Course Outline ECO 306 is made up of five modules with seventeen unitsspread across twelve lectures weeks. The modules cover areas such as theconcept of thesimultaneous equation and their estimation, ordinary least squares assumptions, multicollinearity, heteroscedasticity, autocorrelation and econometrics modeling Specification and Diagnostic Testing, use of dummy variables and time-lags as independent variables. Aims The aimof this course is to give you thorough understanding and an appreciative importance of econometrics being concerned with more than measurement in economics. But more importantly, how econometrics as a method of causal inference isapplied to economics. That is, this method of causal inference is a statistical inference combined with the logic of causal order which is to infer or learn something about the real world by analysing a sample of data. Specifically, the aims of the course are to Equip you with the application of statistical methods to the measurement and critical assessment of assumed economic relationships using data. Provide an improvedintroductory understanding of how the economy works, at either the microeconomic or macroeconomic level.
