Setting the Standard…
Until recently, using econometric software involved compromise.
On one hand, you could select software that provided you with powerful
statistical, forecasting, and modeling tools, but in a complex and
difficult-to-use package. Or you could choose software that featured
a modern, graphical interface, but was lacking features. It was
your choice: power and flexibility, or a user-friendly interface;
state-of-the-art modeling tools, or intuitive, easy-to-use software.
But that was then. With its innovative graphical object-oriented
user interface and sophisticated analysis engine, EViews has the
power, flexibility, and ease-of-use that you've been looking for.
The only choice for those who demand the very best, EViews is the
worldwide leader in Windows-based econometric software. Why compromise
when you can choose EViews?
A New Kind of User Interface
The goal in designing EViews was to make it both powerful and
intuitive. A wide range of statistical and graphical techniques
had to be made available without requiring users to memorize complicated
command syntax or navigate layers and layers of menus. The solution
is an innovative object-oriented user interface.
EViews is built around the concept of objects. Series, equations,
and systems are just a few examples of objects. Each object has
its own window, its own menus, its own procedures, and its own
views of its data. Most statistical procedures are simply alternative
views of the object. For example, a simple menu choice from a
series window changes the display between a spreadsheet, line
and bar graphs, a histogram-and-statistics view, a correlogram,
and a unit root test.
Similarly, an equation window allows you to switch between a
display of the equation specification, basic estimation results,
the coefficient covariance matrix, graphics depicting the actual,
fitted, and residual values for the dependent variable, tables,
forecast graphs and evaluations, and more than a dozen diagnostic
and hypothesis tests.
Naturally, you can cut-and-paste any of these views into your
favorite word processor with a simple menu selection. And it's
just as easy to exchange data and results with your spreadsheet
and database programs.
EViews directly reads and writes an extensive list of data formats,
including Excel, ASCII/Text, SAS, Stata, SPSS, RATS, Html, Access,
Binary, ODBC Databases, ODBC queries (ODBC requires the Enterprise
version), and many others. To open most data files you can simply
drag-and-drop them onto EViews.
Unlike some other econometric software, there is no reason for
most users to learn a complicated command language. EViews' built-in
procedures are a mouse-click away and provide the tools most frequently
used in practical econometric and forecasting work.
Basic descriptive statistics are easily computed over an entire
sample, by a categorization based on one or more variables, or
by cross-section or period in panel or pooled data. Hypothesis
tests on mean, median and variance may be carried out, including
testing against specific values, testing for equality between
series, or testing for equality within a single series when classified
by other variables (which allows you to perform one-way ANOVA).
You can graphically view the distribution of your data using
histograms, or cumulative distribution, survivor, and quantile
plots. QQ-plots (quantile-quantile plots) can be used to compare
the distribution of a pair of series, or the distribution of a
single series against a variety of theoretical distributions.
You can even perform Kolmogorov-Smirnov, Liliefors, Cramer von
Mises, and Anderson-Darling tests to see whether your series is
distributed normally, or whether it comes from another distribution
such as an exponential, extreme value, logistic, chi-square, Weibull,
or gamma distribution. You may provide parameters for the distribution,
or let EViews estimate the parameters for you. EViews also calculates
kernel density estimates, and produces scatter plots with curve
fitting using ordinary, transformation, kernel, and nearest neighbor
To explore the time series properties of your data, EViews provides
unit root tests (ADF, Phillips-Perron, KPSS, DFGLS, ERS
and Ng-Perron for single time series and Levin-Lin-Chu, Breitung,
Im-Pesaran-Shin, Fisher, and Hadri for panel data), cointegration
tests (with MacKinnon-Haug-Michelis critical values and p-values),
causality tests, autocorrelation and partial autocorrelation functions,
Q-statistics, and cross-correlation functions.
EViews provides random number generators (Knuth, L'Ecuyer or
Mersenne-Twister), density functions and cumulative distribution
functions for eighteen different distributions. These may be used
in generating new series, or in calculating scalar and matrix
5 provides easy-to-use front-end support for the U.S. Census Bureau's
X11 and X12-ARIMA seasonal adjustment programs, as well as
the Tramo/Seats software frequently used in Europe. Simple seasonal
adjustment using additive and multiplicative difference methods
is also supported in EViews.
EViews computes trends
from time series data using the Hodrick-Prescott filter. New to
EViews 5 is the ability to apply Baxter-King, Christiano-Fitzgerald
fixed length and Christiano-Fitzgerald asymmetric full sample
band-pass (frequency) filters to your data.
