Writing an Empirical Research Report, and Sources of Economic Data Adapted from Vera Tabakova’s...

Chapter 17

Writing an Empirical Research Report, and

Sources of Economic Data

Adapted from Vera Tabakova’s

ECON 4551 Econometrics IIMemorial University of Newfoundland

Chapter 17: Writing an Empirical Research Report, and Sources of Economic Data

17.1 Selecting a Topic for an Economics Project

17.2 A Format for Writing a Research Report

17.3 Sources of Economic Data

Slide 17-2Principles of Econometrics, 3rd Edition

17.1.1 Choosing a Topic

Select an area of interest and identify a problem you

wish to work on.

Economic theory?

Research question from current events?

Historical analysis?

Consider less conventional areas of economics (behavioural

economics, economic history, labour/health economics, economics of

the family, environmental economics, sports economics, etc.)



Select an area of interest and identify a problem you

wish to work on.

Find inspiration is textbooks and economics journals: you do not

have to be 100% original, just find an original contribution

You do not have to use the latest cutting edge type of analysis!

Apply earlier analysis to new data? Consider replicating previous

analyses with a twist

Apply new analysis to old data?



Find suitable and readily available data.

Do not think that you will be able to find data for any given problem eventually:

you probably won’t!!!

Ideally find data that has been tried before, so potential problems have been

addressed

Use reliable sources of well documented data




Consider carefully the type of data you want to use: what type of variable is the

dependent variable?

Data structure: cross-section, panel? Time-series are readily available for

macrodata, but can you handle time series analysis?

Will you learn the necessary techniques in time? Check the syllabus!




Make sure your data makes sense

You have enough variability to work with

Large enough sample size



Learn the econometric procedures that are appropriate for

analyzing the data, and implement them on the computer.

Check the course syllabus and consult me if in doubt

You might not need to use the most complex type of analysis!



If you feel you are stuck for a topic go find data: the data and

some thinking might just give you the inspiration you need!


17.1.2 Writing an Abstract

The abstract should be short, usually no more than 500 words (100 to 200 best), and should include:

1. a concise statement of the problem;

2. comments on the information that is available with one or two key references;

3. a description of the research design that includes:i. the economic model,

ii. the econometric estimation and inference methods,

iii. data sources,

iv. estimation, hypothesis testing and prediction procedures; and

4. the potential contribution of the research.



1. Statement of the Problem

Summary of the questions you wish to investigate, why they are

important and who should be interested in the results.

This introductory section should be non-technical and it should

motivate the reader to continue reading the paper.

Useful to map out the contents of the following sections of the

report.Slide 17-11Principles of Econometrics, 3rd Edition


2. Review of the Literature

Briefly summarize the relevant literature in the research area you

have chosen and clarify how your work extends our knowledge.

Identify gaps in the literature and how your paper advances our

knowledge

Cite the works of others who have motivated your research, but keep

it brief: no need to survey everything ever written on the topic.Slide 17-12Principles of Econometrics, 3rd Edition


3. The Economic Model

Specify the economic model you used, and define the economic

variables.

State model’s assumptions and identify hypotheses that you wish to

test.

Your task is to explain the model clearly, but as briefly and simply

as possible. Don’t use unnecessary technical jargon. Use simple

terms instead of complicated ones when possible.



4. The Econometric Model

Discuss the econometric model that corresponds to the economic

model.

Make sure you include a discussion of the variables in the model,

the functional form, the error assumptions and any other

assumptions that you make.

Use notation that is as simple as possible, and do not clutter the

body of the paper with long proofs or derivations (use technical

appendix!)Slide 17-14Principles of Econometrics, 3rd Edition


5. The Data

Describe the data you used, the source of the data and any

reservations you have about their appropriateness.

Consider including variable definitions table and summary

descriptives table

Identify the source of each variable



5. The Data

Get a “good feel for the data”: summarize, graph, tabulate, handle

carefully and label every transformation

Study outliers (and then influential observations with care)

Consider carefully what to do about missing data

Document every step and every transformation (use script files?)



5. The Estimation and Inference Procedures

Describe the estimation methods you used and why they were chosen.

Explain hypothesis testing procedures and their usage.



7. The Empirical Results and Conclusions

Report parameter estimates, their interpretation and the values of

test statistics.

