Biju Rao
Fernald House, Room 19 (Attic), Phone x2144, E-Mail: vrao@williams.edu
List Server: ECON511-L@williams.edu
Class Hours: Tuesdays and Fridays 1:10 - 2:25
Office Hours: Tuesdays and Fridays 3-5, and by appointment.
The course will introduce you to "econometrics" which is the application of statistical methods to economic questions. We will examine the nature of economic data, and how such data can be graphed and summarized. We will then go on to examine various ways of looking at cause-effect relationships in survey data and explore some of their limitations. We will study techniques used by economists and statisticians to make inferences about populations from sample surveys to enable us to make more informed policy decisions. Finally, we will critically read various research papers that apply econometric techniques to look at important questions in economic development.
The emphasis of the course will be on the practical application of the principles being developed with a "hands on" orientation. You will be introduced to the use of computers in statistical analysis but no previous computer experience is required. Regular attendance is highly recommended because this class gradually builds upon concepts, and a missed class will hamper your progress in understanding the material. If you would like to further explore some of the topics that we will study, or need help understanding a concept, or otherwise need to talk please stop by during my office hours. If you would like to meet me outside these hours, then give me a call or send me e-mail to set up an appointment. Also, if you have any questions that need a brief response, please feel free to send them to me by e-mail.
Evaluation will be based on regular problem sets which will account for 20% of the grade, two hour long tests which will be worth 30% of the grade (15% each), and a cumulative final exam which will account for the remaining 50%. The problem sets are a crucial part of the learning process in this course since the material can only be understood by working your way through them. You will work on the problem sets in groups of two or three. However, it is very important that each of you individually understand every answer that you hand in because the exams will be based both upon material that I talk about in class and assign in problem sets. I will initially set up the groups, but if you wish to exchange a place in a group with someone else, you can do so within the first week. Please inform me of any changes. Completed problem sets should be left in the appropriate 511 Box in the lobby of Fernald House. Your TA is not allowed to accept any assignments. Late assignments will be accepted only under truly exceptional circumstances and only with my prior approval.
Thad Mirer, ECONOMIC STATISTICS AND ECONOMETRICS , 3rd Edition, Prentice Hall, 1995. This is the Primary Textbook.
Theodore Anagnosen and Richard DeLeon, STATAQUEST 4 for Windows , Wadsworth Press, 1996. This is a Windows based statistical package we will be using for the course, which includes an instruction manual.
Supplemental Readings will be handed out in class from time to time.
Sept. 6
Mirer, Chapter 1, Introduction (Revise Appendix on Functions and Graphs)
Computer Session - To be Scheduled
Stataquest, Preface and Chapter 1 - Getting Started
Sept.10
Mirer, Chapter 2, Economic Data
Stataquest, Chapter 3, Modifying Your Data, Pages 43 - 53
Stataquest, Chapter 4, Summarizing and Examining Data, Pages 54-60
Stataquest, Chapter 11, Time Series Plots
Sept 13
Stataquest, Chapter 6, Histograms and Normal Quantile Plots, Pages 80-92
Stataquest, Chapter 7, Stem and Leaf and Dot Plots, Pages 96-110
Stataquest, Chapter 8, Box Plots and Box and One Way Plots.
Sept 17-20
Mirer, Chapter 3, Descriptive Statistics.
Stataquest, Chapter 4, Summarizing and Examining Data, Pages 61-65
Stataquest, Chapter 16, Correlation.
Mirer, Chapter 4, Frequency Distributions
FIRST HOUR LONG TEST - SEPT. 25th. It will include material through Sept. 20th.
Sept 24-27
Mirer, Chapter 5, Simple Regression: Theory, Pages 79-100.
Stataquest, Chapter 10, Scatter Plots.
Stataquest, Chapter 17, Simple Regression and Post-Regression Diagnostics, Pages 235-241
Oct 1-4
Mirer, Chapter 6, Simple Regression: Application, Pages 105-126
Mirer, Chapter 7, Multiple Regression: Theory and Application, Pages 132-143
Stataquest, Chapter 18, Multiple Regression, Pages 252-255
Oct 8-11
Mirer, Chapter 7, Multiple Regression, Theory and Application, Page 143-166
October 15
Fall Reading Period
Oct 18
Mirer, Chapter 9, Random Variables and Probability Distributions, 182-201
Oct 22
Mirer, Chapter 10, The Normal and t-Distributions, 209-221
Oct 25
Mirer, Chapter 11, Sampling Theory in Regression, Pages 229-236
Oct. 29
Mirer, Chapter 11, Sampling Theory in Regression, Pages 236-250
SECOND HOUR LONG TEST - October 30th. Material from Sept. 20-Oct. 22nd.
November 1-5
Mirer, Chapter 12, Hypothesis Testing, Pages 256-281
November 8-12
Mirer, Chapter 13, Estimation and Regression Problems, Pages 285-297
November 15
Mirer, Chapter 15, Heteroscedasticity and Autocorrelation, Pages 332-343 (On Autocorrelation)
November 19
Real Data Collection: Sampling Procedures and Policy Evaluation.
November 22
Examples of Econometrics in Development Economics
(Readings will be handed out in class)
November 26
Examples of Econometrics in Development Economics
(Readings Will be handed out in Class)
December 3
Examples of Econometrics in Development Economics
(Readings Will be handed out in Class)