After successful completion of this course, a student can
- understand the Gauss-Markov assumptions and critically evaluate the implications of these assumptions;
- be familiar with the least-squares estimation and the properties of its estimator;
- explain the concepts of unbiasedness, consistency, and homoskedasticity;
- state the problems caused by heteroskedasticity;
- use the freely available computer program GRETL to organize and analyze economic data.