EViews includes a wide range of single and multiple equation
estimation techniques for both time series and cross section data.
Basic estimators include ordinary least squares (multiple regression),
two-stage least squares, and nonlinear least squares. Weighted
estimation is available with all of these techniques. Specifications
may include polynomial lag structures on any number of independent
In addition to these basic estimators, EViews supports estimation
and diagnostics for a variety of advanced models.
EViews' sophisticated calculus engine computes and displays analytic
derivatives for the majority of nonlinear regression specifications.
the variance of your series fluctuates over time, EViews can estimate
the path of the variance using a wide variety of Autoregressive
Conditional Heteroskedasticity (ARCH) models. EViews handles GARCH(p,q),
EGARCH(p,q), TARCH(p,q), PARCH(p,q), and Component GARCH specifications
and provides maximum likelihood estimation for errors following
a normal, Student's t or Generalized Error Distribution. The mean
equation of ARCH models may include ARCH and ARMA terms, and both
the mean and variance equations allow for exogenous variables.
Generalized Method of Moments
supports GMM estimation for both cross-section and time series
data (single and multiple equation). Weighting options include
the White covariance matrix for cross-section data and a variety
of HAC covariance matrices for time series data. The HAC options
include prewhitening, either quadratic or Bartlett kernels, and
fixed, Andrews, or Newey-West bandwith selection methods.
Limited Dependent Variables
When your dependent variable takes on a limited set of values
or is censored or truncated, EViews can take account of this information
in the estimation procedure. Binary, ordered, censored, and truncated
models may be estimated for likelihood functions based on normal,
logistic, and extreme value errors. Count models may use Poisson,
negative binomial, and quasi-maximum likelihood (QML) specifications.
EViews optionally reports generalized linear model or QML standard
EViews supports estimation of both linear and nonlinear systems
of equations by OLS, two-stage least squares, seemingly unrelated
regression, three-stage least squares, GMM, and FIML. The system
may contain cross equation restrictions and autoregressive errors
of any order.
Vector Autoregression/Error Correction Models
Vector Autoregression and Vector Error Correction models can
be easily estimated by EViews. Once estimated, you may examine
the impulse response functions and variance decompositions for
the VAR or VEC. VAR impulse response functions and decompositions
feature standard errors calculated either analytically or by Monte
Carlo methods (analytic not available for decompositions) and
may be displayed in a variety of graphical and tabular formats.
You may impose and test linear restrictions on the cointegrating
relations and/or adjustment coefficients. EViews' VARs also allow
you to estimate structural factorizations (VARs) by imposing short-run
(Sims 1986) or long-run (Blanchard and Quah 1989) restrictions.
Over-identifying restrictions may be tested using the LR statistic
reported by EViews.
VARs support a variety of views to allow you to examine the structure
of your estimated specification. With a few clicks of the mouse,
you can display the inverse roots of the characteristic AR polynomial,
perform Granger causality and joint lag exclusion tests, evaluate
various lag length criteria, view correlograms and autocorrelations,
or perform various multivariate residual based diagnostics.
Panel Data Analysis and Pooled Time Series-Cross Section
EViews features a wide variety of tools designed to facilitate
working with panel or pooled/time series-cross section data. Unbalanced
or balanced data sets with unlimited length time and/or cross-sections
are easily analyzed. In addition to ordinary linear and non-linear
least-squares, equation estimation methods include 2SLS/IV and
Generalized 2SLS/IV, which can be used to estimate complex dynamic
panel data estimation including Anderson-Hsiao and Arellano-Bond
types of estimators.
All of these methods allow both time and cross-section fixed
and random effect specifications. For random effects models, quadratic
unbiased estimators of component variances include Swamy-Arora,
Wallace-Hussain and Wansbeek-Kapteyn.
Also supported are AR specifications, weighted least squares,
and seemingly unrelated regression. Coefficients on specific variables
(including AR terms) can be constrained to be identical, or allowed
to differ across the cross-section.
The state-space object allows estimation of a wide variety of
single- and multi-equation dynamic time-series models using the
Kalman Filter algorithm. Among other things, you can use the state-space
object to estimate random and time-varying coefficient models
and ML ARMA specifications.
Sophisticated procs and views give you access to powerful
filtering and smoothing tools so that you can view or generate
one-step ahead, filtered, or smoothed signals, states, or errors.
