EC3301 Econometrics

Academic year

2024 to 2025 Semester 1

Further information on which modules are specific to your programme.

Key module information

SCOTCAT credits

20

The Scottish Credit Accumulation and Transfer (SCOTCAT) system allows credits gained in Scotland to be transferred between institutions. The number of credits associated with a module gives an indication of the amount of learning effort required by the learner. European Credit Transfer System (ECTS) credits are half the value of SCOTCAT credits.

SCQF level

SCQF level 9

The Scottish Credit and Qualifications Framework (SCQF) provides an indication of the complexity of award qualifications and associated learning and operates on an ascending numeric scale from Levels 1-12 with SCQF Level 10 equating to a Scottish undergraduate Honours degree.

Planned timetable

When confirmed, check online https://timetables.st-andrews.ac.uk/.

This information is given as indicative. Timetable may change at short notice depending on room availability.

Module coordinator

Dr P D Macmillan

This information is given as indicative. Staff involved in a module may change at short notice depending on availability and circumstances.

Module Staff

Peter Macmillan

This information is given as indicative. Staff involved in a module may change at short notice depending on availability and circumstances.

Module description

The module develops student understanding of the classical linear econometric model (ordinary least squares). This will cover a range of topics including: estimation and inference in multivariate regression models; the use of limited dependent variables; large sample properties of OLS estimators; multicollinearity and heteroskedasticity. Student understanding of key econometric concepts and their application to economics will be developed, allowing them to estimate, interpret, test and critically evaluate economic relationships. The module will develop students applied skills through the use of appropriate econometric software.

Relationship to other modules

Pre-requisites

PERMISSION OF THE ECONOMICS HONOURS ADVISER

Assessment pattern

Two class tests 50% (25%) each. One 1500 word written project (50%)

Re-assessment

2-hour Written Examination = 100%

Learning and teaching methods and delivery

Weekly contact

1hr x 20 lectures, 1hr x 4 tutorials, 2hr x 5 laboratories

Scheduled learning hours

34

The number of compulsory student:staff contact hours over the period of the module.

Guided independent study hours

166

The number of hours that students are expected to invest in independent study over the period of the module.

Intended learning outcomes

  • Derive OLS estimates and to apply the technique to real world data.
  • Evaluate and interpret the results generated under OLS
  • Understand the importance of the assumptions made under OLS and the impact of the violation of these assumptions.
  • Understand how the OLS technique may be modified and extended when the assumptions underlying OLS are violated.
  • To make use of a relevant econometrics software package to test, interpret and evaluate the models developed in lectures.