Econometrics
About Econometrics
By using statistical techniques on economic data, econometrics aims to provide economic connections with an empirical foundation. This quantifies economic phenomena using statistical inference, algebra, and economic theory. In other words, it transforms theoretical economic models into practical instruments for determining economic policy.
Why is Econometrics important?
Economists can translate economic ideas into quantitative indicators using econometrics. Econometrics is essential for identifying patterns in different datasets. Economists can also predict upcoming monetary or economic trends based on current tendencies. Additionally, it aids in extracting a certain pattern or outcome from jumbled data.
Who should take the Econometrics Exam?
- Research Consultant
- A principal or Managing Economist
- Economist
- Those who are studying Econometrics at university or college and would like some assistance understanding it.
Econometrics Certification Course Outline
- Simple Linear Regression
- Intuition of Hypothesis Testing & OLS Formula
- Estimator Bias
- Causes of Bias
- Estimator Variance
- OLS Decomposition Derivation
- OLS Estimators are Unbiased
- Gauss Markov Theorem & Assumptions
- OLS Estimator Variance
- Matrix Notation
- Gauss-Markov Assumptions
- OLS is Unbiased
- OLS Estimator Variance
- The intuition of the Two Methods for Hypothesis Testing
- Notation
- RSS Method
- Wald Method
- Single Linear Restriction
- Variable Misspecification Introduction
- Variable Misspecification Matrix Notation
- Variable Misspecification: Exclusion of a Relevant Variable
- Variable Misspecifcation: Inclusion of an Irrelevant Variable
- Multicollinearity
- Heteroskedasticity