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Graduate Applied Econometrics Robert Pollin and Michael Ash Econ 753 - Fall 2003 Monday-Wednesday 2:05-3:30 Location

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Good econometrics ● Interesting economic questions ● Causality and modeling ● Data ● Estimation ● Presentation of economic and econometric results

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Interesting economic questions ● Good econometrics serves good economics – Not vice versa ● Interpret the world ● Analyze differences within systems ● Evaluate policy ● Compare systems ● Criticize econometric findings

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Causality and modeling ● Identification beyond correlation – Source of variation – Counterfactual ● Critiques of causal claims – Selection – Reverse causality – Endogeneity ● Models, simple and less simple – Nonlinearity, categories, heterogeneity

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Data ● Organization – Unit of observation ● Sources – Quality problems underappreciated ● Input and management

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Estimation ● Focus of most econometrics and statistics classes ● Confronting violated assumptions ● Standard errors and how to use them ● OLS and related methods (AR, panel) ● Dichotomous models (LPM, probit, logit) ● New methods

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Presentation of economic and econometric results ● Econometrics is worthless without presentation ● Use effective tables and graphs ● Learn to write about econometric results – Sign, significance, and size – Useful elasticities – Teach the reader to read your tables

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