EC226-30 Econometrics 1
Introductory description
This module provides students with a thorough understanding basic principles of econometrics. You will be exposed to a range of different econometric tools. You will gain an understanding of simple OLS, the limitations of the application of OLS, potential alternative estimators for the different type of data one might encounter including: cross-sectional data sets, time series data set and panel data sets.. You will gain skills and techniques to analyse problems from an intuitive, graphical and statistical perspective applying your knowledge to real world data.
Module aims
The course aims to provide students with important skills, which are of both academic and vocational value, being an essential part of the intellectual training of an economist and also useful for a career. In particular the course aims to equip students with the following competencies: 1. An awareness of the empirical approach to economics; 2. Experience in the analysis and use of empirical data in economics; 3. Understanding the nature of uncertainty and methods of dealing with it; 4. The use of econometric software packages as tools of quantitative and statistical analysis.
Outline syllabus
This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.
The module will typically cover the following topics:Linear regression model. Least squares estimation. Dummy variables. Linear Restrictions. Classical Linear Regression Model Assumptions. Breakdown of CLRM assumptions. Errors in variables. Heteroscedasticity and implications for OLS. Structural change. Incorrect functional form and implications for OLS. Instrumental variable estimation. Dynamic models with lagged dependent variable. Serial Correlation and implications for OLS. Types of autocorrelation. Nonstationarity and Cointegration. Panel data models. Limited dependent variable models.
Learning outcomes
By the end of the module, students should be able to:
- Acquired the tools of quantitative methods necessary to study core and optional second and third year modules in economics for single honours courses in Economics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures and classes. The summative assessment methods that measure the achievement of this learning outcome are: Test, exam, and assignment (group work).
- Developed their understanding of statistical (econometric) software and economics databases. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures and classes. The summative assessment methods that measure the achievement of this learning outcome are: Tests, assignment (group work).
- Further developed their communication skills in presenting and analysing data. The teaching and learning methods that enable students to achieve this learning outcome are: Classes. The summative assessment methods that measure the achievement of this learning outcome are: Tests, assignment (group work).
- Developed further their techniques of statistical methods; generated a thorough understanding of the statistical techniques as well as a critical appreciation of them. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures and classes. The summative assessment methods that measure the achievement of this learning outcome are: Test, exam, and assignment (group work).
Indicative reading list
Please see Talis Aspire link for most up to date list.
View reading list on Talis Aspire
Subject specific skills
Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of incentives
Concepts of Simultaneity and Endogeneity
Analysis of optimisation
Understanding of Uncertainty and Incomplete Information
Transferable skills
Students will have the opportunity to develop:
Research skills
Numeracy and quantitative skills
Data-based skills
IT skills
Written communication skills
Oral communication skills
Team work skills
Mathematical, statistical and data-based research skills
Study time
| Type | Required |
|---|---|
| Lectures | 57 sessions of 1 hour (19%) |
| Seminars | 18 sessions of 1 hour (6%) |
| Private study | 225 hours (75%) |
| Total | 300 hours |
Private study description
Private study will be required in order to prepare for seminars/classes, to review lecture notes, to prepare for forthcoming assessments, tests, and exams, and to undertake wider reading around the subject.
Costs
No further costs have been identified for this module.
You do not need to pass all assessment components to pass the module.
Students can register for this module without taking any assessment.
Assessment group D7
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| Test | 10% | No | |
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In class 60 minute test |
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| Group Project | 15% | No | |
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Group Research Project |
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| 8 x online multiple choice question tests | 10% | No | |
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8 x online multiple choice question tests (1% each) over the two terms. One aggregate mark awarded for all 5 components. |
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| Participation | 5% | Yes (extension) | |
| In-person Examination | 60% | No | |
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A paper which examines the course content and ensures learning outcomes are achieved.
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Assessment group R3
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| In-person Examination - Resit | 100% | No | |
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A paper which examines the course content and ensures learning outcomes are achieved.
