Content, progress and pedagogy of the module

Economists must frequently analyse economic data that are collected and presented at regular intervals (monthly, quarterly, annually).

Academic and professional economists need to understand the strengths and weaknesses of such data and to be able to evaluate research conducted using them. The aim of the module is to teach the students to understand and apply the methods needed to interpret and work with economic time series, and to critically evaluate research that uses such methods.

The module relies on assignments that are structured around the lecture materials and are discussed in class. It is therefore important that the student participate actively during the whole module.  The module also relies on the application of time series models in statistical software using economic and financial data.

Learning objectives

Knowledge

The objective is that the student after the module possesses the necessary knowledge on:

• statistical models, estimating their parameters and testing hypotheses using time series data.
• forecasting the future values of important economic variables.
• different econometric models.
• how to apply several time series models in statistical software and analyse their results, validity and relevance.

Skills

The objective is that the student after the module possesses the necessary skills in:

• analysing time series data and finding important patterns, including the use of relevant software.
• testing economic theories.
• building new theories based on empirical investigation.
• formulating advanced time series models using mathematical and statistical methods, including their applications in statistical software.
• analysing results regarding validity, relevance, and limitations of time series models especially in connection to their application in statistical software.
• retrieving relevant economic data for time series models, including data preparation, analysis and conversions.

Competences

The objective is that the student after the module possesses the necessary competences in:

• reflecting upon the theoretical frame of reference to independently perform and justify the choice of theories and methods to analyse economic time series.
• reading, understanding and critically reviewing an empirical report which uses time series data.
• building time series models that can address issues related to the real world.
• carrying out a comprehensive empirical investigation as economists.
• analysing economic time series using appropriate statistical and econometric techniques and software.

Type of instruction

For information see §17.

Exam

Exams