FACULTY OF ARTS AND SCIENCES

Department of Mathematics

ECON 324 | Course Introduction and Application Information

Course Name
Applied Econometrics
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
ECON 324
Fall/Spring
3
0
3
5

Prerequisites
  ECON 301 To succeed (To get a grade of at least DD)
Course Language
English
Course Type
Elective
Course Level
First Cycle
Mode of Delivery -
Teaching Methods and Techniques of the Course -
Course Coordinator
Course Lecturer(s)
Assistant(s)
Course Objectives The main objective of the course is to teach students advanced econometric methods building on their knowledge of the classical regression model and its violations learned in ECON 301. Each student is required to prepare a project to show their skills developed in this course.
Learning Outcomes The students who succeeded in this course;
  • Will be able to select and apply appropriate statistical models pertaining to various subject areas in economics.
  • Will be able to estimate nonlinear models.
  • Will be able to analyse models with a dichotomy variable as dependent variable, specifically, the LPM, Logit, and Probit models.
  • Will be able to use simultaneous equation models; the indirect and two step least squares methods; dynamic models with time delayed explanatory variables; and Granger causality test.
  • Will be able to explain basic theories of stationary and nonstationary models such as the ARMA and the ARIMA models.
  • Will be able to use models for panel data.
Course Description The course will teach advanced techniques that are required for empirical work in economics. Emphasis will be on the use and interpretation of single equation and system estimation techniques rather than on their derivation. The purpose of the course is to help students understand how to interpret economic data and conduct empirical tests of economic theories. It will focus on issues that arise in using such data, and the methodology for solving these problems. Specific topics include limited dependent variables, simultaneous equations, time series models, nonstationarity and cointegration and panel data analysis. The regression package EVIEWS will be used for empirical work. 

 



Course Category

Core Courses
Major Area Courses
Supportive Courses
X
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 Introduction
2 Time Series Models Using Econometrics: A Practical Guide Chapter 12
3 Time Series Models – cont’d. Using Econometrics: A Practical Guide Chapter 12
4 Nonstationary Data Using Econometrics: A Practical Guide Chapter 12
5 Dummy Dependent Variable Techniques Using Econometrics: A Practical Guide Chapter 13
6 Dummy Dependent Variable Techniques – cont’d Using Econometrics: A Practical Guide Chapter 13
7 Midterm Exam
8 Simultaneous Equations Using Econometrics: A Practical Guide Chapter 14
9 Simultaneous Equations – cont’d Using Econometrics: A Practical Guide Chapter 14
10 Forecasting Using Econometrics: A Practical Guide Chapter 15
11 Forecasting – cont’d Using Econometrics: A Practical Guide Chapter 15
12 ARIMA Models Using Econometrics: A Practical Guide Chapter 15
13 Analysis of Panel Data
14 Analysis of Panel Data
15 Review of the semester
16 Review of the semester

 

Course Notes/Textbooks A. H. Studenmund, Using Econometrics: A Practical Guide (Fifth Edition)
Suggested Readings/Materials

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Portfolio
Homework / Assignments
Presentation / Jury
Project
2
40
Seminar / Workshop
Oral Exams
Midterm
1
30
Final Exam
1
30
Total

Weighting of Semester Activities on the Final Grade
3
70
Weighting of End-of-Semester Activities on the Final Grade
1
30
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: '.16.' x total hours)
16
0
Study Hours Out of Class
16
2
32
Field Work
0
Quizzes / Studio Critiques
0
Portfolio
0
Homework / Assignments
0
Presentation / Jury
0
Project
2
15
30
Seminar / Workshop
0
Oral Exam
0
Midterms
1
20
20
Final Exam
1
20
20
    Total
150

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To be able to have a grasp of basic mathematics, applied mathematics or theories and applications of statistics.

2

To be able to use advanced theoretical and applied knowledge, interpret and evaluate data, define and analyze problems, develop solutions based on research and proofs by using acquired advanced knowledge and skills within the fields of mathematics or statistics.

3

To be able to apply mathematics or statistics in real life phenomena with interdisciplinary approach and discover their potentials.

X
4

To be able to evaluate the knowledge and skills acquired at an advanced level in the field with a critical approach and develop positive attitude towards lifelong learning.

5

To be able to share the ideas and solution proposals to problems on issues in the field with professionals, non-professionals.

6

To be able to take responsibility both as a team member or individual in order to solve unexpected complex problems faced within the implementations in the field, planning and managing activities towards the development of subordinates in the framework of a project.

7

To be able to use informatics and communication technologies with at least a minimum level of European Computer Driving License Advanced Level software knowledge.

8

To be able to act in accordance with social, scientific, cultural and ethical values on the stages of gathering, implementation and release of the results of data related to the field.

9

To be able to possess sufficient consciousness about the issues of universality of social rights, social justice, quality, cultural values and also environmental protection, worker's health and security.

X
10

To be able to connect concrete events and transfer solutions, collect data, analyze and interpret results using scientific methods and having a way of abstract thinking.

11

To be able to collect data in the areas of Mathematics or Statistics and communicate with colleagues in a foreign language.

12

To be able to speak a second foreign language at a medium level of fluency efficiently.

13

To be able to relate the knowledge accumulated throughout the human history to their field of expertise.

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest

 


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