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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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.
What is panel data? Explain the main advantages of panel data over 'pooled data'.
Logit Model and probit model.
Autocorrelation
Distinguish between ordinary least square method and indirect least square method of estimation. Specify the conditions under which indirect least method is applied.
Explain with illustration the computation process of fixed effect estimation method.
Heteroscedasticity and homoscedasticity.