Содержание
- 2. Combination of statistical methods, economics and data to answer empirical questions in economics. 1. WHAT IS
- 3. Estimation of economic relationships: - Demand and supply equations; - Production functions; - Wage equations, etc.
- 4. Econometrics is relevant in virtually every branch of applied economics: finance, labor, health, industrial, macro, development,
- 5. The research process in applied econometrics is not simply linear, but it has “loops”. That is,
- 6. Step 1: Empirical question(s) Learning-by-doing (LBD) is the process by which the cost of producing a
- 7. Step 2: Collection of data There are different of datasets that can be collected to study
- 8. Step 3: Specification of the Econometric Model An Econometric Model is an economic model where we
- 9. Step 3: Specification of the Econometric Model (Continued) Suppose that we decide to estimate a production
- 10. Step 3: Specification of the Econometric Model (Continued) An important specification assumption is the choice of
- 11. Step 3: Specification of the econometric model (continued) Dealing with the unobservable (or error term or
- 12. Step 4: Estimation, validation, hypotheses testing, prediction We want to estimate the parameters β in the
- 13. Different types of datasets have their own issues, advantages and limitations. Some econometric methods may be
- 14. Cross-Sectional Data A cross-sectional dataset is a sample of individuals, or households, or firms, or cities,
- 15. Time Series Data A time series dataset consists of observations on a variable or several variables
- 16. Pooled cross sections Suppose that we have a sequence of cross sections of the same variables
- 17. Panel Data In panel data we have a group of individuals (or households, firms, countries, …)
- 18. Most empirical questions in economics are associated to the identification of CAUSAL EFFECTS. The notion of
- 19. In most applications, we can not hold ALL the relevant factors constant. There is an immense
- 20. Does it mean that we cannot identify causal effects? Not necessarily. In fact, there are cases
- 21. We make two assumptions about the explanatory variables: The explanatory variables are not random variables We
- 22. We make two assumptions about the explanatory variables (Continued): Any one of the explanatory variables is
- 24. Steps in building and using an econometric model STEP 1: Decide what is the “Dependent Variable”,
- 25. Steps in building and using an econometric model STEP 2: Decide, on the basis of economic
- 26. Steps in building and using an econometric model STEP 3: Note the anticipated signs of the
- 27. Steps in building and using an econometric model STEP 4: Decide the data sample NOTE: n
- 28. Steps in building and using an econometric model STEP 5: Estimate the model: Using the Ordinary
- 29. Steps in building and using an econometric model STEP 6: Assess the diagnostic statistics: [Remember: econometrics
- 30. Steps in building and using an econometric model STEP 7: Interpret the results: [Remember: econometrics can
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