Objectives and competences
• Prepare students for independent research
• Students acquire knowledge about panel models
• Students learn how to
o formulate the problem
o apply the suitable modelling approach to economic data with the help of statistical software
o interpret the results
o research complex situations and processes with panel analysis methods
o develop and innovatively use research methodology of panel metods
• Students develop competences of analysis and synthesis in the framework of independent research work and also competences for the evaluation of the research work of other researchers.
Content (Syllabus outline)
1. Introduction
• Multiple regression
• Testing
• Time series analysis basics
2. Panel data models
• Introduction and basic notions
• Applications
3. Fixed effects models
• LSDV estimator
• Within transformation and estimator
• Fixed time effects
4. Random effects models
• Generalized least squares
• EGLS estimator
• Hausman test
5. Examples of applications in economics and business
6. Additional topics
• Generalized method of moments
• Dynamic panel models
• Panel unit root tests
Learning and teaching methods
Lectures
Case studies
Active individual or group work
Intended learning outcomes - knowledge and understanding
Development of Knowledge and Understanding
The learner
? Knowledge base: has great depth and systematic understanding of a substantial body of knowledge. Can work with theoretical / research knowledge at the forefront of the discipline at peer reviewed standards/ publication quality
? Disciplinary methodologies: has a comprehensive understanding of techniques / methodologies applicable to the discipline (theory or research-based).
Cognitive and Intellectual Skills
The learner:
? Analysis: with critical awareness, can undertake analysis, managing complexity, incompleteness of data or contradictions in the areas of knowledge
? Synthesis: can synthesise new approaches, in a manner that can contribute to the development of methodology or understanding in that discipline or practice
? Evaluation: has a level of conceptual understanding and critical capacities that allows independent evaluation of research, advanced scholarship and methodologies. Can argue alternative approaches
? Application: can act independently and with originality in problem solving, is able to lead in planning and implementing tasks at a professional or equivalent level
Intended learning outcomes - transferable/key skills and other attributes
Key / Transferable Skills
The learner:
? Problem solving: can continue own professional study independently, can make use of others professionally within / outside the discipline.
Practical Skills
The learner:
? Application of skills: can operate in complex and unpredictable / specialised contexts that may be at the forefront of knowledge. Has overview of the issues governing good practice
Readings
Osnovna literatura (Compulsory textbooks):
1. Verbeek, M. (2008). Modern Econometrics. New York: John Wiley & Sons.
2. Pfajfar, L. (2022). Osnovna ekonometrija. Ljubljana: Ekonomska fakulteta.
Izbrani izvirni znanstveni članki iz nekaterih revij na področju metod panelne analize ter aplikacij (Selected research articles in the journals for methods for panel analysis and their applications).
Dodatna literatura (Additional textbook):
3. Roodman, D. (2009). How to Do xtabond2: An Introduction to “Difference” and “System” GMM in Stata. Stata Journal, 9 (1), 86-136.
4. Greene, W.H. (2003). Econometric Analysis. New Jersey: Prentice Hall.
Additional information on implementation and assessment 60 % Seminar research work
40 % Oral examination
Student passes the exam, when each part of the examination is evaluated as positive.
