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12 Cards in this Set
- Front
- Back
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Studying inflation in the US from 1970-2006 is an example of using
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Time Series Data
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Most economic Data are obtained
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By observing real-world behavior
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In the simple linear regression model, the regression slope
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Indicates by how many units Y increases, given a one unit increase in X
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The Regression R2 is a measure of
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The goodness or fit of your regression line
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To obtain the slope estimator using the least squares principle, you divide the...
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Sample covariance of X and Y by the sample variance of X
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In the linear regression model, Y= β0 + β1 Xi + u, β0 + β1X, is referred to as
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The population regression function
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If the absolute value of your calculated t-statistic exceeds the critical value from the standard normal distribution, you can
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Reject the null hypothesis
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Consider the following regression line: E(Testscore) = 698.9-2.28 X STR. You are told that the t-statistic on the slope coefficient is 4.38. What is the standard error of the slope coefficent?
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0.52; do the T-test
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Finding a small value of hte p-value (e.g, less than 5%)
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Indicates evidence in against the null hypothesis
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Why rely on OLS
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1) OLS estimators are unbiased
2) OLS estimators are consistent 3)OLS estimators are efficient. They are highly concentrated around their means |
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(2) possible sources of data
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1) Experimental Data - Which are collected when conducting an experiment of the sort-just described.
2) Observational Data - Obtained ny observing behavior in the real world and outside of an experimental setting |
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3 ways in which data is structured
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(i) Cross Sectional - Data on different entities (e.g.) individuals, districs, governements at a single point in time.
(ii) Time Series - Data for a single entity or multiple periods of time (iii) Panel Data - Data for multiple entities observed for more than 2 periods of time |
