Quantitative economic analyses are typically subject to a more or less high degree of uncertainty. Econometrics offers, among other things, methods of quantifying and testing economic relationships with the help of data and thereby estimating the degree of uncertainty underlying the results. In this course, students learn the central econometric tools and the underlying econometric theory. They will be able to
- independently carry out simple empirical-econometric analyses and thus provide quantitative statements including the underlying uncertainty
- recognise incorrectly conducted econometric studies and their consequences
- recognise when they should consult an experienced econometric expert
- participate in advanced empirical (econometrics) courses
- acquire more sophisticated econometric methods.
The focus of the course "Introduction to Econometrics" (formerly Econometrics I) is on the analysis of cross-sectional data (data collected by different units or subjects within a period).
It is essential that the students learn to apply the taught econometric methods on the basis of a number of empirical questions. An example of application is the identification of the influencing variables of trade flows, wages, rents, real estate prices, manager salaries. EViews is the main software used.
