Econometrics G (6551.7)

This unit introduces econometric models and their application to real-world problems in business, economics, finance, and other fields. Students will explore key topics such as simple and multiple regression models, as well as time series models. We will also address common issues like multicollinearity, heteroskedasticity, serial correlation, and spurious correlation. The focus will be on the practical skills needed to specify, estimate, test, and apply these models using computer software. By the end of the unit, students will be equipped to confidently analyse real-world data and use these models and techniques to make well-informed decisions.
This unit may be co-taught with 6541 Econometrics.

Learning outcomes

On successful completion of this unit, students will be able to:
1. Formulate an appropriate regression model for data analysis;
2. Estimate the parameters of a regression model using a statistical computer package;
3. Test the parameters of a regression model using a statistical computer;
4. Apply and explain a technique for forecasting a variable of interest;
5. Produce and interpret the results of critical analyses in a form which is suitable for publication; and
6. Apply key extensions of the linear regression model to both regression and classification tasks.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - take pride in their professional and personal integrity
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - evaluate and adopt new technology

Prerequisites

6275 Statistical Analysis and Decision Making G OR
6554 Introduction to Statistics G OR
1809 Data Analysis in Science.

Corequisites

None.

Incompatible units

6541 Econometrics

Equivalent units

None.

Assumed knowledge

None.