DESCRIPTION OF COURSES

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AS 568 ECONOMETRICS                       (2L+1P)

Objective
This course is meant for training the students in econometric methods and their applications in agriculture. This course would enable the students in understanding the economic phenomena through statistical tools and economics principles.

Theory

UNIT I
Study of single equation linear regression models: Maximum likelihood and ordinary least-squares methods of estimation, Statistical inference in linear regression, Estimation subject to linear restrictions.

UNIT II
Use of dummy variables, Multicollinearity. Generalized least squares method of estimation, Seemingly Unrelated Regression Equations, Heteroscedasticity, Auto-correlation, Distributed lag models.

UNIT III
Elements of time-series analysis-measurement of secular trend, seasonal fluctuations, cyclical fluctuations, periodogram analysis, harmonic analysis, serial correlation and correlogram. Index numbers – their characteristics and construction. Index numbers of wholesale and consumer prices.

Practicals
Fitting of single equation linear regression models: maximum likelihood, ordinary least-squares and generalized least squares methods of estimation. Detection and handling of heteroscedasticity, auto-correlation. Fitting of distributed lag models. Exercises on studying secular trend, seasonal fluctuations, cyclical fluctuations, periodogram analysis, harmonic analysis, serial correlation and correlogram. Development of Index numbers of wholesale and consumer prices.

Suggested Readings