1 Quiz 2 EMET8002 Semester 2 2020 Quiz 2 is worth 25% of your final mark. There are three questions and each of these questions is weighted equally within this assignment. You can work on these questions in your own time and you need to submit your answers through the Turnitin link on Wattle any time before the due date. Question 1 - Approx 500 words This question does not require you to undertake any analysis yourself. Rather, you are being asked to critique an existing paper. Choose one of the following recent NBER papers for this part of the assignment: • https://www.nber.org/system/files/working_papers/w28032/w28032.pdf • https://www.nber.org/system/files/working_papers/w28040/w28040.pdf • https://www.nber.org/system/files/working_papers/w27969/w27969.pdf Based on the paper that you have chosen, answer the following questions in your own words. 1a) What are the research questions and what are the main data analysis techniques used to test those research questions? Describe at least one of those techniques in detail 1b) What are some of the assumptions that the authors make in the paper? 1c) How could the analysis be extended using a different technique covered in the course, or by transforming or interacting one or more of the variables? Question 2 – Approx 500 words This question does not require you to undertake any analysis yourself. Rather, you are being asked to write a brief report with recommendations for a hypothetical research team. They are considering a potential research project to analyse which factors have a significant impact on the general health of adults. Your main outcome variable is self-assessed health. Respondents are asked to rate their general health on a scale from 1 to 5 which is defined as follows: 1 Excellent 2 Very good 3 Good 4 Fair 5 Poor 2a) Suggest and describe a suitable dataset to conduct this type of analysis. You can choose ONE of the following options: 2 i) An existing dataset. In this case, include a discussion of the advantages and limitations of this dataset. ii) A survey that the researchers will need to design themselves. In this case, include some suggestions of appropriate sampling techniques. 2b) Select 2-3 key variables which you consider the main factors that could affect general health. Make sure to support this with available literature. 2c) Come up with a specific research question that relates at least one of your key variables from your answer in part 2b) to the outcome variable (general health as described above). Set up a formal hypothesis test. 2d) Describe the analytical technique or techniques that you would propose to the research team and explain how you made this choice. What assumptions would you be making and how might you be able to test those assumptions (if possible)? Question 3 – Approx 500 words This question requires you to undertake your own analysis based on the dataset “time_series_data.dta” (available on Wattle). It contains data of five Australian macroeconomic variables (sourced from the World Bank). The definitions of each variable as provided by the World Bank are summarised in the Table below: Foreign direct investment, net inflows (BoP, current US$) Foreign direct investment refers to direct investment equity flows in the reporting economy. It is the sum of equity capital, reinvestment of earnings, and other capital. Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy. Ownership of 10 percent or more of the ordinary shares of voting stock is the criterion for determining the existence of a direct investment relationship. Data are in current U.S. dollars. Inflation, consumer prices (annual %) Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used. Gross savings (% of GDP) Gross savings are calculated as gross national income less total consumption, plus net transfers. GDP per capita growth (annual %) Annual percentage growth rate of GDP per capita based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP per capita is gross domestic product divided by midyear population. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Real interest rate (%) Real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator. The terms and conditions attached to lending rates differ by country, however, limiting their comparability. 3a) Describe an economic research question that can be analysed with this data. The outcome variable must come from this dataset, but you are allowed to include additional explanatory 3 variables from other datasets if necessary (all data sources need to be clearly referenced). State your null and alternative hypotheses. 3b) Briefly describe the main techniques for setting up time series data before doing any analysis. Perform this in Stata and briefly explain what you find and what this implies for your following analysis. 3c) Describe a suitable model to test your hypothesis from part 3a. 3d) Estimate the model from part 3c to test your hypothesis from part 3a. Present your findings in a Table and interpret the sign and the statistical significance of the coefficients. Do you find evidence to support your research hypothesis? Explain. Include your code in your assignment submission.
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