Students

ECON634 – Econometrics and Business Statistics

2015 – S2 Day

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Senior Lecturer
Shuping Shi
Contact via (02) 9850 8501
E4A 441
TBA
Credit points Credit points
4
Prerequisites Prerequisites
Admission to MCom or MAcc(Prof)MCom or MBioTechMCom or MEc
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description
This unit is designed to bring students with no econometrics background to an intermediate level in econometrics. Starting from first principles, the unit outlines standard econometric methods to the extent necessary for students to understand key concepts, apply basic methods, and interpret empirical research results in economics, finance and business. The unit material also includes elementary discussions of violations of the standard assumptions for a regression model, such as autocorrelation and heteroscedasticity.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • Understand the principles of econometrics
  • Apply basic econometric techniques to applied problems
  • Interpret empirical research results
  • Appreciate the relevance and limitations of the econometric methods they use

Assessment Tasks

Name Weighting Due
Class Test 30% Week 6
Individual Assignment 20% Week 11
Final Exam 50% University Examination Period

Class Test

Due: Week 6
Weighting: 30%

The class test will be held during the lectures in Week 6. The test will cover all material up to and including Week 5. A calculator is needed for the test and attendance is compulsory. If you fail to attend the test you will be awarded a zero mark. There will be no catch-up or supplementary examinations. 

Students who experience serious misadventure and are unable to attend the in class test should apply for "Disruption to Studies' within 5 working days of the test (see http://www.mq.edu.au/policy/docs/disruption_studies/policy.html). If the application is successful, a supplementary assessment will be given (this could include an oral task) and the date of the assessment will be designated by the unit convenor.


On successful completion you will be able to:
  • Understand the principles of econometrics
  • Apply basic econometric techniques to applied problems

Individual Assignment

Due: Week 11
Weighting: 20%

The assignment is due at 4pm on Friday of Week 11. Extensions are only granted for cases in which an application for special consideration is made and approved. If no arrangement is in place, assignments will be penalised at a rate of 20% per day or part thereof that the assignment is late. For example, if an assignment is late by less than 24 hours, 20% of the final mark will be deducted as penalty; if an assignment is late by more than 24 hours but less than 48 hours, 40% of the final mark will be deducted as penalty. Students are strongly recommended to keep a photocopy of their assignment to ensure against loss. In early Week 11, assignment boxes designated ECON634 will be prepared in the Business and Economic Graduate Centre (E4A, Level 2) where students can submit their assignments. In addition, students must also submit an electronic copy through iLearn.

There are no set minimum or maximum lengths for the assignment. However, assignments should be complete and concise.


On successful completion you will be able to:
  • Understand the principles of econometrics
  • Apply basic econometric techniques to applied problems
  • Interpret empirical research results

Final Exam

Due: University Examination Period
Weighting: 50%

A two-hour examination will be held in the final examination period. It will contribute 50% of your final raw score. The final examination will be based on all the work covered throughout the duration of the semester. The exam will include a mixture of theoretical and numerical questions. Students will be provided with further details regarding the exam as it approaches. Computer outputs and statistical tables are provided. Non-programmable calculators without alphabetic storage capability and an A4 page with hand-written or type-in notes are allowed into the examination room.

The time and venue of the exam will be organised and announced in due time by the University. You are expected to present yourself for examination at the time and place designated in the University Examination Timetable. The timetable will be available in Draft form approximately eight weeks before the commencement of the examinations and in Final form approximately four weeks before the commencement of the examinations. http:// exams.mq.edu.au/.

Students who do not sit for the final exam will be awarded a grade of FA (failed absent). The only exception to not sitting an examination at the designated time is because of documented illness or unavoidable disruption. In these circumstances you may wish to consider applying for 'Disruption to Studies'. The University’s policy on 'Disruption to Studies' process is available at http://www.mq.edu.au/policy/docs/disruption_studies/policy.html. If a Supplementary Examination is granted as a result of the 'Disruption to Studies' process the examination will be scheduled after the conclusion of the official examination period.