EViews' built-in forecasting procedures also provide easy-to-use
tools for in- and out-of-sample forecasting using n-step
ahead or smoothed values.
User-Defined Maximum Likelihood Estimation
EViews 5 features an object (the LogL) for handling user-specified
maximum likelihood estimation problems. Simply use standard EViews
expressions to describe the log likelihood contribution of each
observation in your sample, and EViews will do the rest.
Specification Evaluation and
Once an equation or system is estimated, you can use EViews to
perform a wide array of specification evaluation and diagnostic
These tests include Wald tests of linear and nonlinear coefficient
restrictions, likelihood ratio and F-tests for omitted variables,
Lagrange multiplier tests for serial correlation and ARCH, White
heteroskedasticity tests, Ramsey RESET tests, and Chow forecast
and breakpoint tests.
Additional tests exist for specific models. As with other object
views, all hypothesis tests can be generated by a simple menu
selection from an equation or system window.
Forecasting and Simulation
In EViews, you need not concern yourself with the complexities
of making forecasts. You can concentrate on the substance of the
forecasting problem. For single equation models, just select a
menu item and EViews will compute a static or dynamic forecast
with optional forecast standard errors and a graph of the 95 percent
forecast confidence. Successful forecasting equations can be saved
in your workfile or stored in an EViews database.
Simultaneous Equation Solution and Simulation
The model object, which is used for simultaneous equation simulation
and solution, provides the features most commonly requested by
Variable dependencies and the block structure of the model’s
equations are displayed with a simple mouse click. Reference equations
by name and the model is updated automatically whenever the equation
is re-estimated. You can even use the model to manage multiple
solution scenarios for comparing simulation results under various
sets of assumptions.
The EViews model object makes it easy to perform non-stochastic
or stochastic simulation using either Gauss-Seidel or Newton solvers.
Built-in views and procedures display simulation results in graphical
or tabular form. Forward solution (currently unavailable with
stochastic solution) allows you to solve for model consistent
expectations. EViews provides sophisticated add factor support,
including equation normalization. You can even solve simple control
problems where the values for an exogenous control variable are
found so that an endogenous variable achieves a user specified
Powerful modeling tools are only useful if you can easily access
your data. EViews provides the widest range of data management
tools available in any econometric software.
Extensive Function Library
EViews 5 contains an extensive library of functions for working
with and transforming your data. In addition to standard mathematical
and trigonometric functions, EViews provides functions for computing
descriptive statistics, by-group statistics, specialized date
and time series data functions, functions for working with a variety
of statistical distributions and date and string handling.
Sophisticated Expression Handling
EViews’ powerful tools for expression handling mean
that you can use expressions virtually anywhere you would use
a series. You don't have to create new variables to work with
the logarithm of Y, the moving average of W, or the ratio of X
to Y (or any other valid expression). Instead, you can use the
expression in computing descriptive statistics, as part of an
equation or model specification, or in constructing graphs.
When you forecast using an equation with an expression for the
dependent variable, EViews will (if possible) allow you to forecast
the underlying dependent variable and will adjust the estimated
confidence interval accordingly. For example, if the dependent
variable is specified as LOG(G), you can elect to forecast either
the log or the level of G, and to compute the appropriate, possibly
asymmetric, confidence interval.
Links, Formulas and Values Maps
Links allow you to create series that link to data contained
in other workfiles or workfile pages. Links allow you to combine
data at different frequencies, or match merge in data from a summary
page into an individual page such that the data is dynamically
updated whenever the underlying data change. Similarly, within
a workfile, formulas can be assigned to data series so that the
data series are automatically recalculated whenever the underlying
data is modified.
Value labels (e.g., "High", "Med", "Low", corresponding to 2,
1, 0) may be applied to numeric or alpha series so that categorical
data can be displayed with meaningful labels. Built-in functions
allow you to work with either the underlying or the mapped values
when performing calculations.
EViews can handle complex data structures, including irregular
dated data, cross-section data with observation identifiers, and
dated and undated panel data. In addition to numerical data, an
EViews workfile can also contain alphanumeric (character string)
data and series containing dates, which can be further manipulated
using an extensive library of functions.
In addition EViews provides a wide range of tools for manipulating
your data. Included is the ability to combine series by complex
match merge criteria. Workfile (dataset) procedures for
changing the structure of your data include: join, append,
subset, resize, sort, and reshape (stack and unstack).
