This article contains a **list of best free econometric software** for Windows. Using these free software, you can create, study, and analyze economic data using various econometric models. Coming back to econometric models and techniques, these include *ARIMA, MIDAS, Univariate GARCH models, VARs and VECMs, Unit-Root and Cointegration tests, Kalman Filter, Smooth Transition Regression models, ARCH models,* etc. There are various estimator models like *least squares, simultaneous equation system, robust estimation, maximum likelihood, nonlinear least squares, GMM,* etc. are also provided in these econometric 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 these provide inbuilt project templates which you can use to study econometrics. These software let you visualize data on graphs like *histograms, scatterplot, bar chart,* etc. Results including *descriptive statistics,* *autocorrelation function, correlation table, distribution function, normal PP-diagram,* *spectrogram, *etc. are provided to let researchers perform in-depth econometric study.

#### My Favorite Free Econometric Software For Windows

**gretl** is my favorite econometric software because it provides a good number of econometric models to study. You can also plot graphs and save them in this software. **JMuTi** is also good for the analysis of time series data.

#### gretl

**gretl** is a **free open source econometric software** for Windows. It provides a variety of tool to analyze economic data. You can create new data set or import relevant data from different files such as *CSV, ASCII file, XLS, XLSX, ODS,* and other econometric software files like *Stata files, Eviews files, JMulTi files, Octave files,* etc. Some sample data files are also provided for econometric study. For example, *Euro area money demand data, unionization of workers in the US, test data for Poisson regression, pension plan participation, interest rates and inflation,* etc.

A variety of estimator models including ** least squares, simultaneous equation system, robust estimation, maximum likelihood, nonlinear least squares, GMM, **etc. Different methods for time series analysis are also provided in it such as

**etc. You can find more tools to perform in-depth econometric analysis including**

*ARIMA, MIDAS, univariate GARCH models, VARs and VECMs, unit-root and cointegration tests, Kalman filter,***and**

*Statistical tables, P-value finder, Distribution graphs, Plot a curve, Test statistics calculator, Nonparametric tests*,**. The time series graph, XY scatter plot, boxplot, 3D plot, Q-Q plot, 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-correlogram.**

*Seed for random numbers*Overall, gretl is one of the best econometric software. It also supports scripts like *Gnuplot script, R script, Octave script, Python script, Stata program,* etc. You can also set general program preferences and share data via email. To check a detailed review of gretl, check here > gretl Review on ILoveFreeSoftware.com.

#### JMuTi

**JMuTi** is basically a free econometric software to analyze univariate and multivariate time series. To import dataset for analysis purpose, it supports* XLS, MAT, Gauss Datasets (DAT), Gauss Matrix Files (FMT),* etc. It provides different modules for the whole time series analysis. Its **Initial Analysis** module provides the starting point for time series analysis. From this module, you can** plot a time series, get statistics table, create crossplot of two different variables, estimate kernel density, view spectrum,** etc. It provides various

**procedures including**

*Unit Root Tests**ADF Test, KPSS Test, Schmidt-Phillips Test, HEGY Test,*and

*UR with Structural Break*.

**Cointegration Tests**including

*Johansen Trace Tests*and

*Saikkonen & Lütkepohl Tests*can also be performed. You can configure and view

**residual analysis**too.

It provides different statistical models for the 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 specify, estimate, check, perform structural analysis, and forecast these models.

The visualization of analyzed data is provided as various graphs. The plotted graphs can be copied as Bitmap or Metafile. You can convert the graphs to *Enhanced Metafile, Encapsulated Postscript, HPGL Plotter,* and *Windows Bitmap* files. Some plot settings can be customized such as axis labels, legend settings, title preferences, etc. It provides separate *TS Calculator* (Time Series Calculator), *Symbol Control, Output Control*, etc. options too.

In general, it is another one of useful econometric software which provides essential and some advanced tools to study economic data.

#### SHAZAM

**SHAZAM** is another econometric software for Windows. Its trial version can be used for free for an unlimited time period as mentioned on its official website. The limitation of this free version is that the amount of memory for calculation purpose is limited.

Now, coming to its functionalities, it is quite a feature-rich econometric analysis software. To get started with, 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 files, CSV, PRN), *inserting datasets or matrices, generating variables, using data connectors,* etc. It provides various analytics and estimation models which are used for the econometrics study. These include *Descriptive Statistics, Ordinary Least Squares, Generalized Least Squares, Nonlinear Regression, Distributed-Lag Models, Probit Regression, Logit Regression, Tobit Regression,* etc. It provides more statistical models including *ARIMA Model, System of Equations, Two Stage Least Squares, Three Stage Least Squares, Instrumental Variable Estimation, Heteroskedastic Models, Autocorrelation Models, Cointegration and Unit Root Tests,* etc. Various graph and plot options are also provided to visualize economic data. The plot or graph can be saved as a PNG, BMP, or TIF image.

This is another good econometric software for Windows users. It provides various compact windows so that you can easily navigate to different aspects of a project. You can find an elaborative user guide in case you find difficulty in operating this software.

#### Matrixer

**Matrixer** is one more free econometric software which is basically created to teach econometrics. It provides a wide number of econometric models to study. These include the following techniques:

**Regressions**:*Linear regression, Logit/probit, Instrumental Variable Methods, Ordered regression, Quantile regression, Regression with count dependent variable, Regression with limited dependent variables*.**ARIMA, GARCH**:*Regression with GARCH error, Regression with ARMA error, Box-Jenkins model (ARIMA), ARFIMA-FIGARCH,*etc.**Nonparametric Estimation**:*Nonparamtetric regression*and*Nonparamteric density estimation*.**System Estimation**:*Simultaneous equations*and*Vector autoregression*.

You can create matrices and perform various matrix related operations including *create vector, transpose, invert, sum, matrix product, subtract, multiply by scalar, direct product, direct division*, etc. The economic data can be imported from files in formats like TXT, DAT, CSV, XLS, etc. formats. As results, it provides *descriptive statistics* (mean, variance, etc.),* data plots, 3D plot, histogram, scatter graph, XY plot, spectral density estimate, autocorrelation function, correlation table, distribution function, normal PP-diagram,* *spectrogram,* etc. You can also plot functions according to formulas. It provides Dickery-Fuller test (ADF) option too. A command window is also provided to enter and execute commands.

In this software, the plotted graphs can be saved as Bitmap, Metafile, JPEG, PNG, or GIF file. Before that, you can set some general graph settings like font, legend, X axis, Y axis, etc. and change the graph style too.

#### PSPP

**PSPP** is another free software which lets you analyze and study economic statistics. You can import relevant files in TXT, CSV, XLS, ODS, etc. formats, or you can even prepare new data files. For that, you can define variables and enter data. It provides different menus to carry econometrics study, which are as follows:

**Transform**: You can compute variable using different functions, count occurrences of values within cases, rank cases, etc. using this menu.**Analyze**: The core analysis models are available here which includeand**descriptive statistics, compare means, univariate analysis, bivariate correlation, K-means cluster, factor analysis, reliability, regression, non-parametric statistics,**.*ROC curve***Graphs**: You can view statistical data in the form of scatterplot, histogram, and bar chart.

All in all, it is another nice econometric analysis software for researchers.

#### Draco Econometrics

**Draco Econometrics** is a free **open source econometric software** for Windows. It lets you create or import dataset from Text, ODS, XlS, etc. files. You can create time series or panel data using various options like *Column Operations, Row Operations, Sheet Operations,* etc. It provides various techniques to study 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 data, you can plot column data and histogram. The data can be viewed in data or variable view.