On successful completion you will be able to:
  • Understand the principles of econometrics
  • Apply basic econometric techniques to applied problems
  • Interpret empirical research results
  • Appreciate the relevance and limitations of the econometric methods they use

Delivery and Resources

This unit is taught as a traditional lecture course. The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/. Lectures are intended to provide an overview of statistical and econometrics techniques that are critical to the core themes of the unit. Students are expected to read the relevant material before each lecture. ECON634 relies heavily on independent learning where students read the relevant chapter, revise the lecture notes, prepare answers to the pre-set exercise questions and extend themselves by doing additional reading, questions, exercises and problems.    

Useful references include

  1. Stock, J. H. and Watson, M. W. (2008) Introduction to Econometrics, Brief Edition, Pearson Addison Wesley
  2. Hill, C. H., Griffiths, W. E. and Lim, G. C. (2011) Principles of Econometrics (4th ed.) Wiley.

Material such as lecture slides and exercise questions will be available on the unit home page. The lecture notes, together with the lectures and additional references will provide students with a clear indication of the basic content of the unit. Students are required to use a computer to access the course website and carry out certain tasks of the course, such as exercises and assignments. 

 

Unit Schedule

The list below is a proposed study plan, but this may be modified as we progress through the semester to allow us to take more or less time with different sections of the course as required.

Week No.

 

Theme/Topic

Summary of Activities

Assessment

1

Introduction & Descriptive Statistics

Lecture

 

2

Probability, and Random Variables

Lecture

 

3

Some Important Probability Distributions

Lecture

 

4

Sampling Distributions and Central Limit Theorem

Lecture

 

5

 Point Estimation and Interval Estimation

Lecture

 

6

In Class Test 

Lecture

In Class Test

7

Hypothesis Testing

Lecture

 

Teaching Break

8

Hypothesis Testing

Lecture

 

9

Regression Analysis

Lecture

 

10

Regression Analysis

Lecture

 

11

Regression Model Diagnostics

Lecture

Assignment  due

12

Regression Model Diagnostics

Lecture

 

13

Revision

Lecture

 

Examination period

 

 

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:

Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html

Assessment Policy  http://mq.edu.au/policy/docs/assessment/policy.html

Grading Policy http://mq.edu.au/policy/docs/grading/policy.html

Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html

Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html

Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.

In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/

Results

Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

Learning Skills

Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.

Student Services and Support

Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.

Student Enquiries

For all student enquiries, visit Student Connect at ask.mq.edu.au

IT Help

For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/

When using the University's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students.

Graduate Capabilities

Discipline Specific Knowledge and Skills

Our graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.

This graduate capability is supported by:

Learning outcomes

  • Understand the principles of econometrics
  • Apply basic econometric techniques to applied problems
  • Interpret empirical research results
  • Appreciate the relevance and limitations of the econometric methods they use

Assessment tasks

  • Class Test
  • Individual Assignment
  • Final Exam

Critical, Analytical and Integrative Thinking

We want our graduates to be capable of reasoning, questioning and analysing, and to integrate and synthesise learning and knowledge from a range of sources and environments; to be able to critique constraints, assumptions and limitations; to be able to think independently and systemically in relation to scholarly activity, in the workplace, and in the world. We want them to have a level of scientific and information technology literacy.

This graduate capability is supported by:

Learning outcomes

  • Apply basic econometric techniques to applied problems
  • Appreciate the relevance and limitations of the econometric methods they use

Assessment tasks

  • Class Test
  • Final Exam

Problem Solving and Research Capability

Our graduates should be capable of researching; of analysing, and interpreting and assessing data and information in various forms; of drawing connections across fields of knowledge; and they should be able to relate their knowledge to complex situations at work or in the world, in order to diagnose and solve problems. We want them to have the confidence to take the initiative in doing so, within an awareness of their own limitations.

This graduate capability is supported by:

Learning outcomes

  • Apply basic econometric techniques to applied problems
  • Appreciate the relevance and limitations of the econometric methods they use

Assessment task

  • Individual Assignment

Effective Communication

We want to develop in our students the ability to communicate and convey their views in forms effective with different audiences. We want our graduates to take with them the capability to read, listen, question, gather and evaluate information resources in a variety of formats, assess, write clearly, speak effectively, and to use visual communication and communication technologies as appropriate.

This graduate capability is supported by:

Learning outcomes

  • Understand the principles of econometrics
  • Interpret empirical research results

Assessment tasks

  • Class Test
  • Individual Assignment
  • Final Exam