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Applied Econometrics and Methods

  • Module code: EC7009
  • Year: 2018/9
  • Level: 7
  • Credits: 30
  • Pre-requisites: None
  • Co-requisites: None

Summary

This first part of the module introduces a range of econometric methods from the perspective of their usefulness in refining and applying economic theory in the context of substantive economic problems. The module aims to develop your ability both to understand the analytical basis of these methods and to put them into practice in the context of empirical verification and economic policy decisions.

The second part of the module microeconomic analysis explores the theory of consumer and producer behaviour. It introduces game theory as an important framework for contemporary economic analysis. You will learn to manipulate theoretical models of microeconomic behaviour and apply them to the analysis of policy issues.

Aims

  • To study econometrics from an applied perspective
  • To explain the link between economic models and econometric methods
  • To consider the relevance of alternative econometric methodologies in examining economic policy problems
  • Develop a rigorous understanding of the central ideas, concepts and tools of mathematical and statistical analysis in economics

Learning outcomes

  • Demonstrate an understanding of  the essential logic of a variety of classical and contemporary statistical and econometric techniques
  • Critically assess the validity of selected economic theories using statistical  and  econometric methods
  • Demonstrate the ability to acquire and manage economic data (micro and macro data such as surveys and national accounts) and incorporate analysis of it into written reports
  • Demonstrate an understanding of various economic models and the ability to manipulate and interpret them
  • Demonstrate the ability and skills to apply mathematical and statistical analysis to a range of economic policy issues.

Curriculum content

  • The classical linear regression model (CLRM): estimation and inference
  • Violation of CLRM assumptions
  • Introduction to time-series econometrics
  • Introduction to national account
  • Introduction to survey data (consumer, households, firms)
  • Mathematics and statistics.

Teaching and learning strategy

Teaching will consist of lectures, computer laboratory sessions and seminars. The lectures will introduce and highlight the main issues within each topic of the module, largely at an analytical level; the laboratory sessions and seminars will review the material developed in lecture and will explore real-life applications and implications of these concepts, as well as giving formative feedback on student progress.

Breakdown of Teaching and Learning Hours

Definitive UNISTATS Category Indicative Description Hours
Scheduled learning and teaching Lectures Laboratory sessions and seminars 44 22
Guided independent study Independent guided study and assessment preparation 234
Total (number of credits x 10) 300

Assessment strategy

Assessment will take place summatively by a Class Test (30% weight) in teaching block 1 and a Coursework Portfolio (70% weight) during teaching block 2: 

  • A one-hour class test based on ground methodologies introduced in Teaching Block 1 will be arranged at the end of the first term.
  • A coursework portfolio of two summative reports for a total of 3000 words (1500 words for each report) should be completed in teaching block 2. Each report will be designed to offer the opportunity of practicing with the econometric methods discussed during the course and reflecting on their role in the assessment of economic theory and policy.

Problem-sets for laboratory and seminar sessions in teaching block 1 will also be formatively assessed as means of reinforcing the lecture material and investigating substantive real-world applications in preparation for the class test at the end of teaching block 1, and to consolidate methods to be used in the summative reports in teaching block 2

Mapping of Learning Outcomes to Assessment Strategy (Indicative)

Learning Outcome Assessment Strategy
Demonstrate an understanding of the essential logic of a variety of classical and contemporary statistical and econometric techniques Class Test, Coursework, Problem Sets
Critically assess the validity of selected economic theories using econometric methods Coursework, Problem Sets
Demonstrate the ability to acquire and manage economic data (micro and macro data such as surveys and national accounts) and incorporate analysis of it into written reports Class test, Coursework, Problem Sets
Demonstrate an understanding of various economic models and the ability to manipulate and interpret them Coursework, Problem Sets
Understand, manipulate and interpret economic models Portfolio of essays Problem sets and briefs
Demonstrate the ability and skills to apply mathematical and statistical analysis to a range of economic policy issues Class Test, Coursework, Problem Sets

Achieving a pass

It IS NOT a requirement that any major assessment category is passed separately in order to achieve an overall pass for the module.

Bibliography core texts

Applied Econometrics

Asteriou, D., and Stephen G. H. (2011) Applied Econometrics, 2nd edition, Palgrave Macmillan, UK.

Hill R. C., Griffiths W. E., and Lim G. C. (2011) Principles of Econometrics 4th ed, Wiley

Microeconomics

Varian, H. (2010) Intermediate Microeconomics, 8th Edition, Norton.

Himmelweit, S., Simonetti, R. and A. Trigg (2001) Microeconomics: Neoclassical and Institutional Perspectives on Economic Behaviour, 1st Edition, Thompson Learning.

Frank, R. (2006) Microeconomics and Behavior, 6th Edition, McGraw-Hill/Irwin.

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