ECOM30002 90002 Subject Guide 2021S01 PDF

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ECOM30002/90002 Econometrics 2 SUBJECT GUIDE

Semester 1, 2021

Prepared by Matthew Greenwood-Nimmo [email protected]

Department of Economics Faculty of Business and Economics

Subject Outline Introduction Welcome to ECOM30002/90002, Econometrics 2. This subject will build on your prior studies in econometrics and statistics and will help you to develop quantitative skills that will be useful in many quantitative jobs and in further study. Subject Overview and Aims Extensions of the multiple regression model are examined. Topics include causal and statistical interpretations of regression models, instrumental variables, panel data and time series regression models and relevant statistical theory.

Learning Outcomes Learning Outcomes and Generic Skills To view the subject objectives and the generic skills you will develop through successful completion of this subject, please see the University Handbook: https://handbook.unimelb.edu.au/view/2021/ECOM30002

Eligibility and Requirements To view the eligibility and requirements, including prerequisites, corequisites, recommended background knowledge and core participation requirements for this subject, please see the University Handbook: https://handbook.unimelb.edu.au/2021/subjects/ecom30002/eligibility-and-requirements

Academic Staff Contact Details Please see the subject LMS site for full contact details of the teaching staff in this subject. Subject Coordinator Contact Details Name: A/Prof. Matthew Greenwood-Nimmo Email: [email protected] Room: 312, Level 3, FBE Building, 111 Barry Street Consultation hours: Tuesdays, 08:30-10:30

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Tutor Coordinator Contact Details Name: Mr. Daniel Tiong Email: [email protected] Email Protocol Please note that we are only able to respond to student emails coming from a University email address. Please do not use personal email addresses such as Yahoo, Hotmail or even business email addresses. Emails from non-University email addresses may be filtered by the University’s spam filter, which means that we may not receive your email. All correspondence relating to this subject will only be sent to your University email address. Note that you must first activate your University email address before you can send or receive emails at that address. You can activate your email account at this link: http://accounts.unimelb.edu.au/. While academic staff endeavor to address queries received via email, it is more appropriate to resolve substantive questions during tutorials and/or during normal consultation hours. With this in mind, we encourage students to attend all lectures and tutorials and to familiarise themselves with the consultation hours offered by the lecturers and tutors in this subject. Furthermore, where possible, students are encouraged to post questions and comments in the subject’s online discussion forum, so that everyone in the group can benefit from the responses.

Lectures Lecture Times Monday

08:00 – 09:00

Thursday 13:15 – 14:15 Lecture Participation Requirements Lectures are very important. Lectures will be pre-recorded and uploaded to the LMS in accordance with the lecture timetable. Students are expected to review all lecture recordings at the scheduled time of release and to keep up to date with the work requirements of the course. This is analogous to the standard requirement to attend physical lectures in the context of face-to-face teaching. Lecture Schedule This section provides a tentative outline of the lecture topics. Note that the order and content of the lectures may be subject to change.

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Lecture Materials Lecture materials will be placed on the LMS page for this subject prior to each lecture. Required readings will be identified in the lecture slides. Students are expected to take notes in lectures. Recorded Lectures The lecture recordings allow you to view lectures at the time of release, revise lectures during the semester and review them in preparation for the end of semester exam. You can access recorded lectures by clicking on the Lecture Capture menu item on the LMS page for this subject.

Tutorials Tutorial Times Tutorials start in week 1 of semester. The University timetable can be accessed at https://sws.unimelb.edu.au/2021/ to find details of the date and time of your tutorial. Tutorials will be held via Zoom. You can find the relevant Zoom link for your tutorial via the LMS.

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Tutorial Participation Requirements Tutorial problem sets will be posted to the LMS. You may be expected to work collaboratively in tutorials and you may be asked to present work to the group. Students are expected to attend and actively participate in all tutorials and to keep up to date with the work requirements of the course. Solutions to tutorial problems sets will be made available after the tutorials via the LMS. Tutorial Schedule This section provides a tentative outline of the tutorial topics. Note that the order and content of the tutorials may be subject to change.

