EC304 Principles of Economics (or equivalent)
EC305 or EC306 Mathematics for Economics
EC309 Statistics for Economics (or equivalent)
OverviewThe quantitative estimation and evaluation of economic models is an essential feature of the study and application of economics. This module provides an introduction to econometric theory and the application of econometric techniques to economic models and data. This is achieved by explaining key economic and econometric issues using applications of econometrics that quantify and evaluate economic theory and which provide an empirical evaluation of economic behaviour and the assessment of economic policy.
The module provides both an analytical and practical introduction to econometric theory, equipping students with the analytical tools to carry out applied econometric work and to explore more advanced areas of econometric theory at later stages of their chosen degree programme. The practice and application of econometrics is achieved using both Microsoft Excel and specialist econometric software (e.g. Eviews &/or Stata).
The topics considered in the module include:
• Models and data; ordinary least squares (OLS), properties of OLS, simple and multiple linear regression, inference, confidence intervals, hypothesis tests, multicollinearity, heteroscedasticity, autocorrelation, dummy variables, functional form, linear restrictions, diagnostic testing and basic panel data.
This module appears in:
5 PC sessions
This module is compulsory for all Single honours degree programmes in Economics.
This module is an elective for all Joint honours programmes in Economics.
This module is not available to students across other degree programmes in the University.
Method of assessment
Moodle Quiz (10%)
In Course Test 1 (45 minutes) (20%)
In Course Test 2 (45 minutes (20%)
Written Report (50%)
The main text for the module is:
J Wooldridge (2016), Introductory Econometrics: A Modern Approach, 6th ed, Cengage
Other examples are
C Dougherty (2011), Introduction to Econometrics, 4th ed, Oxford University Press
D Gujarati (2015), Econometrics by Example, 2nd ed, Palgrave
D Gujarati and D Porter (2010), Essentials of Econometrics, 4th ed, McGraw-Hill
G Maddala and K Lahiri (2009), Introduction to Econometrics, 4th ed, Wiley
By the end of the module you will be able to:
* identify and appreciate the different types of models, data and data sources in economics.
* demonstrate knowledge and understand of the least squares estimator.
* apply economic theory to economic models and data.
* interpret empirical results obtained from the application of econometric theory.
* apply tests of model adequacy, particularly tests of the basic assumptions of the classic linear regression framework.