This course provides an introduction to econometric methods and their applications. The main workhorse of applied econometrics is the linear regression model and the course will develop its theory and look at a wide range of applications. The course emphasizes intuitive and conceptual understanding as well as hands on econometric analysis using modern computer software on data sets from economics and business. Students learn how to conduct empirical studies, as well as how to analyze and interpret results from other empirical works. We cover a broad range of topics, including a brief review of basic statistics, ordinary least squares estimation and its properties, choice of functional form, departures from standard OLS assumptions, and time series analysis.
This is a hand-on course with a focus on applications in economics as well as business. A standard statistical software will be used during computer sessions, no special programming skills are required.
Learning Outcomes
Upon successful completion, students will have the knowledge and skills to:
- Define and derive the Ordinary Least Squares (OLS) estimator in the linear regression model, including its mathematical representation and assumptions.
- Examine the statistical properties of the OLS estimator, such as unbiasedness, efficiency, and consistency.
- Apply the Central Limit Theorem (CLT) to approximate the statistical distribution of the OLS estimator, explaining the implications for hypothesis testing and confidence intervals.
- Critically evaluate the strengths and limitations of the OLS estimator, including its sensitivity to outliers, multicollinearity, and omitted variable bias.
- Demonstrate proficiency in using specialized econometric softwares to summarize and analyse actual economic data, including data visualization and model estimation.
- Contextualize and critically evaluate the results of empirical analysis, interpreting the findings in light of economic theory and policy implications.
Other Information
Indicative Assessment
- Typical assessments may include but is not restricted to in-class exercises, written and oral assignments, quizzes, examinations, group project tasks, oral presentation, and other assessment deemed appropriate to show attainment of the learning outcomes set for the course. Further details will be made available via the Class Summary. (100) [LO 1,2,3,4,5,6]
The ANU uses Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.
Workload
Students taking this course are expected to commit at least 10 hours per week consisting of 2 hours of lectures, a 1 hour of computer tutorial and a 1 hour of problem solving tutorial as well as 6 hours of private study
Inherent Requirements
Not applicable
Requisite and Incompatibility
Prescribed Texts
see Class Summary and Wattle site
Majors
Fees
Tuition fees are for the academic year indicated at the top of the page.
Commonwealth Support (CSP) Students
If you have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). More information about your student contribution amount for each course at Fees.
- Student Contribution Band:
- 34
- Unit value:
- 6 units
If you are a domestic graduate coursework student with a Domestic Tuition Fee (DTF) place or international student you will be required to pay course tuition fees (see below). Course tuition fees are indexed annually. Further information for domestic and international students about tuition and other fees can be found at Fees.
Where there is a unit range displayed for this course, not all unit options below may be available.
| Units | EFTSL |
|---|---|
| 6.00 | 0.12500 |
Offerings, Dates and Class Summary Links
ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage.