Econometrics

Econometrics uses economic theory, mathematics, and statistical inference to quantify economic phenomena. In other words, it turns theoretical economic models into useful tools for economic policymaking. The objective of econometrics is to convert qualitative statements (such as “the relationship between two or more variables is positive”) into quantitative statements (such as “consumption expenditure increases by 95 cents for every one dollar increase in disposable income”). 

Upon successful completion of this unit, students will be able to:

(1) Construct, test, and analyze econometric models;

(2) Collect, organize, and analyze economic data, and interpret results from statistical analyses;

(3)Identify the desirable properties of estimators;

(4)Apply the program (EView, Stata, or R) in regression analyses of empirical data.

(5)Apply qualitative response regression models

(6)Introduction to time series model building and forecasting

(7) Identify and estimate autoregressive integrated moving average (ARIMA) models and obtain forecasts of economic variables; 

(8) Introduction to panel econometrics models