SSST Subjects

EC 281 Introduction to Econometrics


Programme(s) where module is offered

  • BSc in Economics with International Business
  • BSc in Economics with Finance
  • BSc in Business and Management with Finance
  • BSc in Business and Management with Economics

Status (core, option, free choice)



FHEQ Level



Unit Value



Semester taught



Pre-Requisite Modules or Qualifications

EC170 Statistics


Module Code

EC 281


Module coordinator

Amer Demirovic


Applicable From



Educational Aims of the Module

  • This module presents methods for analysing relationships between business and economics variables or, in other words, assessing how a change in one variable impacts upon another variable.
  • These widely used methods are used to support business decision making (e.g. which products should be promoted?) as well as formulation of governmental policies (e.g. how a change in the income tax policy affects the unemployment rate?).
  • Computer lab based sessions will enable students to learn how to practically apply methods covered.

Module Outline/Syllabus

  • Isolating the effect of a change in a single variable on another variable
  • Linear Regression Model
  • Analysing relationships between qualitative, interaction and non-linear variables
  • Trends and seasonal effects
  • The assumptions of the Linear Regressions Model and specification tests

Student Engagement Hours

Type Number per Term Duration Total Time


10 1.5 15.0


10 1.5 15.0


5 1.5 7.5
Tutorials 5 1.5 7.5

Total Contact Hours


Total Guided/Independent Learning Hours

Total Engagement Hours 200.0

Assessment Method Summary

Type Number Required Duration / Length Weighting Timing / Submission Deadline



3 hours


Week 17

Mid-term Exam


2 hours


Week 8

Open-book Computer based Practical Test (IT Lab)


2x1 hour


Weeks 4, 12


Module Outcomes

Intended Learning Outcomes:

  • To see and critically analyse the complexities and complex relationships between various economic factors (and with non-economic factors as well)

  • Demonstrable knowledge of functional relationships between variables

  • Articulate on how to set and test hypotheses

  • Critically analyse relationships between variables outside the context studied in the class

  • Understand the classical regression model

  • Understand the theory underlying econometrics models

  • To use previously defined methods to complete research with the aim of collecting new information

Teaching and Learning Strategy:

  • A variety of approaches to managing the learning process is introduced in order to be able to meet the ILOs. Teaching will be predominantly lectures, with ample time for discussion. Lectures will be based on the key text book. In addition, supplementary resources will be used. (ILO: 1-7)

  • Learning is organised and supported to encourage active learning, for example by in-class case studies. (ILO: 1-7)

  • Computer lab exercises will also encourage active learning and application of the theoretical knowledge. (ILO: 1-3, 7)

Assessment Strategy:

  • Midterm exam and tests (ILO: 1-4)

  • Final exam (ILO: 5-6)

  • Computer based test (ILO:1-3, 7)

Practical Skills:

  • Ability to interpret results of empirical studies based on the regression analysis

  • Ability to quantify how a change in one variable impacts upon another variable

  • IT Skill, to use professional econometrics software (Eviews) to fit economic models.

Teaching and Learning Strategy:

  • Analyses of published empirical studies in lectures and tutorials (PS:1-2)

  • Practical computer lab sessions will enable students to learn how to use an econometrics software (Eviews) to practically estimate models and interpret the results on their own (PS: 3)

Assessment Strategy:

  • Midterm exam and written test (PS:1-2)

  • Computer based tests (PS: 3)

Transferable Skills:

  • Research Skills

  • Numerical Skills

  • Data analyses skills

  • Compare, inspect or record facts

  • Communication Skills: Written and Oral

  • IT Skills

Teaching and Learning Strategy:

  • Tutorials will provide a platform for in depth analysis and topical discussion (TS: 1-6)

  • Computer lab sessions (TS: 5)

Assessment Strategy:

  • Computer based test (TS:1-6)

  • Midterm exam (TS: 2-5)

  • Final exam (TS: 2-5)


Key Texts and/or other learning materials

Set text

  • Gujarati, D. (2014), Econometrics by Example, 2 Edition, Palgrave Macmillan

Supplementary Materials

  • Angrist, J., Pischke, J., (2014) Mastering ‘Metrics’: The Path from Cause to Effect, Princeton University Press

  • Dougherty, C., (2016), Introduction to Econometrics, 5 Edition, Oxford University Press

  • Stock, J., Watson, M., (2014), Introduction to Econometrics, 3 Edition, Pearson

  • Swift, L., Piff, S. (2014), Quantitative Methods for Business, Management and Finance, 4 Edition, Palgrave Macmillan

  • Verbeek, M., (2012), A Guide to Modern Econometrics, 4 Edition, John Wiley & Sons

  • Wooldridge, J. M. (2014) Introduction to Econometrics, EMEA 1st Edition, Cengage Publishing

  • Wiley (2017) Journal of applied Econometrics,

Please note

This specification provides a concise summary of the main features of the module and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes full advantage of the learning opportunities that are provided.

More detailed information on the learning outcomes, content and teaching, learning and assessment methods of each module and programme can be found in the departmental or programme handbook.

The accuracy of the information contained in this document is reviewed annually by the University of Buckingham and may be checked by the Quality Assurance Agency.

Date of Production : April 2017

Date approved by School Learning and Teaching Committee

Date approved by School Board of Study

Date approved by University Learning and Teaching Committee

Date of Annual Review


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