Accessing the U.S. Census API and Creating Heat Maps in R

The United States Census is rich with information that can be used by economist to understand demographic and social trends.  A popular way of presenting data from the U.S. Census data by plotting it on a map.  The goal of this post is obtain data from the U.S. Census via an API connection and plotting … More Accessing the U.S. Census API and Creating Heat Maps in R

Grammar of Graphics: ggplot2 in the R programming language.

The free and popular statistical programming language R contains a powerful graphing library called ggplot2.  The ‘gg’ stands for the grammar of graphics based of the data visualization work done by Leland Wilkinson.  The grammar of graphics ensures that the aesthetics and geometric proportions that are generated are representative of the actual values that underlie … More Grammar of Graphics: ggplot2 in the R programming language.

The Effectiveness of Monetary Policy in the U.S.: An EViews Tutorial for SVAR

Originally posted on Master of Economics:
Find This Content on the Updated Version of this Blog: whystudyeconomics.com Estimating Vector Autoregression Model with The U.S. Federal Funds Rate, Nominal Interest Rate, Exchange Rate and Industrial Production as Endogenous Variables Based of the lectures of Dr. Rokon Bhuiyan, CSUF Once you have the time series data for…

Simultaneous Equations: What is the relationship between income and smoking?

Originally posted on Master of Economics:
Data Source: Introductory Econometrics data sets One can say that income helps determine how many cigarettes a person smokes, but it could be plausible that smoking, because of its negative health effects can also reduce a persons wages. Whenever there is the possibility of reverse causality estimates of coefficients…

Clustering to Improve Merchandise Allocation, Testing, and Forecasting: An Application of the K-Medians Algorithm

Originally posted on Master of Economics:
BACKGROUND Localization of merchandise assortment has become popular among retailers in recent years.  The recognition that store population’s heterogeneity is an important consideration in the testing, allocating and pricing of merchandise  has boosted the profits when the theory is correctly put to practice.  The issues concerning localization revolve around…

Hausman Test For Endogeneity: Parents Education as IV for Offspring Education-Transmission of Inate Ability

Originally posted on Master of Economics:
Find This Content on the Updated Version of this Blog: whystudyeconomics.com   Variables in a regression can be endogenous for several reasons including omitted variable biased, measurement error and simultaneity / reverse causation. One example from the previous post was that of unobserved ability in the determination of wages.…