HOW TO SURVIVE ECONOMETRICS! | The struggle is real
ฝัง
- เผยแพร่เมื่อ 29 พ.ย. 2020
- Hello,
This video provides some tips on how to cope with your first econometrics module.
Textbooks:
Wooldridge
www.amazon.co.uk/Introductory...
Brooks
www.amazon.co.uk/Introductory...
Link to the folder with the helpsheets I have created:
www.dropbox.com/scl/fo/yrukyi...
Love,
Meg x
P.S. Subscribe, it's free!
Want to contact me? Email me at:
mathswithmeg@gmail.com
Your lecturers/professors may respect you more if you do econometrics, which doesn't necessarily say a lot about the economics profession, but it's one way economists bridge the gap between humanities and science. In my experience, I did my graduate thesis on a topic using econometric models and maths and the lecturer in my viva was impressed and relieved after having read through 60 papers describing the French auto industry, or the economy of Indonesia. Most of all, the single best reason to persevere is that maths and statistics are skills that are in high demand in a range of industries if your goal is to get a job after graduation. I struggled with it, but ended up loving the challenge and by the end it was the most rewarding part of my degree course.
This is very true
Where can I read your thesis?
Thank you so much for this video. I'm not looking forward to this class, but ill just try and take it one day at a time and apply myself!
I've never seen someone as helpful as u are. Your students must be very lucky
I was looking for "Introductory Econometrics: A Modern Approach" and found out this video... I've already finished my studies here in Brazil, but I would like had seen this video when I was at university hahaha It was hard times studying this subject haha anyway, it is a good video, congrats!!
Thanks I needed this. Got to learn a whole module in 3 weeks!
Ouch! Good luck
I really recommend “real Econometrics” by Bailey. It’s the textbook I used in my econometrics class and I really loved it. It explains everything in a conversational and intuitive manner. It made the material a lot more accessible to me
Amazing. Thanks for the recommendation
Thank you for the advice and also for sharing the helpsheets. Last semester I barely passed an Econometrics I course which taught about Linear Regression, OLS and its assumptions, tbh it's a bit daunting. Now I take up on its second phase on Econometrics II so I try to lookup for advice on learning it and caught upon this video.
Thank you for the advice, I am still unable to comprehend most of the concepts in econometrics but whenever I read economic papers it always fascinates me about what kind of amazing insights we can discover with the usage of econometrics.
Looking forward for your future videos!
You've got this! Good luck
@@MegS-econ-maths Well, I survive it haha. My lecturer is an expert in international economics and applied econometrics so he is quite strict and is known as the most difficult econometrics lecturer to get along with in my faculty. But he said I passed a little bit of his expectation but I am lacking in practice.
To be honest, I don't know why but I struggle a lot to apply my econometrics knowledge into practice. Sure I know the theory behind time-series econometrics, or panel data and I am quite good in theoretical knowledge. But whenever I try to put the knowledge into practice, I always getting difficulty. For example when using software like E-Views, I don't know which stationarity test to use despite knowing the theory, or choosing optimal lag, etc.
By the way thanks for the book recommendation though, Wooldridge goes quite deep in introducing the panel data method which helps me a lot because our lecturer assigned each of us with specific econometrics subjects that to quote him "You must understand it better than your classmates" and I just get assigned with panel data regression model.
I think in this break between semester I will try to practice more and try to conduct mini research for practice. Do you have any tips to overcome this? Like turning the theoretical knowledge into practice?
@@m.ajiprasetyo7188 yeah, so the best way to get better at applying econometrics, really is to mess around with a dataset. This is why I like Wooldridge because they give datasets and the exercises for them
Plus, solutions can be found online. However, it uses Stata rather than E-Views and it isn't good for Time Series practice. For stationary testing though, the theory should help. It depends on the following: 1) is the data trended (easiest way to find this out is plot the data and see if the graph looks like it has a trend. 2) does it pass through the origin - again the graph would help with this. I find time series a lot easier to follow though and the online stuff much more intuitive. Keep going 😀
Hello Meg. I discovered your channel today and it is superb. Thank you for your all efforts. keep it up
Thank you for taking the time to leave such a nice comment.
Thank you so much for every single thing you shared! I'm applying for my masters and choosing a study track with econometrics so now I feel like I can actually make it 🤗
Ah best of luck with the applications!
Brilliant advice keep it up 👍🏼
Ben Lambert is great! Great Advice! Thanks!
I have been putting off doing MA economics because the thought of econometrics sends chills down my spine. But now I guess I will give it a go. Thank you
Good luck!
saaaaammmeeeee. I am currently doing my MA econs, I know what I'm going/getting into, still.... econometrics scares me to death lol
Hahaha. Be brave!!
Start the video at 3 mins for the real content. Proper explanations. really helpful
There's not enough graduate level econometrics videos that deal with estimators other than OLS like panel data, method of moments, instrumental variables, etc, at least not in detail. Textbooks are the way to go for those detailed equations that you can't find online.
Great way of breaking it down!
I am a massive math nerd and want to learn economics. I really want to get into econometrics!!
