EC304 Principles of Economics
EC305 or EC306 Mathematics for Economics
EC309 Statistics for Economics
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 (eg Eviews &/or Stata).
This module appears in:
20 one-hour lectures
5 one-hour terminal classes (one per fortnight)
5 one-hour seminars (one per fortnight)
Method of assessment
10% Moodle quiz
40% In Course Tests (2 x 20%)
50% Project Report
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
A Studenmund (2011), Using Econometrics: A Practical Guide, 6th ed, Addison-Wesley
M Verbeek (2012), A Guide to Modern Econometrics, 4nd ed, Wiley
By the end of the module you should:
?appreciate the different types of models, data and data sources in economics
?understand the concept of an estimator, particularly the least squares estimator
?be familiar with the important role of the random error, and the assumptions needed to ensure the best linear unbiased properties of the least squares estimator
?be able to carry out different forms of specification testing, using t and f-tests
?be able to apply tests of model adequacy, particularly tests of the basic assumptions and understand the consequences of failure of each assumption, for example, autocorrelation and heteroscedasticity
?be able to carry out practical work on relevant empirical topics, using econometric software
?improve your ability to interpret empirical results in the economics literature.
?write reports on computer based, applied economics applications.