ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title ECONOMETRICS 1
Code ECON212
Coordinator Dr Y Rao
Economics
Y.Rao@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 5 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

ECON113 MATHEMATICAL ECONOMICS; ECON111 MATHEMATICS FOR ECONOMICS AND BUSINESS 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 12

6

      12

6

36
Timetable (if known) 60 mins X 1 totaling 12
 
60 mins X 1 totaling 6
 
      120 mins X 1 totaling 24
 
 
Private Study 114
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
             
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 2: Final Test (Online) Assessment Type: Practical Assessment Duration: 3 hours (expected completion time 2 hours) Weighting: 80% Reassessment Opportunity: Yes Penalty for Late S  3 hours (expected co    80       
Assessment 1: Multiple Online Tests Assessment Type: Practical Assessment Duration: 1 hour per test (3 tests in total) Assessment Schedule (When): 1 Weighting: 20 Reassessment Opportunity: Y  One hour per test (3    20       

Aims

Econometrics is concerned with the testing of economic theory using real world data. This module introduces the subject by focusing on the principles of Ordinary Least Squares regression analysis. The module will provide practical experience via regular laboratory session.   This module also aims to equip students with the necessary foundations in econometrics to successfully study more advanced modules such as ECON213  Econometrics II, ECON311  Methods of Economic Investigation: Time Series Econometrics and ECON312 Methods of Economic Investigation 2: Microeconometrics.


Learning Outcomes

(LO1) Reinforce the  understanding of fundamental principles of statistics, probability and mathematics to be used in the context of econometric analysis

(LO2) Estimate simple regression models with pen and paper using formulae and with the econometric software EViews8

(LO3) Understand the assumptions underpinning valid estimation and inference in regression models

(LO4) Formulate and conduct intervals of confidence and tests of hypotheses

(LO5) Evaluate the impact that changes in the unit of accounts of variables and changes in the functional form of equations may have upon the results of OLS and their interpretation

(LO6) Assess the goodness of results by means of appropriate tests and indicators

(LO7) Assess predictions

(LO8) Extend analysis to the context of multiple linear regression

(LO9) Use EViews7 to estimate simple linear regression models  and multiple linear regression models

(S1) Problem solving skills

(S2) Numeracy

(S3) IT skills


Teaching and Learning Strategies

Teaching Method: Online Asynchronous Learning Materials
Unscheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Online Synchronous Lecture
Scheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Seminar
Scheduled Directed Student Hours: 6
Attendance recorded: Yes

Teaching Method: Group Study
Scheduled Student Hours: 6
Attendance recorded: No

Self-Directed Learning Hours: 114
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to understand the content of learning materials. Self-Directed Learning will include review learning materials, prepare for seminar activities, developing academic writing skills, and wider reading to support the module
Costs Information:
There are no specific costs attached to this module.

There are the following non-modular requirements:
Either ECON111 or ECON113

This module is a pre-requisite for the following modules:
ECON213, ECON308, ECON311, and ECON312

Skills/Other Attributes Mapping

Skills / attributes: IT skills
How this is developed: Not assessed
Mode of assessment (if applicable)

Skills / attributes: Numeracy
How this is developed: Written exam
Mode of assessment (if applicable): Mid-Term and Examination

Skills / attributes: Problem solving skills
How this is developed: Coursework
Mode of assessment (if applicable): Examination


Syllabus

 

Introduction: The Nature of Econometrics Concept of Causality and Ceteris Paribus;

Revision of Basic Concepts in statistics, mathematics and probability: summation, random variables, expected value (mean) and variance ;

Revision of Sample estimators (average/variance) and distributions (normal, standardized normal, T-Student, F and Chi-square);

The Simple Linear Regression Model – Least Squares (LS) Estimation;

Properties of LS Estimators and LS assumptions;

Interval of confidence and Hypothesis Testing in the Simple Linear Regression Model;

Prediction and goodness of Fit;

Functional form and magnitude of variables;

Introduction to the estimation of the Multiple Linear Regression Model.


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.