econ 140 1 - ECONOMICS 140 Professor Enrico Moretti 1/25/10...

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ECONOMICS 140 Professor Enrico Moretti 1/25/10 Lecture 1 ASUC Lecture Notes Online is the only authorized note-taking service at UC Berkeley. Do not share, copy or illegally distribute (electronically or otherwise) these notes. Our student-run program depends on your individual subscription for its continued existence. These notes are copyrighted by the University of California and are for your personal use only. D O N O T C O P Y Sharing or copying these notes is illegal and could end note taking for this course. ANNOUNCEMENTS This class is about statistics and econometrics. The first third of the class will be a quick review of stats. The second and third parts of the class will be about econometrics. LOGISTICS Econometrics is basically taking statistically tools and applying them to economics. It is the art and science of using data to learn something about the real world. Learning econometrics is beneficial in gaining employment later on. A couple months ago we had a representative from Google came to Berkeley and told us that an ideal employee would be one who knows how to work with data. The key at this point is to find someone who can translate data into something that is of use to the firm. This is true throughout the economy, increasingly with the digitalization of data. This is true with traditional firms as well as more modern ones, so one of the goals of the class is to take a real-world data set and analyze it in such a way that will be beneficial to an employer. There will be a constant tension in this class between two goals: be rigorously statistically accurate and to make our results as applicable as possible. Applying theorems is difficult when we are interacting with real data. The first third of the class will give us the grammar – the tools – that we can build on to use later when we encounter real data. Logistics One three-hour lecture and one section each week. While some sections will take place in the computer lab, most will take place in the classroom. This is a class that involves a lot of work. The material is highly cumulative. It is in your advantage to keep up with the readings and material – this is really true for this class. Please try your best to do this! Textbook The textbook is on reserve at the library. I chose it because it has many examples that I find useful. You’re welcome to use additional textbooks – in the syllabus I list several other books you can use. I am 90% certain that the problems from older versions are the same. Grades The grade will be based on a weighted average of your midterm, final, and problem sets. Thirty percent will be the midterm, sixty percent will be final, and ten percent problem set. We will have weekly problem sets. The sets are due at the beginning of lecture each week. There are no late problem sets allowed – no exceptions. The midterm will be March 8 in class, and the final is on May 14. Since I grade on a curve, there will be no make- up exams. For the problem set, please turn in
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econ 140 1 - ECONOMICS 140 Professor Enrico Moretti 1/25/10...

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