Pre-requisite: 64001+51008
Pre-requisite: Recommended:51343
Econometric techniques are being used in an increasing variety of economic applications as the need for empirically assessing economic relationships is becoming fundamental to economic analysis. Knowledge of the qualitative relationships between economic variables is insufficient when the economist is called upon to support explanatory analysis of economic phenomena, and to make predictions for the values of economic variables. Familiarity with, and a practical mastery of, econometric techniques are essential requirements of the professional economist. In this unit, students will learn to apply economic reasoning in the formulation, estimation, interpretation and application of some fundamental econometric modelling techniques. The emphasis in this application will be on exploring empirically economic relationships met throughout other units of study in this course, while an awareness of the limitations of econometric techniques will be stressed.