Introductory Econometrics
Task:
Write an essay on:
‘Mortality rate of Covid-19 and medical resources of a country: global evidence’
which investigates what factors affect the mortality rate of Covid-19, using empirical evidence established with econometric methods (such as regression estimation and hypothesis testing).
The above title is suggestive, just for you to know the theme of the essay. And you should design your own.
Format and content:
Use a standard format for essays, e.g., ‘Introduction’, ‘Conclusion’ etc. You have full discretion on deciding how many sections to have and what they are called.
Your essay MUST including the following contents (however you may like to organise them):
1) Estimate the benchmark regression with one dummy variable chosen by yourself. The benchmark regression is given by:
ππ π = πΌ + π½1π»ππ + π½2π΅πππ + π½3π·πππ + π½4ππ’ππ + πΎπ·π + ππ
Where:
MR=Mortality rate (Unit: %. Eg. if 2%, put ‘2’ for variable value) HS=Total health spending (US dollars/capita)
Bed=Hospital beds per 1000 inhabitants Doc=Practising doctors per 1000 inhabitants Nur=Nurses per 1000 inhabitants
D=dummy variable (Considered by yourself. Eg. Whether European country? Whether developed country? Whether country with aging population? You can try anything you are interested)
ε=error term which satisfies the standard OLS assumptions.
*Except for MR and D, all original data collected need to be converted to the natural logarithm of them for them to be used for the regression.
2) Evaluate the significance of each variable individually, as well as all of them jointly, plus interpretation. (Feel free to just judge with the p-values; decide significance level by yourself; no need to write H0 etc. Just report results in a table and explain/discuss, remembering this is an essay).
3) Consider potential problem of omitted variables of the benchmark regression. Check with a test and provide a brief discussion?
4) Your sample is likely to be small (less than 40 observations). Provide some discussions on potential issues of using a small sample from the econometric viewpoint?
Length requirement: no more than 2,000 words, excluding all tables/figures/references/appendices. (LC may be saying this is a 3,000-word work; this is ok. I set 2,000 here where I have taken into account your workload on Eviews and finding the data.)
Further supporting advice:
a) Note that Eviews 11 student lite version is free for download at: http://www.eviews.com/EViews11/EViews11Univ/evuniv11.html
Note that this allows you to use Eviews 11 for free, for 1 year. All functions work as usual. But notice that this free version doesn't support ‘save’. However I DO NOT require you to send me any Eviews file for this work, because it is an essay. Eviews in this case is more like a ‘calculation’, for you to find the correct numbers only.
However notice that, in our benchmark regression we have subscript ‘i’, instead of ‘t’. This is because here we are dealing with cross-sectional data (p.11 L1), rather than time series data. (At the same time, notice that ‘panel data’ in L16 is a combination of them. But we don’t do that here because we don't have sufficient time series information, but only ‘latest’ data for each country)
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