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Class notes Eco 355 Introduction to Econometrics
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Intro to econometrics (I)
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NATIONAL OPEN UNIVERSITY OF NIGERIAINTRODUCTION TO ECONOMETRICS I
ECO 355
SCHOOL OF ARTS AND SOCIAL SCIENCES
COURSE GUIDE
Course Developer:
Samuel Olumuyiwa Olusanya
Economics Department,
National Open University of Nigeria
And
Adegbola Benjamin Mufutau
Part time Lecturer
Lagos State University,
Lagos State.
1
,CONTENT
Introduction
Course Content
Course Aims
Course Objectives
Working through This Course
Course Materials
Study Units
Textbooks and References
Assignment File
Presentation Schedule
Assessment
Tutor-Marked Assignment (TMAs)
Final Examination and Grading
Course Marking Scheme
Course Overview
How to Get the Most from This Course
Tutors and Tutorials
Summary
Introduction
Welcome to ECO: 355 INTRODUCTION TO ECONOMETRICS I.
ECO 355: Introduction to Econometrics I is a three-credit and one-semester
undergraduate course for Economics student. The course is made up of nineteen units
spread across fifteen lectures weeks. This course guide gives you an insight to
introduction to econometrics and how it is applied in economics. It tells you about the
course materials and how you can work your way through these materials. It suggests
some general guidelines for the amount of time required of you on each unit in order to
achieve the course aims and objectives successfully. Answers to your tutor marked
assignments (TMAs) are therein already.
Course Content
This course is basically an introductory course on Econometrics. The topics covered
include the econometrics analysis, single-equation (regression models), Normal linear
regression model and practical aspects of statistics testing.
Course Aims
The aims of this course is to give you in-depth understanding of the macroeconomics as
regards
Fundamental concept of econometrics
To familiarize students with single-equation of regression model
2
, To stimulate student‘s knowledge on normal linear regression model
To make the students to understand some of the practical aspects of econometrics
test.
To expose the students to rudimentary analysis of simple and multiple regression
analysis.
Course Objectives
To achieve the aims of this course, there are overall objectives which the course is out to
achieve though, there are set out objectives for each unit. The unit objectives are included
at the beginning of a unit; you should read them before you start working through the
unit. You may want to refer to them during your study of the unit to check on your
progress. You should always look at the unit objectives after completing a unit. This is to
assist the students in accomplishing the tasks entailed in this course. In this way, you can
be sure you have done what was required of you by the unit. The objectives serves as
study guides, such that student could know if he is able to grab the knowledge of each
unit through the sets of objectives in each one. At the end of the course period, the
students are expected to be able to:
to understand the basic fundamentals of Econometrics
distinguish between Econometrics and Statistics.
know how the econometrician proceed in the analysis of an economic problem.
know how the econometrician make use of both mathematical and statistical
analysis in solving economic problems.
understand the role of computer in econometrics analysis
identify/explain the types of econometrics analysis.
understand the basic Econometrics models
differentiate between Econometrics theory and methods
know the meaning of Econometrics and why Econometrics is important within
Economics.
know how to use Econometrics for Assessing Economic Model
understand what is Financial Econometrics.
examine the linear regression model
understand the classical linear regression model
be able to differentiate the dependant and independent variables.
prove some of the parameters of ordinary least estimate.
3
, know the alternative expression for ̂
understand the assumptions of classical linear regression model.
know the properties that our estimators should have
know the proofing of the OLS estimators as the best linear unbiased estimators
(BLUE).
examine the Goodness fit
understand and work through the calculation of coefficient of multiple
determination
identify and know how to calculate the probability normality assumption for Ui
understand the normality assumption for Ui
understand why we have to conduct the normality assumption.
identify the properties of OLS estimators under the normality assumption
understand what is probability distribution
understand the meaning of Maximum Likelihood Estimation of two variable
regression Model.
understand the meaning of Hypothesis
know how to calculate hypothesis using confidence interval
analyse and interpret hypothesis result.
understand the meaning of accepting and rejecting an hypothesis
identify a null and alternative hypothesis.
understand the meaning of Level of significance
understand the Choice between confidence-interval and test-of-significance
Approaches to hypothesis testing
understand the meaning of regression analysis and variance
know how to calculate the regression analysis and analysis of variance
Working Through The Course
To successfully complete this course, you are required to read the study units, referenced
books and other materials on the course.
Each unit contains self-assessment exercises called Student Assessment Exercises (SAE).
At some points in the course, you will be required to submit assignments for assessment
purposes. At the end of the course there is a final examination. This course should take
about 15weeks to complete and some components of the course are outlined under the
course material subsection.
4
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