Econometrics

Econometric techniques are used in a variety of fields, such as finance, international relations, management, marketing, psychology, medicine, and agricultural science. Some techniques specifically developed for solving economic problems have now found use in several of these disciplines. Newer econometric techniques to address specific economic situations and refinements of old econometric techniques are what keep the econometrics field an active field of study. Major corporations, banks, brokerage houses, governments at all levels, and international organisations like the IMF and the World Bank employ a vast number of people who can use econometrics to estimate demand functions and cost functions, and to conduct economic forecasting of key national and international economic variables. 

This module introduces students to the theory and practice of modern econometrics at an introductory level. The module presents students with basic econometric methods to understand and evaluate the economic environment of governments and firms, without complicated mathematics and statistics. The emphasis throughout the module is on explaining econometric theory with several worked examples using data from a variety of fields. 

1. Develop, estimate and interpret the classical linear regression model

2. Critically evaluate the classical linear regression model through regression diagnostics

3. Develop, estimate and interpret alternative econometric models with cross-sectional and time-series data

4. Develop the ability to evaluate the performance of alternative econometric models through the appropriate use of tests

5. Demonstrate the ability to implement econometric techniques using R