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econometricsWith changes in the 1970s from fixed to floating exchange rates and inflation heavily influencing the economy, criticism of econometircs grew considerably. The accuracy of econometric models was also questioned given their failure to predict, for example, the Asian financial failures in 1997–98. In the late 1990s econometrics began to be used in advertising (where it is also called market-mix modeling), in which the models measure and predict sales performance. Econometrics has been significantly aided by advances in computer technology.
See R. J. Epstein, A History of Econometrics (1986); D. N. Gujarti, Basic Econometrics (3d ed. 1995); P. Kennedy, Guide to Econometrics (4th ed. 1998); and J. J. Heckman and E. E. Learner, Handbook of Econometrics (1999).
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