伍德里奇习题答案全面

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1、d7/14/994:34PMPage1ChapterOneTheNatureofEconometricsandEconomicDatahapter1discussesthescopeofeconometricsandraisesgeneralissuesthatresultCfromtheapplicationofeconometricmethods.Section1.3examinesthekindsofdatasetsthatareusedinbusiness,economics,andothersocialscience

2、s.Section1.4providesanintuitivediscussionofthedifficultiesassociatedwiththeinferenceofcausalityinthesocialsciences.1.1WHATISECONOMETRICS?Imaginethatyouarehiredbyyourstategovernmenttoevaluatetheeffectivenessofapubliclyfundedjobtrainingprogram.Supposethisprogramteache

3、sworkersvariouswaystousecomputersinthemanufacturingprocess.Thetwenty-weekprogramofferscoursesduringnonworkinghours.Anyhourlymanufacturingworkermayparticipate,andenrollmentinallorpartoftheprogramisvoluntary.Youaretodeterminewhat,ifany,effectthetrainingprogramhasoneac

4、hworker’ssubsequenthourlywage.Nowsupposeyouworkforaninvestmentbank.Youaretostudythereturnsondif-ferentinvestmentstrategiesinvolvingshort-termU.S.treasurybillstodecidewhethertheycomplywithimpliedeconomictheories.Thetaskofansweringsuchquestionsmayseemdauntingatfirst.A

5、tthispoint,youmayonlyhaveavagueideaofthekindofdatayouwouldneedtocollect.Bytheendofthisintroductoryeconometricscourse,youshouldknowhowtouseecono-metricmethodstoformallyevaluateajobtrainingprogramortotestasimpleeco-nomictheory.Econometricsisbaseduponthedevelopmentofst

6、atisticalmethodsforestimatingeconomicrelationships,testingeconomictheories,andevaluatingandimplementinggovernmentandbusinesspolicy.Themostcommonapplicationofeconometricsistheforecastingofsuchimportantmacroeconomicvariablesasinterestrates,inflationrates,andgrossdomes

7、ticproduct.Whileforecastsofeconomicindicatorsarehighlyvisibleandareoftenwidelypublished,econometricmethodscanbeusedineconomicareasthathavenothingtodowithmacroeconomicforecasting.Forexample,wewillstudytheeffectsofpoliticalcampaignexpendituresonvotingoutcomes.Wewillco

8、nsidertheeffectofschoolspendingonstudentperformanceinthefieldofeducation.Inaddition,wewilllearnhowtouseeconometricmethodsforforecastingeco