Tools from econometrics allow us to study a wide range of important economic parameters: examples include the lifetime returns to increased education, the price elasticity of the supply of toilet paper, the increase in mortality on a hot day, and the willingness to pay for a COVID-19 test across the income distribution. Michael Galperin and Johanna Rayl will give an overview of the methods economists use to estimate these parameters. Empirical analysis in economics roughly falls into the two categories of reduced form methods and structural methods. The talk will outline the goals of each of these tools, and will draw parallels between the methods and models used in economics and those used in other sciences.
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