Generate the Econometric Model - Economics Assignment Help

Assignment Task

Build and estimate an econometric model to explain consumption levels.

1. Generate the econometric model (create the equation using word equation editor option)
2. Run OLS regression for each country separately
3. As diagnostic testing is an important part of model specification in econometric analysis, we conducted diagnostic testing for estimated OLS model under following five categories. Run the diagnostic test for each country for checking OLS conditions and generate the results using STATA command and include the results in table/ graph format.

i. Checking Normality distribution of residuals

ii. Checking for Serial correlation

iii. Checking for Homoscedasticity

iv. Checking for Multicollinearity

v. Checking for Model Specification A model specification error can occur when one or more relevant variables are omitted from the model or one or more irrelevant variables are included in the model.

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