I used to be a math nerd, that's why I'm creating my academic/career path in economics because I want to "expand" my skill in mathematics. But now I'm a potato and econometrics scares the hell out of me lol
I needed this!!!
you saved my life...thanks so muchhhhh!❤
hey Meg! thanks for making this video, i quite like statistics and programming and am taking my first econometrics class next semester. I was wondering if you knew of any cool projects I can do to help me understand things better (that I can also talk about in my grad school applications lol)?
Hey, I can't say I know of any cool projects but there are plenty of intro econometrics textbooks out there that you could peruse to get ahead!
i can't relate because my lecturer is a once-in-a-lifetime talent. she makes it so simple as long as you're doing the work😁😁😁
This is great!
Where do you learn?
@@mv1y3eb2qs4 keele uni
I am SO lucky my lecturer will go so far in a 3rd year class as to define the notations hell, he will define the classic sum notation in class. So we literally get definition after definition after definition until its hammered in your brain meat.
Thank you for the video. Watching from Mumbai, 🇮🇳
hopefully i can pass this course this sem
Filled with a lot of hope :)
Thank you so much for this
Thank you for taking the time to comment
Quick question: when one is stating the GM assumptions in the exam at the outset, does it suffice to state only "Random Sampling" for MLR 2? Or should we ideally elaborate on what that actually means , to get the full marks?
Hi, does anyone know if there is a solutions set to the Introductory Econometrics textbook? Thanks.
Are the Wooldridge data sets available online for Stata? Or do we need the Prof to provide them? R-CRAN has a package with all of them for R but I can't find them for Stata.
Hey, great question. You can get them by typing a command in Stata. So first you need to run the command: ssc install bcuse
Then if you go on this website fmwww.bc.edu/ec-p/data/wooldridge/datasets.list.html it gives you all the codes for each dataset. Let me know if you get stuck
@@MegS-econ-maths That worked. You're awesome. Thanks!
The perquisite is linier algebra and real analysis. So yeah...
I just started my first class in econometrics today, I was thinking about taking this course seriously because the lecturer is strict. After hearing this, I have made up my mind. Thanks for the tips!😆
Good luck!!
im doing my MSc in econometrics and I am DYING. All this information in my head. But the professors are already extremely professional and experienced . Unless you did well in undergrad, you couldnt survive lol. But its quite difficult to memorise although i find it interesting
Hi Meg. could you also recommend any statistics book for who really hate statistics. thanks
The Brooks textbook in the description is more accessible!
Interesting! :D
hi, thank you for the tips!
are the helpsheets still available as the links don't work?
thanks in advance!
Hey! I've just tried the links to thw worksheets and they appear to be working. Could you try again and let me know, please.
Great video thank you for this. Even though econometrics isn't my favorite subject, it's mandatory at our university. Do you have any tips for reading books like this one? I struggle with skimming through pages, as it's not like a typical left-to-right read
I sympathise with your problem as I remember feeling the same way. I really recommend the example boxes that talk you through applying it data. Sometimes I would read the theory and not actually understand it until it has been applied. If there are particular topics in general that are causing you issues then let me know as I might know another source that explains that particular thing really well
I have the same problem, I'm not lazy with reading but econometrics makes me mentally exhausted
@@chisomokhuvulo6442 the beginning is definitely the worst bit as it is quite a steep learning curve
I failed this subject last term and will be required to resit on this August. The most difficult thing for me is all of the modules / equations are alphabets. I dont get the basic. My major is finance and I go for Economics postgraduate to diversify the skill, only to find my biggest mistake.
Ahhh, so sorry to read this. Hopefully your resit goes better.
I currently have no background in economics and barely in statistics. I’m taking an econometrics class right now and nothing makes sense. Do you have any recommendations on books or videos that will help me build a foundation?
There is a lot of books I can recommand to you "Econometric Analysis by William Green"
Ben Lambert has a full playlist for econometrics
This is a great book but it isn't beginner friendly.
not all heroes wear caps. Thank you
Business and Economic Analytics major here. I have to take Intro to Econometrics in two semesters :(
You’ve got this! Best of luck
I have no background in statistics have an econometrics class and I'm screwd now 😂 can barely solve the first exercises imagine...what do u recommend for beginners beginners ? I really should pass it
The Brooks textbook I mentioned explains things quite friendly and builds up from the beginning. Best of luck
I'm scared but thank you for info
Awwwh no, don't be scared!
I have 72 hours to learn my whole module. Zero lectures attended, no classes, and only 600 pages of wooldridge left to read. Have I got this? Feel like if I learn to love it it's in the bag
hahah oh dear. Attempt a past paper or something and see where the gaps in your knowledge are, after you've done some learning , of course. Best of luck
@@MegS-econ-maths I'm going to need it, LSE do not mess around.
I want to self learn econometrics I am willing to put in the hard work and all do you think it is possible (in highschool btw)
Hey! Econometrics is so vast but you could definitely self learn some cool stuff
Where can I find the solution to the exercices?
