Applications of Test Principles to Econometrics
Compared with statistics, econometrics is a relatively new discipline. Work in econometrics began in the 1920s mainly due to the initiatives of Ragnar Frisch and Jan Tinbergen. One of the first macro-econometric models was that of the Dutch economy built by Tinbergen in the mid-1930s. Possibly the first formal application of statistical tests was carried out by Tinbergen in his book, Statistical
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 є ‘є.
 plim (ZjX/T) = oijП plim (XX/T)
 plim (ZjX/T) = oijplim (X;X/T).
plim X’ X = plim SX = XS + Q.