Applied Econometrics

Course introduces students with econometrics and its place in economic studies, provides knowledge necessary to apply econometric methods. Course starts with introduction to econometrics and then goes thought different regression models, analysis of: errors, model parameters inference, autocorrelation, heteroscedasticity and collinearity. Course ends with introduction to time series and panel data models. Material presented during theoretical lectures is applied by solving tasks using Gretl program.

To acquire knowledge about econometrics and its place in studies of economics and other social sciences and skills required for analysis of micro and macroeconomic phenomena using econometric technique by applying the following principle: hypothesis --> model formation --> data collection --> estimation --> preparation of conclusions --> the usage of conclusion and model parameters for the analysis and interpretation.

Statistics

1. Concept of econometrics. Stages of econometric research. 2. Recurrence of descriptive statistics and probability theory. 3. Classical linear regression with cross-sectional data and OLS. 4. Outliers: identification and elimination. Measurement of economic phenomena. 5. Nonlinear regression with cross-sectional data and OLS. 6. Multiple regression with cross-sectional data and OLS. 7. Normality of residuals. 8. Assumptions of regression model: autocorrelation and OLS. 9. Assumptions of regression model: multicollinearity and OLS. 10. Assumptions of regression model: heteroscedasticity and WLS. 11. Regression with dummy variables. 12. Introduction to panel data regression models.

Student is able to plan, organize and execute research that assesses and forecasts economic changes in organizations, the country and the world by applying methods and knowledge in econometrics. Student is able to develop instruments for data collection, collect it and systematize quantitative and qualitative information, choose and ground the appropriate methods for its analysis and is able to carry out research by creatively and critically applying those methods, formulate conclusions of the analysis. Student constructively communicates while presenting research results for audiences, discusses relevant economic issues in the topic of the research, coherently and convincingly expresses oneself orally by providing knowledge and understanding.