Autocorrelation
Autocorrelation, also known as serial correlation, occurs when the residuals or error terms in a regression model are correlated across time or observations rather than being independent. In applied econometrics, this is particularly important in time series data, ______ __________ ______ ________ __________ _____ ________ ______ ____.
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One way ANOVA and two way ANOVA.
What do you mean by the term 'lags' in the context of economic data? Explain the various methods to estimate the distributed lag models.
Consider the following Keynesian model of income determination
Where,
C= Consumption expenditure
I=Investment expenditure
Y=Income
G=Government expenditure
G₁ and Yt-1 are assumed predetermined
(a) State the reduced form equations and determine which of the preceding equations are identified.
(b) Which method will you use to estimate the parameters of the over identified equation and of the exactly identified equation? Justify your answer.
Statistical function.
Explain with illustrations the various steps involved in econometric methodology. What are the consequences of omitting a relevant explanatory variable in a regression model?
Explain with illustration the computation process of fixed effect estimation method.
What is panel data? Explain the main advantages of panel data over 'pooled data'.