This module begins with a brief review of the mathematical and statistical prerequisites needed for econometrics illustrated using ordinary least squares methods in the classical linear regression model. It then proceeds to cover the use of asymptotic methods in econometrics, classical hypothesis tests, generalized least squares, instrumental variables and the generalized method of moments, and maximum likelihood.
Upon successful completion of this module students will possess a thorough understanding of the principles of estimation and inference in econometrics. In addition, students should be able to justify, or criticise where appropriate, the use of particular econometric methods of estimation and inference in a variety of situations. In completing the problem-sets, students will demonstrate their problem-solving, analytical, and deductive skills.
Employability skills include: Academic skills: Literacy, numeracy, problem-solving and ICT skills; Professional working skills: adaptability, flexibility, decision-making; External awareness: economic and business environment and policy; Personal development planning: Time management, self management, reflection and evaluation.