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Econometrics || A+ Graded Already.
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Causal Effect correct answers A ceteris paribus change in one variable that has an effect on another variable Ceteris Paribus correct answers all other relevant factors are held fixed Cross-sectional Data Set correct answers A data set collected by a sampling population at a given point in ti...

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  • September 10, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
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  • causal effect

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Econometrics || A+ Graded Already.
Causal Effect correct answers A ceteris paribus change in one variable that has an effect on
another variable

Ceteris Paribus correct answers all other relevant factors are held fixed

Cross-sectional Data Set correct answers A data set collected by a sampling population at a given
point in time

Data Frequency correct answers The frequency at which time series data are collected. Yearly,
quarterly, and monthly are the most common data frequencies

Econometric Model correct answers An equation relating the dependent variable to a set of
explanatory variables and unobserved disturbances, where unknown population parameters
determine the ceteris paribus effect of each explanatory variable

Empirical Analysis correct answers A study that uses data in a formal econometric analysis to
test a theory, estimate a relationship, or determine the effectiveness of a policy.

Experimental Data correct answers Data that have been obtained by running a control group

Nonexperimental Data correct answers Data that have not been obtained through a controlled
experiment.

Observational Data correct answers See Nonexperimental Data

Panel Data correct answers A data set constructed frm repeated cross sections over time. With a
balanced panel, the same unit appear in each time period. With an unbalanced panel, some units
do not appear in each time period, often due to attrition.

Pooled Cross Section correct answers A data configuration where independent cross sections,
usually collected at different points in time, are combined to produce a single data set.

Random Sampling correct answers A sampling scheme whereby each observation is drawn at
random from the population. In particular, no unit is more likely to be selected than any other
unit, and each draw is independent of all other draws.

Retrospective Data correct answers Data collected based on past, rather than current,
information.

Time Series Data correct answers Data collected over time on one or more variables.

Coefficient of Determination correct answers See R-sqaured

, Constant Elasticity model correct answers A model where the elasticity of the dependent
variable, with respect to an explanatory variable, is constant; in multiple regression, both
variables appear in logarithmic form.

Control Variable correct answers See explanatory variables

Covariate correct answers See explanatory variable

Degrees of Freedom (df) correct answers In multiple regression analysis, the number of
observations minus the number of estimated parameters.

Dependent Variable correct answers The variable to be explained a multiple regression model

Elasticity correct answers The percentage change in one variable given a 1% ceteris paribus
increase in another variable.

Error Term (Disturbance) correct answers The variable in a simple or multiple regression
equation that contains unobserved factors which affect the dependent variables. The error term
may also include measurement errors in the observed dependent or independent variables.

Error Variance correct answers The variance of the error term in a multiple regression model.

Explained Sum of Squares (SSE) correct answers The total sample variation of the fitted values
in a simple or multiple regression model.

Explained Variable correct answers See dependent variable

Explanatory Variable (Independent Variable) correct answers In regression analysis, a variable
that is used to explain variation in the dependent variable

First Order Conditions correct answers The set of linear equations used to solve for the OLS
estimates.

Fitted Value correct answers The estimated values of the dependent variable when the values of
the independent variables for each observation are plugged into the OLS regression line

Gauss-Markv Assumptions correct answers The set of assumptions under which OLS is BLUE

Heteroskedasticity correct answers The variance of the error term, given the explanatory
variables, is not constant.

Homoskedasticity correct answers The errors in a regression model have constant variance
conditional on the explanatory variables.

Independent Variable correct answers See explanatory variable

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