Mastering 'Metrics: The Path from Cause to Effect

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Mastering 'Metrics: The Path from Cause to Effect

Mastering 'Metrics: The Path from Cause to Effect

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Becker, WE, and WH Greene (2001), “Teaching Statistics and Econometrics to Undergraduates”, Journal of Economic Perspectives, 169-182. Written by true 'masters of 'metrics, ' this book is perfect for those who wish to study this important subject.

As such, they should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute or the author’s employer. I'd say you should look elsewhere if the finer points of regression and OLS are not fresh on your mind. While the book caters to a rather niche audience, I appreciated the enthusiasm and humor the authors sprinkle throughout the pages to make the material accessible. CFA Institute is the global, not-for-profit association of investment professionals that awards the CFA® and CIPM® designations. But where it really stands out is making it personable, drawing you into the book and helping you engage in a learning process that is quite steep.Reading it is like overhearing a conversation between two grumpy old men who happen to be economists--and I mean this in the best way possible. As data sets have grown bigger and more complex, the demand for new grads with data-analytic skills has accelerated rapidly. The winds of change have blown most strongly in applied microeconomics, but econometrics has been left far behind. In his own words, “fruitful application does not demand extraordinary mathematical sophistication” but simply firm evidence-based foundations. This book sets itself apart from other economics texts because it contains great explanations of interesting studies in an entertaining way.

Our regression application — estimating the effects of private college attendance on later earnings — shows the power of regression to turn night into day when it comes to causal conclusions.

While it adequately covers core econometric concepts, I'm not convinced it effectively balances a textbook approach vs that of a "how-to" guide: it likely would have been better suited leaning a bit more in one direction or another.

I assign Angrist and Pischke’s Mostly Harmless Econometrics in virtually all of my graduate courses … But it’s still a very hard book… What’s been needed for some time is a more casual introduction. Reading it is like overhearing a conversation between two grumpy old men who happen to be economists—and I mean this in the best way possible. Or have you wondered why we have to measure weird things (data on quarter of births) to understand the impact of education.These cases include factors in the success of charter schools, drivers of SAT scores, and bank failures during the Great Depression. Core economic questions are mentioned in passing if at all, and empirical examples are still mostly contrived, as in Studenmund (2011), who introduces empirical regression with a fanciful analysis of the relationship between height and weight. Finance is provided by PayPal Credit (a trading name of PayPal UK Ltd, Whittaker House, Whittaker Avenue, Richmond-Upon-Thames, Surrey, United Kingdom, TW9 1EH). Yet they get no attention in Studenmund (2011) or Gujarati and Porter (2010), while Hill, Griffiths, and Lim (2011) and Wooldridge (2012) briefly attend to differences-in-differences only.

We don’t have an experiment, of course, so we must use the data we have to undertake the best “apples-to-apples” comparison we can. Steve began by considering some of the key questions that we might like to answer by using econometrics - from the benefits of going to university to the impact of monetary policy on the economy. By using the Web site, you confirm that you have read, understood, and agreed to be bound by the Terms and Conditions. R., Financial Analysts Journal "Focusing on five econometric tools, Mastering 'Metrics presents key econometric concepts. Johnston describes multivariate regression models as “fitting the regression plane” a technical extension of the two-variable model that fits a line.If I was teaching undergraduate econometrics, I would not hesitate to use this as the required textbook. Metrics encompasses the statistical methods economists use to untangle cause and effect in human affairs. A breezy presentation of very general topics, it is nevertheless packed with good, commonsense advice on how to perform econometric analysis. The insured tend to be older, better educated, have slightly smaller families, are more likely to be employed and have higher family incomes. I also appreciate the asides that provide historical context on the past masters who developed these techniques.

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