across the platforms.

08Sources

Where this page’s references lead.

The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.

09Questions

Questions and answers.

Why does one institution host every method page?
GCRI hosts the STEM Commons so that each method has one canonical description. Platforms link to it rather than repeat it, which keeps definitions consistent.
How do I suggest a correction to a method page?
Write to the integrity concern form with the passage and the reason.
ReportsContribute

Contribute evidence from this page.

Reports is the Consortium’s quarterly publication. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work.

GCRI

Never send personal data, sensitive infrastructure detail or anything you have no right to share. A contribution is reviewed before use; sending it confers no authorship or editorial rights, and sponsorship never buys a finding.

The Global Centre for Risk and Innovation

Bring a method, a dataset or a question.

Information and enquiries are open today. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.

Propose a method See all contact routes
Legal

Maps, data and figures on this site are shown for context and general information. They are not advice, forecasts or warnings; the limits of the information are set out in the Disclaimers and Data Notices.

Privacy choices