Syllabus SBNM 5220 Econometrics North Park University Course Credit: 2 semester hours Course Instructor Dr. Lee Sundholm Professor of Economics School of Business and Nonprofit Management (SBNM) North Park University Contact Information North Park University Office: School of Business and Nonprofit Management (SBNM) 5043 N. Spaulding Ave. Chicago, Illinois 60625 773-244-5715 (office) 773-610-2410 (cell) e-mail: [email protected] Office Hours: 3:30 5:00 MW Required Text: Damodar N. Gujarati and Dawn C. Porter, Essentials of Econometrics, Fourth edition, McGraw-Hill, New York, 2010. ISBN: 978-0- 07-337584-7. The primary objective of the text “is to provide a user-friendly introduction to econometric theory and techniques. The book is designed to help students understand econometric techniques through extensive examples, careful explanations, and a wide variety of problem material.” Catalog Description 5220 Econometrics (2 sh) This course combines mathematical methods with economic and business models in order to develop and provide empirical content for these models. This approach is appropriately applied in the solution of practical problems. In addition, these methods allow for a more precise analysis of relevant economic and business issues. Accurate and measurable analysis is the basis of the formulation of appropriate policy. Such policy may take the form of setting macroeconomic or microeconomic goals, or in the development and application of strategic objectives of business firms. Econometric methods and applications provide a significant basis for making more reliable economic and business decisions. Prerequisite: SBNM 5200, 5212, or consent of the instructor. Course Introduction This course serves as an introduction to econometric methods. Econometric methods are used in comparing and testing the validity of alternative theories, as well as assisting in business and economic forecasting. These methods enable students to understand the functioning of the economy and business system, and equip them with an enhanced ability to predict the impact of change. Econometrics brings together economic theory, mathematics, and statistics in order to gather data and test hypotheses. Students will learn to apply mathematical methods to contemporary business and economic problems and issues in order to make forecasts and formulate policy. Mathematical methods are applied in both macro and micro environments in order for students to gain broad knowledge of the quantitative approach to problem solving. Students will come to understand how quantitative methods provide a rigorous approach to resolving issues of choice in the implementation alternative policies. Students will learn how the application of econometric methods adds to the reliability of analysis required for appropriate economic, business policy, and strategic managerial decisions. Note on Required Technical Skills Using LMS (Moodle) Using e-mail Using MS Office (especially Excel) Course Level Learning Objectives Given course assignments, students will recognize the importance of the collection and analysis of data Based on required readings, students will identify the characteristics of the leading models used in the study of Econometrics By working problems, students will assess the relationship between economic theory, mathematics, and statistics Students will use Excel to analyze data and perform econometric analysis Using information provided in the course, students will solve problems based on model-building and hypothesis testing Through the use of real and hypothetical data, students will implement the analytical tools of linear and multiple regression analysis Using readings and assignments, students will discover how an estimated model can be used for the purpose of drawing inferences about the true population regression model Using sources such as the Federal Reserve System, the Bureau of Economic Analysis, and the Bureau of Labor Statistics, students will develop the ability to construct models applied to both macro and micro environments By engaging in the collection and application of data, students will gain a broad knowledge of the quantitative approach to problem solving By working problems and viewing examples, students will be able to analyze and apply appropriate statistical techniques to test hypotheses Through text readings and working problem sets, students will recognize how economic theories may be used to construct models Throughout the course students will be building a strong set of analytical tools as a basis for ethical managerial decision-making based on an understanding of econometric methods Student Learning Objectives: IDEA Course Rating System North Park University uses the IDEA course rating system to measure student progress towards learning objectives and to measure student satisfaction with their overall learning experience. These course evaluations are administered at the end of the term, and you will be notified by email when they are ready for you to complete. The results of these evaluations are very important to us and we use them for ongoing efforts to improve the quality of our online courses. The overarching IDEA objectives for this course are the following. (1) Students will gain factual knowledge in the form of terminology, classification methods, and trends. (2) Students will become able to comprehend fundamental principles, generalizations, or theories. (3) Students will become able to apply course material to improve thinking, problem solving, and decision-making. END OF TERM COURSE EVALUATIONS North Park University uses the IDEA course rating system to measure student progress towards learning objectives and to measure student satisfaction with their overall learning experience. These course evaluations are administered at the end of the term, and students will be notified by email when they are ready for you to complete. The results of these evaluations are very important to us and we use them for ongoing efforts to improve the quality of our online courses. COURSE STRUCTURE All Detail on Course Assignments, Point Values, and Due Dates are Presented in Moodle. Building an Online Community: Module 0 is reserved for Introductions and a Peer Review. Point values are as follows, Introduction, 20 points, and Peer Review 5 points. There are 7 regular Modules. Rubrics (formats/rules) for Peer Reviews and for ASSIGNMENT Questions for Discussion: Text, and ASSIGNMENT Questions for Discussion: Online will be found in Moodle in the File above Module 0. There are 5 ASSIGNMENT Discussion Board Forums including the Introductions. Each Forum is valued at 20 points, and each Peer Review is 5 points for a point total of 125. There are 6 ASSIGNMENT Questions for Discussion: Text, and 6 ASSIGNMENT Questions for Discussion: Online. Each of these Questions for Discussion is valued at 50 points, for a possible point total of 600. The FINAL EXAMINATION is valued at 200 points. Point total: 950 NOTE: Weekly Dates, Due Dates and Point Values are presented in Moodle. Students are expected to follow the directions provided each week In Moodle. It is recommended that students compile a comprehensive set of notes from the Readings and Research and from the ASSIGNMENTS. ALL ASSIGNMENTS WORK MUST BE (Writing Rubrics are presented in Moodle) Submitted on time Typed, complete answers with supporting links to reference sites Clearly and concisely written, in an understandable and organized format Responsive to the assignment, including supporting data and sources used Of appropriate length—notice that page requirements are included with each Assignment Regular class attendance is mandatory. A missed weekly Assignment is an absence. Three absences will result in a course grade of F. Unexcused late (one day or more) Assignments will result in a 10% reduction in points. IMPORTANT NOTE: Although all components will not necessarily be listed/required each Week, here is the general format. Topics Learning Objectives Assignments Discussion Boards and Peer Review Questions for Discussion: Text Questions for Discussion: Online GRADES NOTE: In the SBNM a grade below C does not receive course credit. As stated above, the maximum point total is 950 points. Total Points Earned Grade 884 or above A 855 - 883 A- 836 - 854 B+ 760 – 835 B 741 - 759 B- 722 - 740 C+ 665 - 721 C SBNM POLICY STATEMENTS Academic Honesty In keeping with our Christian heritage and commitment, North Park University and the School of Business and Nonprofit Management are committed to the highest possible ethical and moral standards. Just as we will constantly strive to live up to these high standards, we expect our students to do the same. To that end, cheating of any sort will not be tolerated. Students who are discovered cheating are subject to discipline up to and including failure of a course and expulsion. Our definition of cheating includes but is not limited to: 1. Plagiarism – the use of another’s work as one’s own without giving credit to the individual. This includes using materials from the internet. 2. Copying another’s answers on an examination. 3. Deliberately allowing another to copy one’s answers or work. 4. Signing an attendance roster for another who is not present. In the special instance of group work, the instructor will make clear his/her expectations with respect to individual vs. collaborative work. A violation of these expectations may be considered cheating as well. For further information on this subject you may refer to the