BEA342 provides the techniques required to quantify the magnitude, strength and form of relationships between variables, and the strategies that need to be employed to use these techniques effectively. More specifically, it examines the theory and use of the Classical Linear Regression Model (CLRM) and intermediate level econometric models, such as IV, Logit, Panel, ARIMA and Non-linear models. The unit provides students with the econometric theories to be able to obtain answers from data using the latest econometrics software.
The unit teaches econometric techniques to re-examine the CLRM learnt in BEA242 Introduction to Econometrics. The unit demonstrates how to test violations of its assumptions, their consequences and how to remedy them. It then provides students with the knowledge of how to use a range of econometric models for the analysis of cross-section and time-series data, and the ability to obtain answers to research policy questions in economics and finance. A working knowledge of the unit is essential for those students intending to work as professional economists, financial analysts and business analysts.
BEA342 is an advanced unit, and is both theoretical and applied in nature. Consequently, an empirical project where the student needs to demonstrate competence in carrying out a piece of applied econometric work will constitute 60% of the overall assessment of the unit.
|Unit name||Forecasting for Economic Decision-Making|
|College/School||College of Business & Economics
Tasmanian School of Business and Economics
|Coordinator||Mr Vladimir Volkov|
|Available as an elective?||No|
|Delivered By||University of Tasmania|
|Location||Study period||Attendance options||Available to|
- International students
- Domestic students
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|Study Period||Start date||Census date||WW date||End date|
* The Final WW Date is the final date from which you can withdraw from the unit without academic penalty, however you will still incur a financial liability (refer to How do I withdraw from a unit? for more information).
Unit census dates currently displaying for 2023 are indicative and subject to change. Finalised census dates for 2023 will be available from the 1st October 2022. Note census date cutoff is 11.59pm AEST (AEDT during October to March).
- Demonstrate concepts in forecasting and how forecasting is used in economics and business.
- Select data and apply appropriate methods to forecast economic and business variables
- Evaluate forecasting models in the context of their economic or business application and statistical properties.
- Use statistical software, interpret output from statistical software and effectively communicate results.
|Field of Education||Commencing Student Contribution 1||Grandfathered Student Contribution 1||Approved Pathway Course Student Contribution 2||Domestic Full Fee|
1 Please refer to more information on student contribution amounts.
2 Please refer to more information on eligibility and Approved Pathway courses.
3 Please refer to more information on eligibility for HECS-HELP.
4 Please refer to more information on eligibility for FEE-HELP.
Please note: international students should refer to What is an indicative Fee? to get an indicative course cost.
|Assessment||Final Exam (40%)|Project (10%)|Project: Part B Model Selection and Testing (20%)|Project Part C: Complete Project (30%)|
|Timetable||View the lecture timetable | View the full unit timetable|
You will need the following text:
Carter Hill, R, Griffiths William E., and GC Lim, 2008, Principles of Econometrics, 3rd Edition, Wiley, ISBN 9780471723608.
It is available to purchase from Booktopia. If you have the fourth or fifth edition of this textbook it will be a very good substitute.
The prescribed software is
EViews 10 Standard - Student Version
It is available in the TEAL and Library computer labs.
The lecture notes, prescribed text and recommended readings should be sufficient. However, you may wish to read other texts to receive a different approach to a topic. Some of the following texts are, more advanced than the prescribed text while others are less advanced. For example Guajarati and Griffiths et. al.’s undergraduate book have chapters on some of the topics that we will be covering this year, but they are normally explained using summation notation and not matrix algebra as used in BEA342. In addition, we will cover some aspects of the topics in more detail than these texts.
Greene, W.H., Econometric Analysis, Fifth Edition, Prentice Hall, 2003. (Comprehensive and Very Detailed)
Griffiths, W. E., Hill, C. R., and Judge, G. G. Undergraduate Econometrics, John Wiley & Sons, 2nd Ed, 2001. (Similar to Gujariti, does not use matrix algebra)
Griffiths, W. E., Hill, C. R., and Judge, G. G. Learning and Practicing Econometrics, John Wiley & Sons, 1993. (Similar to Vogelvang, a little more detail, contains matrix algebra)
Johnston, J. and Dinardo, J., Econometric Methods, Fourth Edition, McGraw Hill, 1997. (Similar to Vogelvang, contains matrix algebra)
Judge, G.G., Hill, C.R., Griffiths, W.E., Lutkepohl, H. and Lee, T.C., Introduction to the Theory and Practice of Econometrics, John Wiley, Second Edition, 1988. (Similar to Vogelvang, a little more detail, contains matrix algebra)
Judge, G.G., Hill, C.R., Griffiths, W.E., Lutkepohl, H. and Lee, T.C., The Theory and Practice of Econometrics, John Wiley, Second Edition, 1985. (Similar to Vogelvang, a little more detail, contains matrix algebra)
|Links||Booktopia textbook finder|
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