This module equips you with the advanced tools to estimate causal effects and deal with endogeneity and spurious regressions in leading economic applications. This includes topics in micro-econometrics, empirical macroeconomics, and simulation-based methods. This module will help you choose an appropriate methodology for your economic question as well as to critically evaluate existing empirical findings from the recent economics literature. You will be exposed to econometric methods such as instrumental variables, pooled-OLS, fixed and random effects models, cointegration methods, difference-in-differences and simulation-based methods. The technical aspects of each method will be discussed and evaluated alongside examples from empirical economics by critically evaluating seminal research papers stemming from demand and supply estimation, health economics, macroeconomics and labour economics. The practical sessions with hands-on exercises using specialised software will provide you with necessary skills to apply the advanced econometric techniques in future. Upon completion, you will be prepared to investigate important and intriguing empirical questions that are relevant to current economic policy.
Lecture 16, Seminar 16
Test. Assessment Details: 2 hours Online Open Book Computer Practical Test worth 50%.
Portfolio. Assessment Details: 2 problem sets at 25% each worth 50%.
Reassessment Method: Like for like
On successfully completing the module, students will be able to:
1) Recognise and address issues of endogeneity and spurious regression in economic applications.
2) Analyse economic data using appropriate techniques to provide credible answers to current economic questions.
3) Critically evaluate empirical applications and frame appropriate solutions to their shortcomings.
4) Perform an independent analysis using an econometric package, addressing shortcomings of a standard regression analysis.
5) Independently choose an appropriate econometric method to address the empirical question at hand within the constraints of the available data.
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