This is a year three module. It is taught intensively by Birmingham professors over eight weeks. There is continuous assessment and a final examination.
The course emphasizes the techniques for fundamentally empirical research, interpretation of quantitative results and model evaluations in finance and economics. It emphasizes the understanding of quantitative methods, model evaluations, and the techniques for empirical studies in economics and business.
The module starts with an introduction to general economic concepts, then it will cover the basics and extension of ordinary least square methods, heteroskedasticity, autocorrelation, multicollinearity, model specifications, and time series analysis. Furthermore, students will gain hands-on experience formulating and estimating models, interpreting results, and making forecasts using SAS. A tentative class schedule can be found on the last page of the syllabus.
By the end of the module students should be able to:
- demonstrate their knowledge of statistical methods, as well as an understanding of the nature of statistical inferential procedures involved in analyzing real-world data;
- formulate models to solve some empirical economic problems;
- apply appropriate statistical methods and techniques to understand relationships among variables;
- identify and interpret the numeric outcomes;
- evaluate differences in types of models, and demonstrate an understanding of the power and limitations of applied statistical analysis;
- gain hands-on experience in using statistical computing program;
- perform and present research by using relevant data and statistical tools