1 / 24

1.2 DATA TYPES

1.2 DATA TYPES. Outline. 1.0 Data types 2.0 Sources of data. 1. Data types. There are 3 types of data Cross sectional data Time series data Panel data. 1.1 Time series data. A time series is a set of observations on the values that a variable takes at different times

josephhenderson
Download Presentation

1.2 DATA TYPES

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 1.2 DATA TYPES

  2. Outline 1.0 Data types 2.0 Sources of data

  3. 1. Data types • There are 3 types of data • Cross sectional data • Time series data • Panel data

  4. 1.1 Time series data • A time series is a set of observations on the values that a variable takes at different times • Such data may be collected at regular time intervals • Minutely and Hourly- collected literally continuously ( the so-called real time quote) • Daily- e.g., Financial time series-Stock prices, exchange rates; weather reports- rainfall, temperature • Weekly – e.g., money supply • Monthly- e.g., consumer price index • Quarterly- e.g., GDP • Semi-annually- e.g., Fiscal data • Annually- e.g., Fiscal data

  5. Illustration of time series

  6. Example: Consumption and Income (annual)

  7. 1.2 Cross-sectional data • Cross-section data are data on one or more variables collected at the same point in time • Survey data- questionnaire is designed to capture all variables a research is looking for. • Macro data relating to different economic entities : countries, banks at a particular point in time. E.g. 2010 • Other data

  8. Summary data from income survey

  9. Cross-country data

  10. 1.3 Panel/pooled data • Panel data is a combination of both time and cross-section data • Specialized type is the longitudinal or micropanel data where a cross-sectional unit (say, individual, family, firm) is surveyed over time. • Surveying same individual over time is able to provide useful information on the dynamics of individual/household/firm behavior

  11. Example 1

  12. Pooling data

  13. Longitudinal/Micropanel data

  14. 2.0 SOURCES OF DATA • Data may be obtained from primary as well as secondary sources. • Primary sources - Primary data • information obtained firsthand by the researcher on the variables of interest for the specific purpose of the study • Secondary Sources- Secondary data • information gathered from existing sources

  15. 2.1 Secondary sources • This is data collected by someone other than the researcher conducting the study • Sources of secondary data include: • Books and periodicals • Government publications • Census data • etc

  16. 2.1.1 Common sources Secondary data • Data used in macroeconomic analysis may be collected by • Governmental agency • International agency • Private organizations • Individual

  17. 2.1.2 Governmental agencies • These are agencies established by governments to collect data. • These may include: Ministries, Central/Reserve banks, Statistical agencies.

  18. 2.1.3 International agencies • These are international institutions which provide credible data. E.g., • International Monetary Fund (IMF)- International Financial statistics, etc • World Bank (WB)- World development indicators, African development indicators • African Development Bank (ADB) Practical Exercise • Try to navigate the IMF , WB & ADB macro data

  19. 2.1.4 Private organizations • Some private institutions collect and construct some useful data sets used by economists. • Standard and poor, Moody, etc – provide information on country ratings. • Transparency International (TI)- provides data on corruption perceptions index (CPI) • Most of these institutions sell this data Exercise: Go to the TI website and try to access data on CPI.

  20. 2.1.5 Individuals • Some individuals conduct surveys, assemble the data in a particular format and sell it. • Others construct indices which they offer for sale or donate. • Chinn-Ito index- on financial liberalization

  21. 2.2 Primary sources • The main primary sources include: • Individuals • Focus groups • Panels

  22. 2.2.1 Individuals • Here information is obtained from individuals through: • interviews: - face-to-face, telephone, computer, electronic media. • administered questionnaires:- personally administered, mail, electronically administered. • Observation:- observe individuals and events without videotaping or audio recording

  23. 2.2.2 Focus groups • Focus groups may be of 8-10 persons with a moderator leading the discussions on a particular topic, concept, or product. • The role of the moderator is to introduce the topic, observe and take notes or tape the discussion. • Members of the group are chosen by virtue of their expertise or experience of the subject. • Focus group discussions are aimed at obtaining respondents’ impressions, interpretations, and opinions on the subject. • The nature of data obtained is qualitative .

  24. 2.2.3 Panels • Panels are like focus groups. • Difference- • Focus group- is a one-time session while panels meet more than once. • Panels are useful when a particular issue is being observed over time-political developments, economic developments • Panels may be static or dynamic. • Static- same members serve on the panel over extended periods of time. • Dynamic-members change from time to time as the various phases of the study are rolled out.

More Related