File Import and Export
EViews provides extensive read/write support for foreign formats,
including Excel, ASCII/Text, SPSS, SAS (transport), Stata,
Html, Microsoft Access, Gauss Dataset, Rats, WinGive/PC Give,
TSP, Aremos, dBase, Lotus and Binary. Access to SAS native format
files, version 8 or earlier, is also available if a SAS ODBC driver
is installed on the system (which must be purchased separately
EViews 5 has built-in database features. An EViews database is
a collection of EViews objects maintained in a single file on
disk. It need not be loaded into memory in order to access an
object inside it, and the objects in the database are not restricted
to being of a single frequency or range. EViews databases support
powerful query features which can be used to search through the
database for a particular series or select a set of series with
a common property.
Series contained in EViews databases may be accessed and used
by EViews procedures without being fetched into workfiles. Automatic
search capabilities allow you to specify a list of databases to
be searched when a series you need cannot be found in the current
Enterprise Edition Support for ODBC, FAME, DRIBase, and
Haver Analytics Databases
As part of the EViews Enterprise Edition (an extra cost option
over EViews Standard Edition), support is provided for access
to data contained in relational databases (via ODBC drivers) and
to databases in a variety of proprietary formats used by commercial
data and database vendors. Open Database Connectivity (ODBC) is
a standard supported by many relational database systems including
Oracle, Microsoft SQL Server and IBM DB2. EViews allows you to
read or write entire tables from ODBC databases, or to create
a new workfile from the results of a SQL query. For time series
data, EViews also supports access to FAME databases, both local
and server based, Global Insight's DRIBase databases, and Haver
Analytics DLX databases. For time series databases, the same,
easy to use, EViews database interface is available no matter
what the source of the data.
When you import data from a database or from another workfile,
they are automatically converted to the frequency of your current
project. EViews 5 has many options for frequency conversion, and
includes support for the conversion of daily, weekly, or irregular-frequency
data. Series may be assigned a preferred conversion method, allowing
you to use different methods for different series without having
to specify the conversion method every time a series is accessed.
EViews supports a wide range of graph types including line graphs,
bar graphs, filled area graphs, pie charts, scatter diagrams,
mixed line-bar graphs, high-low graphs, scatter plots and boxplots.
A variety of options give you control over line types, color,
border characteristics, headings, shading and scaling, including
logarithmic scaling and dual scale graphs. Legends are automatically
created and you can add labels in any scalable Windows font anywhere
on your graph. Any number of graphs can be combined in a single
graph for presentation.
Customizing a graph is as simple as dragging graphic elements
around the screen. Want to change the characteristics of a legend
or a text label? Just click on it and your options are immediately
presented in easy to understand dialogs.
You can easily incorporate your customized graphs into other
applications using copy-and-paste or by writing the graph to a
file. Formats supported include Windows metafiles and PostScript
Windows On-Line Help
Need help? EViews provides a full Windows-style help system with
index and search capabilities. In addition, the entire EViews
User’s Guide and EViews Command and Programming Reference
are provided in Adobe PDF format (along with Adobe Acrobat Reader).
Both manuals are extensively hypertext linked, making it easy
to find the information you need. Heavily commented example programs
(and sample data files) are indexed to provide easy access to
an array of expertly written EViews programs.
A Powerful Programming Language
Point-and-click is fine, but you feel more comfortable entering
commands. Besides, you need programming tools and capabilities.
Well, EViews is really two programs in one. In addition to its
state-of-the-art windowing interface, EViews includes a powerful
command language that allows access to all menu items.
loosely after the BASIC programming language but with new object-oriented
extensions and matrix handling capabilities. EViews allows you
to enter individual commands for immediate or batch execution.
Your programs can make use of advanced capabilities such as looping
and condition branching, as well as subroutine and macro processing.
Matrix primitives, from simple multiplication and inversion, to
more advanced procedures for Kronecker products, eigenvector solution,
and singular value decomposition, provide you with the tools you
need for solving your most complex problems.
Data Capacity and System
EViews 5 supports most versions of the Windows Operating system
including: Windows 98/Me/NT 4.0/2000/XP. With sufficient memory
in your computer, you can tackle problems involving millions of
observations or thousands of series. The only fundamental capacity
limit is that no single data series or matrix may contain more
than 4 million observations. And because we take full advantage
of 32-bit Windows’ virtual memory, you can work with data sets
that exceed your system’s physical memory.