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B. Stat. – 404 |
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| Aims and Objectives the Course | ||||||||||||||||||
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The objectives of the course are to acquaint the students with the economic statistics that are commonly used by the policymakers in the formulation and implementation of national economic policy and the method of computation of such statistics. This course will also enable the students to have in-depth knowledge of econometric method applied to analysis of interrelationship among various macroeconomic aggregates as well as microeconomic variables. This course, together with other courses will help prepare the students to appear in actuarial professional examinations in the relevant course paper.
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| Learning Outcomes | ||||||||||||||||||
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On completion of the course, the students will be able to
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Interpret commonly used economic statistics and gain knowledge of the computation of such statistics
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set up technical and behavioral equations interrelating among economic and financial variable
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estimate parameters of econometric models and interpret the results of the models
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understand the problems of using time series data in developing econometric model and estimation thereof
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use the skill and knowledge to overcome the problems of handling time series data
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have a grasp of econometric theory and applied econometrics and will also enable the students to appear in professional actuarial examination in relevant course paper.
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Course Contents
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Fundamental: Basic Concept, Difference between Economic Statistics and Econometrics, with their Goals, Importants and Uses. Difference between Statistical and Econometrical Models and their implications.
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Income Distribution and Inequality: Pareto law, Log-normal distribution, empirical analysis of income distribution, measures of income inequality
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Family Budget Analysis: Methods of family budget survey, limitations of family budget survey, Engel curve, household consumption, Cobb-Web Model.
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Simultaneous equation model: Basic Concept, Properties, Detection of Identification Problem and Estimation through ILS, IV, 2SLS, 3SLS, LIML, FIML and SURE with their properties, Tests for significance of the model and model parameters of the above models
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| Main Books Recommended: | ||||||||||||||||||
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1)
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Ashley, Richard A. (2012). Fundamentals of Applied Econometrics, John Willy and Sons, Inc [Basu, Matyas] | |||||||||||||||||
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2)
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Gujrati, Damodhar (2015). Econometrics by Example, PELGRAVE | |||||||||||||||||
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3)
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Johnston, J. (1997). Econometric Methods, 4th ed. McGrew-Hill, N.Y | |||||||||||||||||
| References: | ||||||||||||||||||
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4)
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Brooks Chris: (2014) Introductory Econometrics for Finance, 3rd ed., Cambridge University Press | |||||||||||||||||
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5)
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Intrilligator, M.D. (1978) Econometric Models: Techniques and Applications, PrenticeHall, N.Y. | |||||||||||||||||