Private Tutoring Services The Faculty has become increasingly concerned about the existence of a number of private tutoring services operating in Melbourne that heavily target University of Melbourne students enrolled in FBE subjects. Students are urged to show caution and exercise their judgement if they are considering using any of these services, and to please take note of the following: Any claim by any of these businesses that they have a “special” or “collaborative” or “partnership” style relationship with the University or Faculty is false and misleading. 5

Any claim by a private tutoring service that they are in possession of, or can supply you with, forthcoming University exam or assignment questions or “insider” or “exclusive” information is also false and misleading. The University has no relationship whatsoever with any of these services and takes these claims very seriously as they threaten to damage the University’s reputation and undermine its independence. It is also not appropriate for students to provide course materials (including University curricula, reading materials, exam and assignment questions and answers) to operators of these businesses for the purposes of allowing them to conduct commercial tutoring activities. Doing so may amount to misconduct and will be taken seriously. Those materials contain intellectual property owned or controlled by the University. We encourage you to bring to the attention of Faculty staff any behaviour or activity that is not aligned with University expectations or policy as outlined above.

Assessment Assessment Overview Your assessment for this subject comprises the following: Assessment Task

Individual/ Group

Due

Weighting

Assignment 1

Group

Wednesday March 24 at 16:00

7.5%

Assignment 2

Group

Wednesday April 14 7.5% at 16:00

Assignment 3

Group

Wednesday May 5 at 16:00

7.5%

Assignment 4

Group

Wednesday May 26 at 16:00

7.5%

Final Exam

Individual

Examination Period

70%

Hurdle requirement: To pass this subject, students must pass the end of semester examination Assessment Details Information on Assignments: •

•

Assignments groups: groups must contain between 1 and 4 students. Groups may be formed across different tutorials. Further instructions, including details on how to register for groups, will be circulated via the LMS. Group marks: equal marks will be awarded to each member of a group. 6

•

•

•

Presentation requirements: minimum size 12 font and the text must be clearly legible. Submission is to be made online in MS Word or pdf format. Regression output must be presented in clearly labelled equation or table form, as appropriate. Raw R output is not sufficient. Any graphs or charts should not use colour, as assignments may be printed in black and white for marking. Please bear this in mind to ensure that lines or shaded regions can be clearly distinguished in the printed version. Maximum word count: 600 words for each assignment. Penalties may apply for exceeding the word count by 20% or more but no penalties will apply for using fewer words. Software: if necessary, estimation is to be conducted in R / RStudio.

Information on the Final Exam: • The final exam will be held in the examination period and will cover all topics from the course. Current advice is that the exam will be held online. In this case, you will be allowed three (3) hours to complete the exam. This examination is the equivalent of a 2hour assessment; however, students are provided with 3-hours to accommodate the time that will be required for typesetting of mathematical expressions and the uploading of documents. The exam timetable and further details about the exam will be released toward the end of the semester. Assignment Submission Assignment submission is completed using the LMS Assignment Submission link for all written assignments. Please note that you are required to keep a copy of your assignment after it has been submitted as you must be able to produce a copy of your assignment at the request of teaching staff at any time after the submission due date. Penalties for Late Submission In order to ensure equality for all students, assignments must be completed within specified time limits. Late submissions will not be accepted without an authorised extension. If you require an extension, then you should contact the lecturer directly to request that your circumstances be taken into consideration. Assignments that exceed word limits may also attract a marking penalty. Students with a genuine and acceptable reason for not completing an assignment (or other assessment task), such as illness, can apply for special consideration (see policy below).

Subject Resources Prescribed References The principal recommended textbook is: Stock, J.H. and Watson, M.W. (2015), Introduction to Econometrics, Updated 3rd Edition, Pearson. There is a newer fourth international edition released in 2020 that will also be fine.

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Supplementary Readings The following textbook may be useful for additional perspective on some of the material that we will cover but it is not required reading: Hill, R.C., Griffiths, W.E. and Lim, G.C. (2018), Principles of Econometrics, 5th Edition, Wiley. Additional materials may be circulated during the semester via the LMS.

