Econometrics: Labor Markets
Course Description
Summary
This course introduces students to econometric approaches to asking and answering questions about the economy, with a specific focus on labor markets. We will analyze data sets to explore socioeconomic questions centered around labor such as: What factors affect a person’s income, and how do we know? How might we investigate the main causes of unemployment? What is the relationship between unemployment and inflation? Between unemployment and GDP? Students will learn how to run regressions using the Stata statistical software package. Though we will work with cross-sectional data in our regression analysis, students will also gain exposure to time series and panel data in our use of Federal Reserve Economic Data (FRED). We will think critically about the quantitative methods that we practice, evaluating their strengths, limitations, and intellectual history.
(Please note: Students who have already taken Metrics of Prosperity II: Labor Markets will not be able to enroll in the course).
Learning Outcomes
- Understand how economists think about causality and science, with an emphasis on labor markets.
- Recognize and interpret neoclassical and institutionalist perspectives on labor markets.
- Gather data, run regressions, and interpret results using the software program Stata.
- Evaluate the benefits and limits of econometric approaches to analyzing socioeconomic data.
- Reflect upon and synthesize material from the course in the form of written assignments, problem sets, and discussion.
- Build foundations for advanced study in statistics, econometrics, and other quantitative research.
- Practice critical thinking within a supportive learning community.