Prof. Vesna Bucevska,PhD
Course objectives (competences):
After completing the course and passing this course, students should be able to:
• Know the issues arising from formulation, evaluation and use of econometric models;
• Construct a data set, formulate an econometric model and estimate the parameters of that model and submit the model to verification testing;
· Interpret the results in an economic framework;
· Use the estimated model to test the economic theory underlying the model and
· Forecast future economic activity on the basis of estimated quantitative relationship.
The course Econometrics teaches quantitative dependencies of variables in a given economic relationship, examines the validity of economic theory settings and predicts the movement of economic quantities on the basis of established quantitative relationships. The course focuses on developing methods and quantitative tools needed to properly understand and use regression analysis with least squares, as it is applied in many subjects involving economic and business modeling and hypothesis testing. Emphasis will be put on developing intuitive understanding by working on examples and solving specific problems based on real data in a computer lab using the econometric software package EV iews.