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Feedback on assessment
The Department of Economics is committed to providing high quality and timely feedback to students on their assessed work, to enable them to review and continuously improve their work. We are dedicated to ensuring feedback is returned to students within 20 University working days of their assessment deadline. Feedback for assignments is returned either on a standardised assessment feedback cover sheet which gives information both by tick boxes and by free comments or via free text comments on tabula, together with the annotated assignment. For tests and problem sets, students receive solutions as an important form of feedback and their marked assignment, with a breakdown of marks and comments by question and sub-question. Students are informed how to access their feedback, either by collecting from the Undergraduate Office or via tabula. Module leaders often provide generic feedback for the cohort outlining what was done well, less well, and what was expected on the assignment and any other common themes. This feedback also includes a cumulative distribution function with summary statistics so students can review their performance in relation to the cohort. This feedback is in addition to the individual-specific feedback on assessment performance.
Pre-requisites
Any of:
EC139-15 Mathematical Techniques A AND EC124-15 Statistical Techniques B OR
EC140-15 Mathematical Techniques B AND EC124-15 Statistical Techniques B OR
IB122-15 Business Analytics (for WBS students) OR
EC106-30 Introduction to Economics OR EC107-30 Economics 1 for GL11, MORSE and other students from the
Mathematics/Statistics Department
To take this module, you must have passed:
Anti-requisite modules
If you take this module, you cannot also take:
- EC203-30 Applied Econometrics
Courses
This module is Core for:
- Year 1 of TECA-L1P5 Postgraduate Taught Economics
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TECA-L1PA Postgraduate Taught Economics (Diploma plus MSc)
- Year 1 of L1PA Economics (Diploma plus MSc)
- Year 1 of L1PA Economics (Diploma plus MSc)
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UECA-3 Undergraduate Economics 3 Year Variants
- Year 2 of L100 Economics
- Year 2 of L116 Economics and Industrial Organization
This module is Core optional for:
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UECA-LM1D Undergraduate Economics, Politics and International Studies
- Year 2 of LM1D Economics, Politics and International Studies
- Year 2 of LM1D Economics, Politics and International Studies
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UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
- Year 2 of L1CC Economics, Psychology and Philosophy (Behavioural Economics Pathway)
- Year 2 of L1CD Economics, Psychology and Philosophy (Economics with Philosophy Pathway)
- Year 2 of ULNA-R1L4 Undergraduate French and Economics (4-year)
- Year 2 of ULNA-R2L4 Undergraduate German and Economics (4-year)
- Year 2 of ULNA-R4L1 Undergraduate Hispanic Studies and Economics (4-year)
- Year 2 of ULNA-R3L4 Undergraduate Italian and Economics (4-year)
- Year 2 of UMAA-GL11 Undergraduate Mathematics and Economics
- Year 2 of UECA-GL12 Undergraduate Mathematics and Economics (with Intercalated Year)
- Year 2 of ULNA-R9L1 Undergraduate Modern Languages and Economics (4-year)
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UPHA-V7ML Undergraduate Philosophy, Politics and Economics
- Year 2 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)
- Year 2 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)
- Year 2 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)
- Year 2 of V7MP Philosophy, Politics and Economics (Bipartite)
- Year 2 of V7MP Philosophy, Politics and Economics (Bipartite)
- Year 2 of V7MP Philosophy, Politics and Economics (Bipartite)
- Year 2 of V7MP Philosophy, Politics and Economics (Bipartite)
- Year 2 of V7ML Philosophy, Politics and Economics (Tripartite)
- Year 2 of V7ML Philosophy, Politics and Economics (Tripartite)
- Year 2 of V7ML Philosophy, Politics and Economics (Tripartite)
This module is Optional for:
- Year 4 of UECA-GL12 Undergraduate Mathematics and Economics (with Intercalated Year)
-
UPHA-V7ML Undergraduate Philosophy, Politics and Economics
- Year 3 of V7MP Philosophy, Politics and Economics (Bipartite)
- Year 3 of V7ML Philosophy, Politics and Economics (Tripartite)
- Year 3 of V7ML Philosophy, Politics and Economics (Tripartite)
- Year 3 of V7ML Philosophy, Politics and Economics (Tripartite)
- Year 4 of UPHA-V7MM Undergraduate Philosophy, Politics and Economics (with Intercalated year)