Learn about data sources in economics.
- One of the first steps that you're going to take…when starting any kind of business intelligence…or data analytics project is to gather data.…All businesses out there have access to lots of data.…There's proprietary data,…often customer based from a particular firm,…and there's publicly available data,…such as that from the U.S. Census Bureau…or the Federal Reserve.…The data that you need is going to depend on the question…that you're asking and typically you're going to need…to use a mix of public and private data.…
So where can you get data like this?…Well there's three options.…First you can buy it.…For a lot of financial data out there…or very customized and specific data.…Buying it is your only choice.…Second, you can build your own data set.…Again, if you have access to company data…that's collected on say customers,…or based on specific data points about the market…you can often build a very powerful data set.…And third, and perhaps most under appreciated…by much of the market today,…is that you can gather data, for free.…
Professor Michael McDonald demonstrates how to harness the wealth of information available on the Internet to forecast statistics such as industry growth, GDP, and unemployment rates, as well as factors that directly affect your business, like property prices and future interest rate hikes. All you need is Microsoft Excel. Michael uses the built-in formulas, functions, and calculations to perform regression analysis, calculate confidence intervals, and stress test your results. He also covers time series exponential smoothing, fixed effects regression, and difference estimators. You'll walk away from the course able to immediately begin creating forecasts for your own business needs.
- Identify a good source of free data.
- Name the term for the estimate of the impact of an X variable on a Y variable.
- Tell which statistic offers a bounds on the estimate of the impact of an X variable on a Y variable.
- Assess the type of variable that can be used to capture fixed effects.
- Cite the method by which a forecast can be done with a regression.