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Basic Information
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Location: Helsinki
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Time: Academic year 2009-2010
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Application form
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Deadline for applications:
August 28, 2009
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Please note that the applicants will be informed of their acceptance
after the deadline at the latest
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The course is divided in two parts. In total the
course includes 48 hours of lectures and 24 hours of exercises, two
midterm exams and/or a retake exam
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FDPE recommends that the course is acknowledged
by the student's own university/department with 8 ECTS credit points
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Teaching Staff
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Instructor: Professor
Timo Kuosmanen (Aalto
University School of Economics),
part I and II
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Teaching assistant:
Elias
Einiö (University of Helsinki), part I and II
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Course Requirements and Exams
To pass the course the student must:
- take two midterm exams: the first midterm exam is arranged in the autumn
term and the second midterm exam is arranged in the spring term;
AND/OR
- take a retake exam in the spring term (part I and II must be examined
together);
AND
- get 40 % of the combined maximum points of the two midterm exams or the
retake exam (at the minimum)
AND
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write a term paper (consisting of an independent empirical study) which
will be part of the final grade.
- The final grade consists of two midterm exams or a retake exam (70% of
the final grade) and the term paper (30% of the final grade).
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To take the exams the student must:
- solve at least 50% of the given problems (separately for part I and part
II) "showing good effort" so that the principles of solutions are correct.
- This is a prerequisite for taking both the midterm exams and the retake
exam.
Please note that the students' home departments are responsible for
registering the grades according to their own requirements. FDPE gives the
students, on request, a certificate of the courses passed within the programme.
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Topics
Topics covered in the course include:
- maximum likelihood estimation
- GLS estimation
- instrumental variables
- dynamic models
- simultaneous equations
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How to Prepare Yourself for the
Course
- Instructions on how to prepare yourself for the FDPE course on
Principles of Econometrics by Professor Kuosmanen:
Buy the textbook [W. Greene 2007, Econometric Analysis, 6th Edition, Pearson
Education] now (unless you already have it), and study Appendices A-C carefully
before the first lecture of the course. These appendices provide concise
summaries of some basic facts about matrix algebra (A), probability and
distribution theory (B), and estimation and inference (C), which you are
expected to know already. This knowledge is necessary for you to effectively
follow the lectures and especially the textbook (which uses a heavy dose of
matrices and vectors). Since this is an advanced level econometrics course, we
cannot spend time for reiterating these elementary topics during the lectures.
If the topics of Appendices A-C are familiar to you, you may just quickly glance
through the material. If not, then more thorough self-study may be necessary.
Study the material in Appendices A-C directly, and use some introductory /
intermediate level texts dealing with these topics (can be math or statistics,
preferably texts you have used in your earlier studies) as additional reference.
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Instructions on how to prepare yourself for the 1st year FDPE core
courses
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