Comment on their statistical significance, their relation to previous

estimates and their economic implications.

8. Possible Extensions and Limitations of the Study

What future research is suggested by your findings and how might

you go about it? Slide 17-18Principles of Econometrics, 3rd Edition


9. Acknowledgments

9. It is appropriate to recognize those who have commented on and contributed to

your research. This may include your instructor, a librarian who helped you

find data, a fellow student who read and commented on your paper.

10. References

9. An alphabetical list of the literature you cite in your study, as well as references

to the data sources you used. Format them consistently!!! (See how other

economists do it. Consult “guide for authors” of journals!)

10. Consult Writing Centre and Library Resources for this!!! Slide 17-19Principles of Econometrics, 3rd Edition


17.3.1 Links to Economic Data on the Internet Resources for Economists (RFE) [http://www.aeaweb.org/rfe/

US Macro and Regional Data Here you will find links to various data sources

such as the Bureau of Economic Analysis, Bureau of Labor Statistics,

Economic Reports of the President, and the Federal Reserve Banks.

Other US Data Here you will find links to the US Census Bureau, as well as

links to many panel and survey data sources. The gateway to US Government

agencies is FedStats [http://www.fedstats.gov/].


http://www.fedstats.gov/


World and Non-US Data Here there are links to world data, such as the CIA

Factbook, and the Penn World Tables. International organizations such as the

Asian Development Bank, the International Monetary Fund, the World Bank,

etc.

Finance and Financial Markets Here there are links to sources of US and

world financial data on variables such as exchange rates, interest rates and

share prices.

Journal Data and Program Archives Some economic journals post data used

in articles.



Business and Economics Datalinks

[http://www.econ-datalinks.org/] is a site maintained by the Business

and Economics Statistics Section of the American Statistical

Association. It provides links to economics and financial data sources

of interest to economists and business statisticians, along with an

assessment of the quality of each site.


http://www.econ-datalinks.org/


Resources for Econometricians: A link which contains a range of

resources for econometricians is Econometrics Journal online. The

specific link to data sources is:

http://www.feweb.vu.nl/econometriclinks/#data

Economagic [http://www.Economagic.com/] is an excellent and

easy-to-use source of macro time series (some 100,000 series

available). The data series are easily viewed in a copy and paste

format, or graphed. Slide 17-23Principles of Econometrics, 3rd Edition

http://www.feweb.vu.nl/econometriclinks/#data

http://www.economagic.com/


Data web sites are constantly being created. Some recent examples

include:

Time-Web: http://www.bized.ac.uk/timeweb/

Statistical Resources on the Web:

http://www.lib.umich.edu/govdocs/stats.html

Business, Financial and Economic Data:

http://www.forecasts.org/data/


http://www.bized.ac.uk/timeweb/

http://www.lib.umich.edu/govdocs/stats.html

http://www.forecasts.org/data/


17.3.1 Traditional Sources of Economic Data International Financial Statistics (IMF, monthly)

Basic Statistics of the Community (OECD, annual)

Consumer Price Indices in the European Community (OECD, annual)

World Statistics (UN, annual)

Yearbook of National Accounts Statistics (UN, annual)

FAO Trade Yearbook (annual).



Survey of Current Business (BEA, monthly)

Handbook of Basic Economic Statistics (BES, monthly)

Monthly Labor Review (BLS, monthly)

Federal Reserve Bulletin (FR, monthly)

Statistical Abstract of the US (BC, annual)

Economic Report of the President (annual)

Agricultural Statistics (USDA, annual)

Agricultural Situation Reports (USDA, monthly)

Economic Indicators (Council of Economic Advisors, monthly).Slide 17-26Principles of Econometrics, 3rd Edition


Stata website will have a lot of practice datasets and most

textbooks (including yours will have a wealth of example

datasets available in Stata, Excel, GRETL, formats)

GRETL can easily handle STATA files

Also, some researchers will make data available through their

websites…

Or, if needed, ask them for the data


17.3.3 Interpreting Economic Data

A useful resource:

A Guide to Everyday Economic Statistics, 6th Edition [Gary E.

Clayton and Martin Gerhard Giesbrecht (2003) Boston:

Irwin/McGraw-Hill].


Writing an Empirical Research Report, and Sources of Economic Data Adapted from Vera Tabakova’s...

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