Units
Introductory Econometrics
Unit code: EFB333
Credit points: 12
Information about fees and unit costs
Economics and finance graduates require some knowledge of econometrics to assist them in the application and testing of behavioural models and to provide quantitative forecasts for informed decision making. This unit aims to provide an introduction to a range of econometric techniques appropriate for students studying economics and finance. The unit will provide an understanding of some core underlying theoretical issues essential for competent econometric modelling and then introduce students to a set of techniques tailored specifically to the needs of economics and finance students.
Availability
| Semester | Available |
|---|---|
| 2013 Semester 1 | Yes |
Sample subject outline - Semester 1 2013
Note: Subject outlines often change before the semester begins. Below is a sample outline.
Rationale
This unit introduces and applies common econometric methods that business, economics and finance graduates will encounter in practice. You are exposed to these models in context, applying knowledge of the unit material to problems in macro- and microeconomics and finance. You will also gain an appreciation of many of the theoretical results underpinning these models to aid you in their application.
Aims
The aim of this unit is to expose you to a number of econometric modelling techniques essential for research in economics and finance, and for use in their future employment.
Objectives
Course Learning Goals (Undergraduate)
The QUT Business School has established the Assurance of Learning (AOL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:
Have knowledge and skills pertinent to a particular discipline (KS)
1.1 Integrate and apply disciplinary theory and skills to practical situations
1.2 Incorporate the use of technology appropriate to the discipline and context
Be critical thinkers and effective problem solvers (CTA)
2.1 Identify, research and critically analyse information relevant to a business problem or issue, be able to synthesise that information in order to evaluate potential solutions, make recommendations or otherwise effectively address the problem or issue
Be professional communicators in an intercultural context (PC)
3.1 Communicate effectively through written tasks appropriate to varied contexts and audiences
3.2 Communicate effectively through professional oral presentations appropriate to varied contexts and audiences
Be able to work effectively in a Team Environment (TW)
4.1 Demonstrate effective team skills in order to contribute appropriately to the production of a group output
Have a Social and Ethical Understanding (SEU)
5.1 Apply ethical reasoning, standards or codes of practice relevant to the discipline and make decisions that are informed by social and cultural understanding
Unit Objectives
Upon completion of this unit, you will be able to:
1. Evaluate the theoretical principles and practical issues of econometric modelling.
2. Apply econometric theory to examples in economics and finance using EViews.
3. Critically analyse and interpret problems in economics and finance from an econometrician's perspective.
The specific course learning goals that apply to this unit are shown in the assessment section of this unit outline.
Content
The major content areas may be described as follows:
Approaches to Teaching and Learning
This unit has formal class contact time of approximately three hours (lecture two hours, practical one hour). Furthermore, you should expect to devote, on average, nine further hours per week on self-study and assignments. The nine non-formal hours should be seen as a guide only, and not to be regarded as a restriction on the hours devoted to the unit.
Resources such as lecture slides, supplementary notes and questions, data sets and solutions are provided on the unit's Blackboard site. You will need your student number and password.
You are expected to read the relevant material (textbook and notes) and to review the lecture slides prior to attending the lecture. A weekly reading and exercise guide can be found on the Blackboard site. The reading guide indicates the material you should concentrate on; which material should be read lightly and which material should be studied in depth. Also included on the Blackboard site are a number of theory-based questions and practical exercises. These form an important part of the work in this unit and are a good indicator of possible examination questions. You should prepare answers to these questions prior to attending lectures. Historically, students who do not keep up with weekly work have a very poor success rate.
Application of econometric techniques forms a major component of this unit. The hour-long practicals are conducted in computer labs. You will apply the econometric techniques discussed in lectures to economics or finance data sets depending upon your chosen major. Students who wish to gain the best understanding of the unit will do both.
Although solutions to the theory-based questions will be discussed in the lecture, it is imperative that students answer these questions prior to attending the lecture, so that optimal use can be made of the time allocated to applied problems and to discuss further issues.
Assessment
Students will receive feedback in various forms throughout the semester which may include:
Assessment name:
Mid-Semester Examination
Description:
The mid-semester exam is compulsory and closed book and will consist of a number of multiple choice questions. There will be theory-based questions and applied questions. The applied questions may require students to interpret EViews output.
Length/Duration: 1 hour
Formative or Summative:Formative and Summative
Relates to objectives:
Unit objectives: 1, 2, 3 and AOL goals: KS (1.2)
Weight:
30%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Week 7
Assessment name:
End of Semester Examination
Description:
The final exam is closed book and will consist of a number of short-answer questions. There will be theory-based questions and applied questions. The applied questions may require students to interpret EViews output. To successfully complete the exam, you must demonstrate your depth of understanding of econometric theory and how it is applied through various models.
Length/Duration: 2 hours working plus 10 minutes perusal
Formative or Summative: Summative
Relates to objectives:
Unit objectives: 1, 2, 3 and AOL goals: KS (1.2)
Weight:
50%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Central Period
Assessment name:
EViews Assignment
Description:
A data-based assignment will be set that requires the use of the econometrics package EViews.
Length/Duration: Students will be advised of duration.
Formative or Summative: Formative and Summative
Relates to objectives:
Unit objectives: 1, 2, 3 and AOL goals: KS (1.2)
Weight:
20%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Week 9
Academic Honesty
QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.
A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.
Resource materials
Prescribed Text
Dougherty, C. (2011). Introduction to Econometrics 3rd or 4th edition. Oxford University Press.
Suggested Supplementary Textbook (Optional)
Brooks, C. (2008). Introductory Econometrics for Finance 2nd edition. Cambridge University Press.
Other Resources
Additional resources including lecture slides, supplementary notes and tutorial questions, data sets and solutions can be found at the unit's Blackboard site: https://blackboard.qut.edu.au
There are several other suitable texts that you may wish to use. Two are listed below:
Risk assessment statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.
Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.
Last modified: 04-Feb-2013
