This article lists the 5 best free econometric software for Windows. Using this free software, you can create, study, and analyze economic data using various econometric models. To know more about econometrics you can visit this link.
Econometrics has several models and techniques, including ARIMA, MIDAS, Univariate GARCH models, VAR and VECM, Unit-Root and Cointegration tests, Kalman filters, Smooth Transition Regression models, ARCH models, etc. Model estimators such as least squares, system of simultaneous equations, robust estimation, maximum likelihood, nonlinear least squares, GMM, etc. also provided in this econometrics software.
To add datasets, you can create new ones with tables, matrices, variables, etc., or you can also import datasets from files in formats like XLS, ODS, TXT, CSV, etc. Some of them provide inbuilt project templates which you can use to learn econometrics.
This software lets you visualize data on graphs like histogram, scatterplot, bar chart, etc. Results include descriptive statistics, autocorrelation functions, correlation tables, distribution functions, normal PP diagrams, spectrograms, etc. provided to enable researchers to conduct in-depth econometric studies.
Immediately, here are the 5 best free econometric software for Windows:
1. JMuTi
JMuTi is basically a free econometric software for analyzing univariate and multivariate time series. For importing datasets for analysis purposes, it supports XLS, MAT, Gaussian Data Sets (DAT), Gaussian Matrix Files (FMT), etc.
JMuTi provides different modules for whole time series analysis. The Preliminary Analysis module provides a starting point for time series analysis. From this module, you can plot time series, get statistical tables, create crossplots of two different variables, estimate kernel density, display spectrum, etc. JMuTi also provides various Unit Root Test procedures including ADF Test, KPSS Test, Schmidt-Phillips Test, HEGY Test and UR with Structural Break. Cointegration tests including the Johansen Trace Test and the Saikkonen & Lütkepohl Test may also be performed. You can configure and view residual analysis as well.
It provides different statistical models for analysis of time series data. These include VAR models, VECM models, ARCH models, Smooth Transition Regression models, Univariate nonparametric time series models, and Univariate ARIMA models. You can define, estimate, examine, perform structural analysis and forecast these models.
Visualization of the analyzed data is provided in various graphs. Plotted graphs can be copied as Bitmap or Metafile. You can convert graphics to Enhanced Metafile, Encapsulated Postscript, HPGL Plotter, and Windows Bitmap files. Several plot settings can be customized like axis labels, legend settings, title preferences, etc. It provides separate TS (Time Series Calculator) Calculator, Symbol Control, Output Control, etc.
In general, it is one of the useful econometric software that provides important and advanced tools for studying economic data. [Download JMuTi].
2. SHAZAM
SHAZAM is another econometrics software for Windows. The trial version can be used for free for an unlimited period of time as stated on the official website. The limitation of this free version is the limited amount of memory for calculation purposes.
SHAZAM is a feature-rich econometric analysis software. To get started, a demo workspace with sample data and analysis results is provided so that users can get familiar with the working of this Software. You can create your own workspace by importing data files (SHAZAM, CSV, PRN files), inserting datasets or matrices, generating variables, using data connectors, etc. SHAZAM provides various analytical and estimation models used for econometric studies. These include Descriptive Statistics, Common Least Squares, Common Least Squares, Nonlinear Regression, Lag-Distributed Models, Probit Regression, Logit Regression, Tobit Regression, etc.
It provides more statistical models including ARIMA Models, Systems of Equations, Least Squares Squares, Three Least Squares, Instrumental Variable Estimation, Heteroscedastic Models, Autocorrelation Models, Cointegration and Unit Root Tests, etc. Various graphs and plot options are also provided to visualize the economic data. Plots or graphics can be saved as PNG, BMP, or TIF images.
This is a good econometrics software for Windows users. It provides various compact windows so that you can easily navigate to different aspects of the project.
[Download SHAZAM].
3. gretl
gretl is a free open source econometrics software for Windows. It provides various tools for analyzing economic data. You can create new datasets or import relevant data from different files like CSV, ASCII files, XLS, XLSX, ODS, and other econometric Software files like Stata files, Eviews files, JMulTi files, Octave files, etc. Several sample data files are also provided for econometric studies. For example, Euro area money demand data, unions in the US, Poisson regression test data, pension plan participation, interest rates and inflation, etc.
Various estimator models including least squares, simultaneous system of equations, robust estimation, maximum likelihood, nonlinear least squares, GMM, etc. Various methods for time series analysis are also provided in it such as ARIMA, MIDAS, univariate GARCH model, VAR and VECM, unit-root and cointegration test, Kalman filter, etc. You can find more tools to perform in-depth econometric analysis including statistical tables, P-value finder, distribution graphs, curve plots, test statistic calculator, nonparametric tests, and seeds for random numbers.
Time series graphs, XY scatter plots, box plots, 3D plots, QQ plots, etc. can be viewed, printed and saved as PNG, EMF, EPS, PDF, etc. files. You can also view summary statistics, correlation matrix, cross tabulation, principal components, Mahalanobis distance, and cross correlation.
Overall, gretl is one of the best econometrics software. It also supports scripts like Gnuplot scripts, R scripts, Octave scripts, Python scripts, Stata programs, etc. You can also set general program preferences and share data via email. [Download gretl].
4. PSPP
PSPP is another free software that lets you analyze and study economic statistics. You can import the relevant files in TXT, CSV, XLS, ODS, etc. formats, or you can even prepare a new data file. For that, you can define variables and enter data.
PSPP provides different menus for conducting econometric studies, which are as follows:
Transform: You can count variables using different functions, count occurrences of values in cases, rank cases, etc. using this menu.
Analysis: A core analysis model is available here which includes descriptive statistics, compare means, univariate analysis, bivariate correlation, K-means cluster, factor analysis, reliability, regression, non-parametric statistics, and ROC curves.
Graphs: You can view statistical data in the form of scatters, histograms and bar charts.
PSPP is a good econometric analysis software for researchers. [Download PSPP].
5. Draco Econometrics
Draco Econometrics is a free open source econometrics software for Windows. It lets you create or import datasets from Text, ODS, XlS, etc. files. You can create time series or panel data using various options like Column Operation, Row Operation, Sheet Operation, etc. It provides various techniques for studying econometrics.
These econometric models include Least Squares Fit, Two-Stage Least Squares, Logit Regression, Probit Regression, Nonlinear Least Squares, and Weighted Least Squares. To visualize the data, you can plot column data and histograms. Data can be viewed in data or variable views. [Download Draco Econometrics].
Those are the 5 best free econometric software for Windows. Of the 5 softwares mentioned above, gretl is the favorite econometrics software of Safepedia because it provides a number of good econometric models to learn. You can also plot charts and save them in this software. JMuTi is also great for time series data analysis.
