Unit name | QM3 Econometrics |
---|---|
Unit code | ECON20020 |
Credit points | 20 |
Level of study | I/5 |
Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
Unit director | Professor. Cannon |
Open unit status | Not open |
Pre-requisites |
ECON11122 Quantitative Methods 1 and ECON12122 Quantitative Methods 2 or Probability 1 (MATH113300) or Statistics 1 (MATH11400) |
Co-requisites |
None |
School/department | School of Economics |
Faculty | Faculty of Social Sciences and Law |
This is the core second year econometrics unit. It contains both practical work and theory. Throughout the unit you will use the software package Stata to analyse real data. Examples include some of Steven Levitt's data in his best-seller Freakonomics, Nobel prizewinner Milton Friedman's data on consumption and data on pollution and the environment. Computer classes meet approximately fortnightly to go over how to use the software and what to do with the numbers.
Alongside this practical work you will learn why special statistical methods are needed to analyse economic data and how to decide which techniques are appropriate in particular situations. Apart from revision, only a very small amount of additional statistical theory will be introduced in the unit. Some algebra is needed to look at the properties of the estimation methods and you should be happy and prepared to spend time using formal proofs.
Summative Assessment:
This is a two-hour closed book exam. The exam is divided into three sections (with two questions in each section) and students must answer one question from each section.
Formative Assessment:
Fortnightly electronic multiple choice tests. These cover basic material, consolidating and revising pre-requisite knowledge. These assess learning outcomes (1), (2), (3) and (4).
Four written exercises which are submitted to be marked individually: these assess learning outcomes (1), (2) and (4).
Computer classes, where students use STATA and receive one-to-one and whole group help from the class tutor (learning outcome 3).
Presentation, where students present a summary of a published paper (learning outcome 4).
Wooldridge, J.M. (2009) Introductory Econometrics: A Modern Approach (South Western) Kennedy, P (2008) A Guide to Econometrics 6th Edition (Oxford: Blackwell)