- Analyst: You have a deep understanding of methods and practical use of econometrics.
- Analyst: You have a foundation for further study of more advanced econometric methods.
- Coordinator: You can apply econometric methods to model, estimate and analyse real world economic problems.
- Coordinator: You are able to critically evaluate policy oriented and scientific work using standard econometric tools.
- Communicator: You can answer open exam questions and present results in a clear and structured way.
Introduction to Econometrics is based upon the development of statistical methods for estimating economic relationships, testing economic theories, and evaluating and implementing government and business policies. Econometrics uses statistical tests to tackle various questions, including: How well or badly does the model fit the observed data? Does any other available model fit them any better? In any model, how large is the estimate of the effects of one variable on any other, and how reliable is the estimate?
A common application of econometrics is to the forecasting of macroeconomic variables such as interest rates, inflation rates, and gross domestic product. While forecasts of economic indicators are highly visible and often widely published, econometric methods can also be used to answer specific causal questions, as if in a randomized clinical trial, in the area of education, crime, health, gender, labour, etc.