The two assignments in this course are tighly linked to each other. In Assignment One you do a review of a paper published in a reputable economics or econometrics journal. In Assignment Two, you will need to replicate the empirical results of that paper. Please email each assignment to me at email@example.com by the due date and time.
Many journals now require authors to upload their data and even estimation code to the journalís online archive. Journal of Applied Econometrics also maintains a replication section where replicated results are published. A list of journals is suggested below, although you are not restricted to this list alone.
Your task is to look through scholarly journals for empirical work that is of interest to you.
For the purposes of this course, it is preferred that you choose a paper with a macroeconomic application. However, exceptions will be made on a case by case basis, if necessary.
*You must get my approval for the paper you will study before completing Assignment 1. Please email me the paper, the code and the data when you ask for approval. It is important that there is a good chance you will be able to complete the assignment and that it is relevant to the course. Often students have completed Assignment
1 and not been able to complete Assignment 2 because, for example, they could not get the code to work or the data was not available.
Read carefully through the papers and identify the key empirical questions pursued by the authors, the methodology used, and the results / conclusions obtained. Once you have chosen a particular paper to replicate, think carefully about how you will proceed in replicating the results. Search the data archives of the journal to obtain the dataset used in the paper.
Many authors will also include estimation code either in the archive or on their personal website(s). If no estimation code is provided, try to identify what statistical / econometric software package was used in generating the results.
You may will be expected to replicate some important part (not all) of the results exactly as in the paper ñi.e., using the same methodology, dataset, code or software, etc. However,you will also need to verify the robustness of the claimed results by attempting to replicate them with a di§erent (but theoretically appropriate) methodology, a di§erent data set (e.g.observations from a di§erent country or add other variables, etc) or extended (e.g. longer observation period) dataset, or alternative software packages.
Use the headings in this document for each assignment.
If you only extend the data set, you may pass but will not get a top mark.
Clarity of writing style is important. If you do not write clearly and concisely it will be very di¢ cult for you to demonstrate that you understand what you are doing.
Use and label your Ögures and tables fully and clearly.
Report all results necessary to support your discussion.
Clearly identify and compare in tables or Ögures the original results and your e§orts at replicating those results.
2 Suggested Journals
The following journals frequently publish macroeconomics-related research and are known to maintain data / replication archives; they also require authors to upload data and / or code related to all published empirical work.
Journal of Applied Econometrics
Journal of Money, Credit and Banking
American Economic Review
American Economic Journal: Macroeconomics
The Review of Economics and Statistics
Assessment of the replication exercise will be based on two assignments over the course of the semester.
Nota Bene: Before choosing your paper and commencing Assignment 1, be sure you will be able to complete Assignment 2 for that paper. That is, be sure you have access to the correct data and code, and that you can run that code using that data.
3.1 Assignment 1: Due 23 September 2022
Once you have selected a paper to replicate, please complete Assignment 1 by answering the following Öve questions:
- What is the paper you intend to replicate (please provide a full, proper reference)?
(a) This is just a reference and so should not be longer than 2 or 3 lines.
- What are the key objectives of the paper?
(a) This could take between one or two paragraphs and maybe one page.
- What is the empirical methodology used in the paper?
(a) This is probably going to be the longest part of the assignment. This could take up to between 2 and 3 pages. You are not likely to do this in under one page.
- What are the key empirical results / conclusions obtained in the paper?
(a) This part may take up to a page, but probably not much more.
- Please provide a brief description of how you plan to replicate the empirical results.
(a) Here you will outline where you will get the data and code. If you are doing something di§erent, then discuss what you do di§erent, e.g., extra or di§erent data, di§erent methodology, or di§erent software.
(b) When presenting your extension, make the change clear. One way to do this is to present the old approach directly next to the new approach. I present some examples.
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