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Foundation of Econometrics
The purpose of this course is to provide students with an introduction to statistics and econometrics, to successfully study a complete course in econometrics. In addition, the course is designed to enable students to analyse the classical linear regression model, its statistical foundations, and its various estimation techniques.
This module can be taken as part of a PG Certificate, PG Diploma or Full Masters Program.
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- 20 Credits
- 200 hours of study
- 25 contact hours
- 175 hours for private study
Faculty
Structure
Structure
Foundation of Econometrics is a core 20 credit course and therefore students are expected to input approximately 200 hours of study into the course.
The total number of contact hours is 25 hours. This leaves 175 hours for private study.
This module will be assessed through coursework and examinations.
Lectures
This module consists of 4 - hour lectures per day for 5 days, plus a 1 - hour tutorial per day.
There will be optional clinics on the last day of the course.
The dates of each lecture are confirmed closer to the start of each term. If you have any questions about dates, please contact edu@timberlake.co.uk.
Module Programme
Foundations of statistics
- Descriptive statistics
- Testing: basic notions, examples
- Estimation: definition of estimators
- Properties of estimators: finite and large sample properties.
The maximum likelihood estimator and OLS estimation
- The maximum likelihood estimator (MLE): definition and properties
- The MLE: discussion
- The simple linear regression model: OLS estimation
- Assumptions for the linear regression model
- The properties of OLS.
The multiple linear regression model – part 1
- Definition of the multiple linear regression model
- The ceteris paribus interpretation
- Deriving the ordinary least squares (OLS) estimates in a multivariate context
- Goodness-of-fit and information criteria Illustration through worked examples
The multiple linear regression model and misspecification analysis – part 1
- Testing Hypotheses about a Single Population Parameter: The t Test
- Testing Hypotheses about a Single Linear Combination of the Parameters
- Testing Multiple Linear Restrictions: The F Test
- Heteroskedasticity: Evaluating the implication for the OLS estimator ofheteroscedasticity, testing, robust standard errors, the GLS estimator
The multiple linear regression model and misspecification analysis – part 2
- Serial correlation: Evaluating the implication for the OLS estimator of serial correlation,testing, dynamic models
- Normality: Evaluating the implication for the OLS estimator of lack ofnormality,testing,removing outliers
- Linearity of the functional form: the RESET test
- Logarithmic functional forms, models with quadratics and with interactions
Prerequisites
English Language Requirements
Both Programmes are open to applicants anywhere in the world. We may ask applicants to provide a recognised English language qualification, dependent upon their nationality and where they have studied/worked previously.
The requirement is an IELTS (Academic) Test with an overall score of at least 6.5, and a minimum of 6.0 in each element of the test. We will also consider other English language qualifications. If their score is below our requirements, they may be eligible for one of Lancaster University's pre-sessional English language programmes.
Academic Requirements
Applicants to the Postgraduate Certificate of Achievement, Postgraduate Certificate, Postgraduate Diploma or full MSc in either programme require either an upper second-class degree in economics, econometrics or related subjects.
Module Requirements
'Module Requirements' - for some modules they must have first completed other modules, for example for this course students must first complete 'Foundations of Econometrics"
Learning Outcomes
- Basic statistics and its application to econometrics
- Process of quantitative research enquiry, including formulation of research questions,identification of relevant methodological framework for investigating empirical problemsand analysis of the empirical results by verbal, graphical, and econometric means.
- Engage in abstract thinking by extracting the essential features of complex systems to facilitateproblem solving and decision-making
- Communicate and present complex arguments in oral and written form with clarity andsuccinctness
- Present, interpret and analyse information in numerical form
- Utilise effectively statistical and other packages
- Apply basic statistical techniques to analyse economic and financial datasets
- Work effectively both individually and within a team environment
Frequently Asked Questions
I am very pleased with the MSc programme. As I had already taken some Timberlake courses, I knew what to expect with regard to the quality of teaching and I was not disappointed. I am so satisfied with the lecturers. It is a privilege to attend their lectures and take advantage of their expertise. Apart from that, they are always ready and willing to clarify doubts.
I am very pleased with the MSc programme. As I had already taken some Timberlake courses, I knew what to expect with regard to the quality of teaching and I was not disappointed. I am so satisfied with the lecturers. It is a privilege to attend their lectures and take advantage of their expertise. Apart from that, they are always ready and willing to clarify doubts.
I am very pleased with the MSc programme. As I had already taken some Timberlake courses, I knew what to expect with regard to the quality of teaching and I was not disappointed. I am so satisfied with the lecturers. It is a privilege to attend their lectures and take advantage of their expertise. Apart from that, they are always ready and willing to clarify doubts.
I am very pleased with the MSc programme. As I had already taken some Timberlake courses, I knew what to expect with regard to the quality of teaching and I was not disappointed. I am so satisfied with the lecturers. It is a privilege to attend their lectures and take advantage of their expertise. Apart from that, they are always ready and willing to clarify doubts.
I am very pleased with the MSc programme. As I had already taken some Timberlake courses, I knew what to expect with regard to the quality of teaching and I was not disappointed. I am so satisfied with the lecturers. It is a privilege to attend their lectures and take advantage of their expertise. Apart from that, they are always ready and willing to clarify doubts.
I am very pleased with the MSc programme. As I had already taken some Timberlake courses, I knew what to expect with regard to the quality of teaching and I was not disappointed. I am so satisfied with the lecturers. It is a privilege to attend their lectures and take advantage of their expertise. Apart from that, they are always ready and willing to clarify doubts.
A Collaboration Like No Other
Timberlake Consultants and Lancaster University Management School (LUMS) Economics department have a longstanding partnership; combining 40+ years of industry expertise with over 50 years of academic excellence. We are delighted to build on this with our micro-credential postgraduate courses.
Flexible learning
Online postgraduate courses
Specialist courses
Best-in-field experts
Tailored learning
Career-oriented education
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Flexible learning
Online postgraduate courses
Specialist courses
Best-in-field experts
Tailored learning
Career-oriented education