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Econ 299 Chapter1a - Econ 299 Quantitative Methods in...

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Econ 299 Quantitative Methods in Economics Statistics and Economics Econometric Tools Basics of Economic Models Lorne Priemaza, M.A. [email protected]
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1. Data Description, Presentation, and Manipulation 1.1 Real and Nominal Variables 1.2 Price Indexes 1.3 Growth Rates and Inflation 1.4 Interest Rates 1.5 Aggregating Data: Stocks and Flows 1.6 Seasonal Adjustment
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Time Series, Cross Sectional & Pooled  Data 1.   Time Series Data -One location’s data across time -Yearly, monthly, quarterly (every three  months), weekly, daily, etc. -ie: Canadian GDP, Enron stock value,  your height, U of A tuition, world pop.
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Alberta’s Tuition – Time Series University Tuit 99/00 Tuit 00/01 Tuit 01/02 Tuit02/03 Alberta 3551.00 3770.00 3890.00 4032.00 British Columbia 2295.00 2295.00 2181.00 2661.00 Calgary 3650.00 3834.00 3975.00 4120.00 Concordia 1668.00 1668.00 1668.00 1668.00 Lethbridge 3360.00 3470.00 3470.00 3470.00 Manitoba 3005.00 2796.00 2807.00 2818.00 McGill 1668.00 1668.00 1668.00 1668.00 Ottawa 3760.00 3892.00 4009.00 4085.00
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Time Series, Cross Sectional & Pooled  Data 2.   Cross-Sectional Data -Multiple Locations at one time -Taken at one specific point in time  (September report, January report, etc.) -ie: stock portfolio, player stats,  provincial GDP comparison, grade  report
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99/00 Tuition – Cross Sectional University Tuit 99/00 Tuit 00/01 Tuit 01/02 Tuit02/03 Alberta 3551.00 3770.00 3890.00 4032.00 British Columbia 2295.00 2295.00 2181.00 2661.00 Calgary 3650.00 3834.00 3975.00 4120.00 Concordia 1668.00 1668.00 1668.00 1668.00 Lethbridge 3360.00 3470.00 3470.00 3470.00 Manitoba 3005.00 2796.00 2807.00 2818.00 McGill 1668.00 1668.00 1668.00 1668.00 Ottawa 3760.00 3892.00 4009.00 4085.00
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Time Series, Cross Sectional & Pooled  Data 3. Pooled Data -Combination of Time Series and Cross- sectional Data -More difficult to use -Often required due to data restrictions
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Pooled Tuition University Tuit 99/00 Tuit 00/01 Tuit 01/02 Tuit02/03 Alberta 3551.00 3770.00 3890.00 4032.00 British Columbia 2295.00 2295.00 2181.00 2661.00 Calgary 3650.00 3834.00 3975.00 4120.00 Concordia 1668.00 1668.00 1668.00 1668.00 Lethbridge 3360.00 3470.00 3470.00 3470.00 Manitoba 3005.00 2796.00 2807.00 2818.00 McGill 1668.00 1668.00 1668.00 1668.00 Ottawa 3760.00 3892.00 4009.00 4085.00
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Time Series, Cross Sectional & Pooled  Data What kind of data is: -Political Party standing 10 days before  an election -MacLean’s University Rankings -Yearly bank account summary -University Transcript
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Why use data? Describe Economy Current and past economic indicators can show the current and past state of the economy, growth, and influence decisions GDP, interest rate, unemployment, per capita income, population, etc. Test Theory Data is needed to test a hypothesis that one aspect of the economy impacts another Smokers reduce the cost to health care Married people are healthier than singles
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1.1 Real and Nominal Variables 1.  Nominal variables Measured using current prices Provides a measure of current value Ie: a movie today costs $10.99
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1.1 Real and Nominal Variables 2.  Real variables Measured using base year prices Provides a measure of quantity  (removing the effects of price change  over time) Ie: a movie today costs $4.03 in 1970  dollars
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A Movie in 1970 In 1970, a movie cost $0.50 BUT $0.50 then was a lot more than $0.50 now.
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