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econ4003_in_course_assessment_dataset.xlsx

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Subject of Economics
Practical Skills Assessment Instructions
Course: Econometrics 1, ECON4003
Submission Deadline: 12:00 Noon on Tuesday, 28 November 2017
Instructions to Students:
? Submit your assignment according to the submission instructions in the assessment
section on Moodle.
? Pay attention to the proper format of citations and references
? Please note that this assignment will be screened for plagiarism.
? Word Limit: 1000
o Excludes appendix, references, bibliography, graphs and tables.
o Word limit must be strictly adhered to.
o Please include a word count on your final submission
? Font: Size 12, Arial
? Spacing: 1.5
? Margins: Normal (2.54cm)
Assignment Instructions:
General Instructions:
The students should:

explain all steps in their analysis and their findings.

create their own tables with results, rather than copying directly computer output.
Instructions for the Exercise:
For the practical skills assessment, use the data file MRW.xls, which contains data on output per worker
in a variety of years for a variety of countries, investment, educational attainment, population growth
rates and a number of other variables that may be relevant for economic growth performance of
economies. This data is obtained from the seminal paper published in the Quarterly Journal of
Economics in 1992, where Mankiw, Romer and Weil tested the key implications of the Solow growth
model.
1
It includes the following variables for 75 countries: (i) output per capita in 1960 and 1985 (appearing in
the excel sheet by as GDPADULT60 and GDPADULT85, respectively); (ii) the average investment to
GDP ratio for the 1960-1985 period (appearing in the excel sheet as INV_GDP_RATIO); (iii) the average
of the percentage of working age population which is enrolled in the secondary school for the 19601985 period, as a proxy for the human capital attainment (appearing in the excel sheet as
HUM_CAP_ACC). For each variable, there is one observation per country.
1) (20 Points) Create a scatter plot of the growth rate of GDP per capita between 1960 and 1985
against the levels of output per worker in 1960. Do you see a negative or a positive relationship?
Using a regression of growth rates between 1960 and 1985 on the natural logarithm of output
per worker in 1960, provide additional evidence consistent with the scatter plot.
2) (20 Points) Regress average growth rates between 1960 and 1985 and the natural logarithm
of investment over GDP. Next, add natural logarithm of schooling rate as an additional
explanatory variable. Provide an explanation for the differences in R-squared and adjusted Rsquared across both models.
3) (30 Points) After running a regression of average growth rates between 1960 and 1985 on the
levels of output per worker in 1960, natural logarithm of investment over GDP and natural
logarithm of schooling rate:
a) Provide an interpretation for each estimated coefficient.
b) Comment on whether the estimated coefficients are in line with economic theory as well as
your intuition.
c) Construct the 90 % and 95 % confidence intervals for each estimated coefficient.
d) Test the hypothesis of conditional convergence, i.e. the hypothesis that the countries with
lower per capita income level in the past show a higher growth performance.
4) (30 Points) Augment the model for testing if African countries have shown a higher growth
performance between 1960 and 1985 than the rest of the World, after controlling for other
factors. In doing so, first write down the model that you are estimating, then formulate the
hypothesis and finally provide the estimation results and the result of the test of this hypothesis.
2
ECON4003 Practical Skills Assignment: Additional Documentation
2017/18
MANKIW, ROMER, AND WEIL (1992) Dataset for 75 Intermediate Income Countries
COUNTRY
Algeria
Argentina
Australia
Austria
Bangladesh
Belgium
Bolivia
Botswana
Brazil
Burma
Cameroon
Canada
Chile
Colombia
Costa Rica
Cote d`Ivoire
Denmark
Dominican Republic
Ecuador
El Salvador
Ethiopia
Finland
France
Germany
Greece
Guatemala
Haiti
Honduras
Hong Kong
India
Indonesia
Ireland
Israel
Italy
Jamaica
Japan
Jordan
Kenya
Korea, Republic of
Madagascar
Malawi
Malaysia
Mali
Mexico
GDPADULT60 GDPADULT85 INV_GDP_RATIO HUM_CAP_ACC
2485
4371
0.241
4.5
4852
8440
5533
13409
0.253
0.315
5
9.8
5939
846
6789
1618
959
1842
517
889
10286
5189
2672
3360
1386
8551
1939
2198
2042
532
6527
7215
7695
2257
2481
1096
1430
3085
978
879
4411
4802
4913
2726
3493
2183
944
1285
1194
455
2154
737
4229
13327
1221
14290
2055
3671
5563
1031
2190
17935
5533
4405
4491
1704
16491
3308
4504
1997
608
13779
15027
15297
6868
3034
1237
1822
13372
1339
2159
8675
10450
11082
3080
13893
4312
1329
4775
975
823
5788
710
7380
0.234
0.068
0.234
0.133
0.283
0.232
0.114
0.128
0.233
0.297
0.18
0.147
0.124
0.266
0.171
0.244
0.08
0.054
0.369
0.262
0.285
0.293
0.088
0.071
0.138
0.199
0.168
0.139
0.259
0.285
0.249
0.206
0.36
0.176
0.174
0.223
0.071
0.132
0.232
0.073
0.195
8
3.2
9.3
4.9
2.9
4.7
3.5
3.4
10.6
7.7
6.1
7
2.3
10.7
5.8
7.2
3.9
1.1
11.5
8.9
8.4
7.9
2.4
1.9
3.7
7.2
5.1
4.1
11.4
9.5
7.1
11.2
10.9
10.8
2.4
10.2
2.6
0.6
7.3
1
6.6
ECON4003 Practical Skills Assignment: Additional Documentation
Morocco
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Pakistan
Panama
Paraguay
Peru
Philippines
Portugal
Senegal
Singapore
South Africa
Spain
Sri Lanka
Sweden
Switzerland
Syria
Tanzania
Thailand
Trinidad &Tobago
Tunisia
Turkey
United Kingdom
United States
Uruguay
Venezuela
Zambia
Zimbabwe
1030
7689
9523
3195
1055
7938
1077
2423
1951
3310
1668
2272
1392
2793
4768
3766
1794
7802
10308
2382
383
1308
9253
1623
2274
7634
12363
5119
10367
1410
1187
2348
13177
12308
3978
1186
19723
2175
5021
3914
3775
2430
5827
1450
14678
7064
9903
2482
15237
15881
6042
710
3220
11285
3661
4444
13331
18988
5495
6336
1217
2107
2017/18
0.083
0.258
0.225
0.145
0.12
0.291
0.122
0.261
0.117
0.12
0.149
0.225
0.096
0.322
0.216
0.177
0.148
0.245
0.297
0.159
0.18
0.18
0.204
0.138
0.202
0.184
0.211
0.118
0.113
0.317
0.211
3.6
10.7
11.9
5.8
2.3
10
3
11.6
4.4
8
10.6
5.8
1.7
9
3
8
8.3
7.9
4.8
8.8
0.5
4.4
8.8
4.3
5.5
8.9
11.9
7
7
2.4
4.4

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