Introduction Empirical revolution in the past 40 years in economics: 1 Data-based empirical studies 0.9 in economics 8s 0.5 Evidence-based causal 0.4 0.3 inference 0.1 0 1980 1985199019952000200520102015 Consistent with scientific Publication year research paradigm Empirical Theoretical Econometrics ADVANCED ECONOMETRICS Introduction to Econometrics May18,2021 4ADVANCED ECONOMETRICS Introduction to Econometrics May 18, 2021 4 Introduction • Empirical revolution in the past 40 years in economics: Data-based empirical studies in economics Evidence-based causal inference Consistent with scientific research paradigm