兼院究研满勰南臣王季大門厦。 Introduction to Statistics and Econometrics Professor Yongmiao Hong Cornell University May23,2019
Introduction to Statistics and Econometrics Professor Yongmiao Hong Cornell University May 23, 2019
CONTENTS 1.1 General methodology of modern economic research 1.2 Roles of Econometrics 1.3 lllustrative Examples 1.4 Roles of Probability and Statistics Probability and Statistics for Economists Introduction to Statistics and Econometrics May23,2019 2
Probability and Statistics for Economists Introduction to Statistics and Econometrics May 23, 2019 2 1.1 General methodology of modern economic research 1.2 Roles of Econometrics 1.3 Illustrative Examples 1.4 Roles of Probability and Statistics CONTENTS
General methodology of modern economic research Step 1:Data collections and summary of empirical stylized facts Step 1:Data collections and summary of empirical stylized facts economic Empirica Data theories validation Applications collections models inference Data collections: surveys field studies 20% 80% experimental economics Big data Probability and Statistics for Economists Introduction to Statistics and Econometrics May23,2019 3
Probability and Statistics for Economists Introduction to Statistics and Econometrics May 23, 2019 3 Step 1: Data collections and summary of empirical stylized facts Data collections: surveys field studies experimental economics Big data General methodology of modern economic research Step 1: Data collections and summary of empirical stylized facts Data collections economic theories /models Empirical validation /inference Applications
General methodology of modern economic research Step 1:Data collections and summary of empirical stylized facts Step 1:Data collections and summary of empirical stylized facts The so-called stylized facts are often summarized from observed economic data. Example 1:Engel curve in microeconomics The share of a consumer's expenditure on a commodity out of her or his total income will vary as his/her income changes; Engel Curves Income (per month) 30 Inferior Engel curves slope 20 backward bending for inferior goods. Normal 10 Food(units 8 12 16 per month) Probability and Statistics for Economists Introduction to Statistics and Econometrics May23,2019 4
Probability and Statistics for Economists Introduction to Statistics and Econometrics May 23, 2019 4 Step 1: Data collections and summary of empirical stylized facts The so-called stylized facts are often summarized from observed economic data. General methodology of modern economic research Step 1: Data collections and summary of empirical stylized facts Example 1：Engel curve in microeconomics The share of a consumer’s expenditure on a commodity out of her or his total income will vary as his/her income changes;
General methodology of modern economic research Step 1:Data collections and summary of empirical stylized facts Step 1:Data collections and summary of empirical stylized facts Example 2:Phillips Curve in macroeconomics: A negative correlation between the inflation rate and the unemployment rate in an aggregate economy; Inflation rate (% 不 E Phillips curve 0 Unemployment rate(%) Probability and Statistics for Economists Introduction to Statistics and Econometrics May23,2019 5
Probability and Statistics for Economists Introduction to Statistics and Econometrics May 23, 2019 5 Step 1: Data collections and summary of empirical stylized facts Example 2: Phillips Curve in macroeconomics: A negative correlation between the inflation rate and the unemployment rate in an aggregate economy; General methodology of modern economic research Step 1: Data collections and summary of empirical stylized facts