Official economic indicator
Official Data Observatory
Load official economic indicators from Ceteris Lab's server export endpoint, plot a time series, calculate growth rates, and discuss limitations.
Module 1
Foundations of Econometrics
Core ideas for thinking like an applied econometrician: models, variables, error terms, data structures, and interpretation.
12 lessons3 to 4 hoursFoundational
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Module resources
0 quiz checks0 datasets2 notebooks
Lessons
1What is econometrics?How can we use data to answer economic questions?Open lesson2Economic model vs econometric modelHow is an idea different from a model we can estimate?Open lesson3Dependent and independent variablesWhich variable are we trying to explain?Open lesson4What is the error term?Why do econometric models include a term for what we did not measure?Open lesson5Types of economic dataWhy does the structure of a dataset matter?Open lesson6Cross-sectional dataWhat can we learn from many units observed at one point in time?Open lesson7Time-series dataWhat can we learn by tracking one variable through time?Open lesson8Pooled cross sectionsWhat happens when we combine cross-sectional samples from different periods?Open lesson9Panel dataWhy is it powerful to observe the same units over time?Open lesson10Correlation vs causationWhen does a relationship describe association, and when does it support cause and effect?Open lesson11Ceteris paribusWhat does it mean to compare while holding other factors fixed?Open lesson12First Python data exampleHow do we take the first small step from data to interpretation?Open lesson
Notebook labs
Notebook
First Python Data Example
Use Python to describe the wage and education relationship without overclaiming causality.
Scored review quiz
Module 1 review
These questions sample ideas from across the module. Answer all questions, submit once, then review the explanations and score.
0/12 answered
What is econometrics?
1. Which statement best captures the role of econometrics?
Economic model vs econometric model
2. What changes when an economic idea becomes an econometric model?
Dependent and independent variables
3. In a model explaining wage using education and experience, what role does wage play?
What is the error term?
4. Why does an econometric model include an error term?
Types of economic data
5. Why should students identify the data structure before choosing a method?
Cross-sectional data
6. Which example is cross-sectional?
Time-series data
7. What is distinctive about time-series data?
Pooled cross sections
8. What makes pooled cross sections different from panel data?
Panel data
9. Why can panel data be powerful for economic analysis?
Correlation vs causation
10. Why is a positive education-wage correlation not automatically a causal estimate?
Ceteris paribus
11. What does a ceteris paribus interpretation try to do?
First Python data example
12. After summarizing wage and education in Python, what is the most careful first interpretation?
Choices are shuffled each time the review starts.