Minimum Wages & Employment: Fast-Food Industry- Order Econometric Assignment

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Task: Workflow For further information or query regarding any academic assistance, visit www.myassignmentbank.com. You can also contact us by calling +61 2 8294 2025 or by sending an email to contact@myassignmentbank.com. The project is usually done by following these steps: (i) posing an empirical question; (ii) review relevant literature; (iii) collect and clean data; (iv) run econometric analysis; (v) write your term paper. Provided that you work as a group, the division of labor is up to you. This section focuses the first four steps. I cannot emphasize enough the importance of literature review. Students tend to skip this step. Literature review is useful at least for three reasons. (i) It helps to argue the importance of your topic and how much interesting is your project. An “interesting” project is new relative to the literature. Without literature review, you cannot argue that. (ii) The published paper will usually mention their data source. It helps you to find your data. (iii) The literature will discuss their econometric models and potential issues. For example, “endogeneity” is a common issue in empirical studies. You may find some good instrumental variables by reading the literature. I have demonstrated how to search for literature using google scholar in class. 1.1 Question You need to find your own question, not me. The topics can be any interesting empirical question in economics. To give you some examples, how does unemployment insurance affect labor supply in the U.S. (Krueger and Meyer, 2002); how does family income affect child achievement (Dahl and Lochner, 2012); how does mortgage credit expansion affect the price of housing (Favara and Imbs, 2015). Keep in mind, your question needs to be specific. For example, “I am going to study education in the term paper” is not a true question. “I am going to study the return to education in earnings” is more specific and better. Even better, you could say “I am going to study the difference of the return to education between male and female workers”. For further information or query regarding any academic assistance, visit www.myassignmentbank.com. You can also contact us by calling +61 2 8294 2025 or by sending an email to contact@myassignmentbank.com. To find a topic, you might be interested in browsing some journal articles, such as the papers published on the American Economic Review. The Economist and the Financial Times could also inspire you, however, unlike the papers on the American Economic Review, their data sources are usually not clear. The appendix of Chapter 19 of our textbook (Jeffrey M. Wooldridge: Introductory econometrics: A modern approach, sixth edition) lists 33 sample empirical projects, which might inspire you. 1.2 Literature reviewYou paper, even short, should contain a review of relevant literature. You can find relevant literature by searching the keywords of your question in google scholar (not Google itself). Time is limited, focus on the papers that were mostly cited taking account of their years of being published. When you cite others’ paper, please follow strictly the citation styles of The Chicago Manual of Style. If you do not what is Chicago style (not jazz), google it or check out this wikipedia page. This guideline used the Chicago style. Pay attention to the citations I made in Section 1.1 and References list at the end of this note. 1.3 Data collection We will walk through several useful public datasets. The datasets include the Current Population Survey (CPS), the British Household Panel Survey (BHPS), the Panel Study of Income Dynamics (PSID), the Labor Force Survey (UK) etal. Most recently published papers in the American Economic Review and other journals also provide the datasets used. If you are interested in the topics of particular papers, you might consider using their data at least as a starting point. If you read the paper carefully, you will find the exact source of their data in many cases. After collecting/downloading data, it is important to become familiar with the data. For example, how were missing data coded in your sample. You should also be aware of the nature of the variables. Which are dummy variables, ordinal variables? What are the units of measurement of the variables? When you have time series or cross-section data in multiple years, questions like “were they seasonally adjusted”, “are they weakly dependent”, “have the income been CPI adjusted” are critical for doing right econometric analysis. For further information or query regarding any academic assistance, visit www.myassignmentbank.com. You can also contact us by calling +61 2 8294 2025 or by sending an email to contact@myassignmentbank.com.