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Introduction to Eviews

Introduction to Eviews. Eviews Workshop September 6, 2012 2:30 p.m.-3:30 p.m. Workshop Outline. Opening Eviews How Eviews manages data Importing data Summary statistics Creating and changing a series Running Regressions Performing basic tests Working with commands

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Introduction to Eviews

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  1. Introduction to Eviews Eviews Workshop September 6, 2012 2:30 p.m.-3:30 p.m.

  2. Workshop Outline • Opening Eviews • How Eviews manages data • Importing data • Summary statistics • Creating and changing a series • Running Regressions • Performing basic tests • Working with commands • Saving your workfilesand textfiles

  3. Eviews Access • To access Eviews use an EconLab computer or a remote desktop connection. • To connect remotely, go to start, remote desktop connection, type “sas.coloradocollege.edu” into the computer field and connect using your CC username and password.

  4. EViewsWorkfile • The workfile is the central place to keep and save all your work Your workfile saves your groups (data), tables, equations, variables, and graphs in one convenient location. Constant in the model Series Equation Graph Group

  5. Using Workfiles • To create a new workfile -FileNewWorkfile • Data Structure • Time SeriesDated/Regularfrequency +Data Range • Cross Sectional Undated/unstructured # of observations • Panel balanced panel • Save & Name • New Pages • By clicking on the “New Page” label at the bottom of the workfile you can create new pages

  6. Exercise 1 • Download the workshop data from the Economics and Business Webpage • Open the Excel file EviewsLab_data, use the Macro Sheet. • Create a new workfile for today’s workshop

  7. Importing Data • Copy and Paste Method • At the top, click QuickEmpty Group • Click on Cell 1 and press the “up” arrow on the keyboard • Open Excel and copy data • Paste data into EViews cell 1

  8. Directly Importing Data from Excel • To import directly, • After creating a new workfile • Close the excel file • FileImportimport from file • Browse for file • nextnextfinish

  9. Exercise 2 • Import Macro Data into Excel by copy and paste • Import Micro Data into Excel by direct import (you’ll need to create a second workfile)

  10. Finding Summary Statistics • To display the summary statistics, show the group of variables that you want to summarize • QuickGroup Statistics Descriptive Statisticscommon sample

  11. Exercise 3 • Using the Macro Data, create a group for your independent variables • Find the standard deviation for each variable

  12. Generating New Variables • To generate new variables, go to your workfile. • Click on the Genr tab, and then type the equation you want for your new variable. • When you hit enter, your new variable will appear in the workfile. • To create a lag variable type variable(-1)

  13. Running Basic Regressions • Creating a new Equation • In your workfile: • Quick Estimate Equation

  14. Estimating Equation Separated by spaces: *dependent variable *constant, c *independent variables (or group) Type of regression Sample Range

  15. Econometric Tests and Corrections Estimate—modify regression Output of Equation Window To run tests Regression Summary Stats—this current view Coefficient Summary Name your equation to save Statistics

  16. Residuals-test for normality • In your equation view --View Actual, Fitted, ResidualResidual Graph

  17. Plotting Residuals Versus Fitted Values • To generate fitted values • In equation view: Forecast click ok • Go to workfile: Object  New Object graph • Graph resid “variablef” • Go to options typescatter

  18. Testing for Normality • In equation view • View Residual DiagnosticsHistogram-Normality Test • Look at Jarque-Berastat

  19. Correcting for Normality Problems • To fix normality problems: you may need to change the functional form of your model

  20. Testing for Heteroskedasticity • In equation view: • View Residual Tests Heteroskedasticity Tests • Choose Test (typically White) • Look at Chi-Square value from table

  21. Correcting for Heteroskedasticity • In equation view • Estimate options change coefficient covariance matrix to White White Corrected

  22. Testing for Multicollinearity • Create a correlation matrix • Show your independent variables • View covariance analysis • Select “correlations” (unselect “covariance”) • Off diagonal values should be less than 0.6

  23. Exercise 4 • Plot your fitted values vs. residuals • Check for Normality of errors • Check for multicollinearity • Check for heteroskedasticity

  24. Getting Help • For general instructions and commands: • Visit the EViews PDFs • Go to start Programs Eviews7 Click on Command Reference or User Guides

  25. Questions? If you have additional questions after today please stop by Palmer 101 F or email Cassandra.M.Benson@ColoradoCollege.edu

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