You used to be able to find them online on some random website. I'll have a look later and let you know
@@MegS-econ-maths please let me know the above info
many thanks
It is hard to make Econometrics fun???.....I find it hard to believe,although i may be a bit baised as i am a statistician and not an economist!!....We had econometrics instead of Advanced Regression analysis-2,and Ecotrix was pretty fun!!!......I would agree on one thing though that Econometric professors focus more on Jargon and less on intuitive understanding of econometric concepts and how they relate to Econ variables and Econ theory!!!......i would also love to recommend the book
"Basic Econometrics by Damodar Gujrati" which is more student friendly as compared to Woodridge!!.....
Unfortunately econometrics isn't a popular module 😔
Me watching this in the first year 👁👄👁
You’ll be ok!
I didn't get good marks in Econometrics basically failed now finals r near and I didn't study anything...But I wanna pass 😭 I don't know how...Allah help me
Ahh, sorry to hear this. Please study!
the drop box links dont work anymore :(
It'll be because I got rid of Dropbox. I'll sort out another way of sharing them
I have now updated the links :)
Is Econometrics just the study of how to do regressions properly?
I'm not sure econometricians would agree with this. Regressions are definitely a technique that econometrics relies on though.
I've got 1 week to study for my Econometrics exam and I feel like I'm so screwed, idk what to do tbh
Oh dear. Get your head down, start from the beginning and give it your best shot
@@MegS-econ-maths the grind starts now :) thank you
update: didn't pass the first phase exam by one question - mainly because I panicked in the questions about interpreting coefficients in the models. I'm pretty confident I'll have a good grade in the second phase :)
@@yahyeet3694 ah I'm sorry to hear that. I know lots of people struggle with that so you're not alone. My fingers are crossed for you.
@@MegS-econ-maths I got my grade back and I passed :) thank you for helping!
Hi, the links are not working - is there another way to access pls :)
Hi, I'll fix them today and re-comment once I've done so
Ok, I have put a new link, please let me know if it now works.
@@MegS-econ-maths Hi thanks so much!!
hey I can not access the helpsheets
please help
many thanks
I've checked the links, they should be working. Can you try again and let me know, please?
@@MegS-econ-maths Hey, I purchased the Wooldridge book
From where could I get the data sets for computer exercises?
@@ann-rm3vj hey, this website tells you the codes and the ssc install command that you need to use first to get them to work fmwww.bc.edu/ec-p/data/wooldridge/datasets.list.html
@@MegS-econ-maths thanks a ton Meg,
this means a lot
Could I have your email address, would love to connect with you via mail?
Many thanks again
@@ann-rm3vj you're welcome. There's one at the bottom of the description box - just as a forewarning, I check it rather sporadically, otherwise I would spend my whole life on my emails
I think econometrics is the mix of mathematics and statistics than economics itself kk. ➕📊
Yes, economics is widely regarded as applied maths and econometrics brings in the statistical element
Econometrics.... YA-aaaaaa... Aaayyy. 😂😂😂
I have just realized your video. I hope that you are still alive :) Because econometrics kills the human creature. I know many cases still the real killer is unknown. However, many police officers doubt regression analyses, time series, and so on :))
Hahaha love it
@@MegS-econ-maths :)
After 3 years later, as far as I understand you can speak, you can give lectures and so on, which is good. I hope you are going to get Nobel prize like Josh Angrist or Guido Imbens:) See you one more 3 years later if I didn't die in Stockholm...and Oscar goes to...sorry wrong alarm....and Nobel goes to Meg S :)))
Hello....Dear madam😁
Hey!
@@MegS-econ-maths nice way of explaination
@@MegS-econ-maths would you help me to speak English fluently....and through this u can grow your channel too....I am an Indian.
@@unknownenglishspeaker4533 tf, you defaming us Indians
Maybe this is the way you speak but I have to admit listening to you makes people very stressed. Maybe you are nervous. Try slowing down and avoid the desire to express a lot of content in a short period of time.
I'm just an overly excited individual all the time! Thanks for the feedback though :)
Meg, You are amazing just the way u are ❤
Mocreia
I cant catch you. Please speak slower
I do speak awfully fast, apologies
Watch at 0.75x I would suggest lol
@@xthrth1320 I agree 🤣
I hate Econometrics.....
😂😂
I finished it last year and it was awful lol
The textbook or econometrics?
@@MegS-econ-maths the class!
@@carbob9964 was about to say! Sorry to hear that!
@@MegS-econ-maths haha it’s ok I ended up doing pretty well but it was tough. I’m taking intermediate macro Econ right now and so far I’m doing well in it!
It's not bad, group coursework on the other hand... Trash.
Haha I HATED group coursework
Please speak slow
I already hate econometrics and you are making it more critical to understand 🤯
Definitely something I need to improve on
@@MegS-econ-maths yes
One whiteboard
One marker
@@amityadav-fc2it I wasn't teaching anything in the video so I didn't need a whiteboard
@@MegS-econ-maths yes i know
I no too hear wetin you dey talk abeg. Shr shrr accent ear and dear 😒
Use English next time.