Econometrics

The objective of the course is two-fold: First, enabling students to interpret output tables from econometric analysis in academic research papers and to work with their own datasets. The lessons learned from the econometrics module can be used in subsequent economics courses in the MILE program and by students when working on take-home essays or their specific thesis projects. Second, beyond the confines of the MILE program, students will acquire skills in using the statistical software STATA, which is in high demand among employers both in the private and public sector. These considerations resonate well with the feedback from former MILE cohorts: The students who enrolled in the previous econometrics modules indicated that they see quantitative approaches to international trade as a stepping stone for their thesis projects or potential future employment. Throughout the course, emphasis will be placed on the intuition behind econometric analysis. The main goal will be to communicate to the students the merits of using a certain model as well as the main procedures through which results are obtained. The course comprises eightlectures of 2 hours each (16 hours in total) plus a final examination. The module is structured as follows: The first session will be devoted to the basics of data analysis. Students will learn how to feed data into the statistical software STATA, to calculate descriptive statistics and to plot graphics of interest. Students are required to practice the use of the learned commands and apply them in practical exercises. The introductory lecture will be followed by lectures on the most simple linear regression models and the procedure of statistical inference. Throughout the course, emphasis will be placed on the intuition behind econometric analysis. The course is intensive, and students are required to revise the material at home.

Note: Due to the strong focus on hands-on learning, students must make sure that STATA is properly installed in their laptops before the beginning of Econometrics classes. The software will be provided by the WTI.