Academic Integrity Academic Honesty The University maintains high academic standards in its courses and subjects and expects students to conduct themselves in a manner which is fair, honest and consistent with the principles of academic integrity, particularly when undertaking assessment and research. http://academicintegrity.unimelb.edu.au/ Referencing Each source used for a written piece of assessment must be referenced. This is to acknowledge that your material is not based entirely on your own ideas, but is based, in part, on the ideas, information, and evidence of others. This is desirable as you are attending University in order to learn from others. You will be required to use the APA system of referencing. The library has prepared a website to help students correctly reference: http://www.library.unimelb.edu.au/recite It is important that all material you present for assessment is referenced correctly. Material that has not been referenced correctly may be considered to be plagiarised and, as such, may be penalised. We will also look for evidence that material included in the bibliography has been used in the assignment. The Academic Skills Unit has produced resources to assist students with referencing https://services.unimelb.edu.au/academicskills/undergrads/top_resources The Library also provides advice on referencing: http://library.unimelb.edu.au/cite

University Services Timetable MyTimetable is a class timetabling system that creates individual timetables for students based on submitted class preferences, ensuring everyone has an equitable opportunity of

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getting their preferred class timetable. You will use this system to create your class timetable prior to each study period. By following a preference-based model, students who have other commitments, such as employment or carer responsibilities, or who are returning or living overseas during the timetabling period, aren’t disadvantaged by their limited availability. When allocating class timetables, MyTimetable also takes into consideration factors such as class size limits and potential clashes to ensure all students are equally accommodated. Further information is available on the web at https://students.unimelb.edu.au/admin/class-timetable Stop 1: Connecting Students and Services Stop 1 is here to provide you with a range of support services throughout your university degree, from help with enrolment, administration and wellbeing to advice on building your skills and experiences. https://students.unimelb.edu.au/stop1 Academic Skills Academic Skills offers a range of workshops and resources to help you with study skills including researching, writing and referencing, presentation skills and preparing for exams. Visit their website via http://services.unimelb.edu.au/academicskills. Service Finder The University of Melbourne offers one of the most comprehensive student support networks in Australia. Use this site to locate a wide range of services http://services.unimelb.edu.au/finder Student Counselling Students attend counselling to talk about personal, emotional, or mental health issues which might be affecting their study and life. The University’s Counselling and Psychological Services (CAPS) provides free, confidential, short-term professional counselling to currently enrolled students and staff. https://services.unimelb.edu.au/counsel/individual Student Equity and Disability Support Student Equity and Disability Support provides services for students who need ongoing support with their studies. They understand that adjustments to learning and assessment are sometimes required to allow all students to reach their full potential. Learn more about the services provided, how to find support and how to register for assistance. http://services.unimelb.edu.au/student-equity University of Melbourne Library Services As well as holding an extensive collection of books, ebooks, digital media and periodicals, library staff provide research guidance and support for students. http://library.unimelb.edu.au/ These Business and Economics Library Guides have been designed specifically for Faculty of Business and Economics staff and students. http://unimelb.libguides.com/sb.php?subject_id=80310 9

Policy Alternative Exam Arrangements (AEA) The definition of and eligibility requirements for alternative exam arrangements (AEA) can be found via http://students.unimelb.edu.au/admin/alternate . Assessment and Results Policy The University’s assessment policy provides a framework for the design, delivery and implementation of assessment of students in award and non-award courses and subjects. Assessment is designed to contribute to high quality learning by students, and to allow for quality assurance and the maintenance of high academic standards. https://policy.unimelb.edu.au/MPF1326 Assignment Extension Requests for an assignment extension should be submitted here: http://go.unimelb.edu.au/yh9n. Before completing this form, please read the Assignment Extension Policy, which can be found at: http://policy.unimelb.edu.au/MPF1326#section-4.37 Exam Policy The University requires that you are available for the entire examination period. Please see the University's Principal Dates via https://www.unimelb.edu.au/dates#2021 for the full annual calendar. Supplementary exams will not be provided in cases of absence during the examination period unless the absence is due to serious illness or other serious circumstances and a Special Consideration application is submitted and approved. Information on Calculators in Examinations Effective from 1 January 2017, the approved calculator for all subjects is the Casio FX82 (any suffix). No equivalent models of calculators will be permitted in exams. You are required to purchase your own calculator and are responsible for ensuring your calculator is in good working order with fresh batteries. Plagiarism and Collusion Plagiarism (failure to cite your sources correctly and completely) and collusion (unauthorised collaboration with another person to prepare an assessment task) are considered academic misconduct and attract severe penalties. More information is available on the University’s Academic Integrity website via http://go.unimelb.edu.au/rha6. Special Consideration As a student, you may experience extraordinary or unusual circumstances, or ongoing circumstances that adversely affect your academic performance. The University has policies

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in place to support students who are experiencing academic disadvantage. For more information, visit http://students.unimelb.edu.au/admin/special. Privacy Information To view the University’s privacy statement for students, visit https://lms.unimelb.edu.au/students/student-guides/zoom-student-privacy.

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