Economics
Brock How Rate of Unemployment in Canada Has Been Changing Over the Years Paper

Brock University

Question Description

I’m studying for my Economics class and need an explanation.

As mentioned in class, the purpose of an empirical analysis report is to summarize empirical evidence related to your research argument. Hence, an empirical analysis report should include clear discussions of the data used, the empirical model, the hypothesized results, the actual results, and the researcher’s interpretation of the results. The empirical analysis report should persuade readers that the empirical approach adopted was sound and the data used was appropriate for testing the stipulated hypothesis.

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EMPIRICAL ANALYSIS REPORT TEMPLATE As mentioned in class, the purpose of an empirical analysis report is to summarize empirical evidence related to your research argument. Hence, an empirical analysis report should include clear discussions of the data used, the empirical model, the hypothesized results, the actual results, and the researcher’s interpretation of the results. The empirical analysis report should persuade readers that the empirical approach adopted was sound and the data used was appropriate for testing the stipulated hypothesis. In the preparation of your empirical analysis report, it is important to read Chapter 12 of the textbook, which articulates the guidelines on communicating the results of a research project, very carefully, paying particular attention to the “Empirical Testing of the Analysis” part (pp. 241-246). Your empirical report, which should be 5-8 pages typed double-spaced, should be organized as follows: 1. Testing Methodology  Describe the methodology used (e.g. the research used OLS applied to monthly time series data for Country A covering the period from January 19xx to December 20xx)  Explain why the chosen methodology is appropriate for testing your research hypothesis 2. Empirical model  Provide the equation of the empirical model with clear descriptions of the variables in the equation (e.g.,… the empirical model adopted is: Ci  1  1Yi   2Wt  ut where C is the household expenditure (thousands of  dollars), Y is income (thousands of dollars), Y is wealth (thousands of dollars), and u is the error term that captures the effect of omitted variables. The empirical model should be linked to the theoretical model in terms of the variables, functional form, mathematical manipulation, etc. 3. Data  A brief description of the sources and methods of the data used to test the hypothesis, including any data transformations. This part, which is a very brief reiteration of the information you provided in the data report, is aimed as persuading the reader that the data are adequate for purposes of testing the research hypothesis. 1 4. Hypothesized results  Before presenting the actual results it is important to explain the expected signs of the coefficients (i.e., positive, negative, or uncertain). 5. Actual results  Present detailed results (including empirical test results) in Tabular form (if there are too many results, some non-key results can be relegated to the appendix).  Figure 12.2, on Page 244 of the textbook, provides an example of how you could present your results.  Regardless of how you present it, your results should include the sample size, estimated coefficients, a measure of significance (e.g., t-ratio, p-value or standard error), a goodness of fit measure (e.g., R-squared), F-statistic for significance of the overall regression, as well as the results of any tests for econometric problems such as autocorrelation, heteroscedasticity, etc.  Explain the nature of the reported standard errors (e.g. the usual OLS standard errors, or heteroscedasticity-robust standard errors).  The Figures/Tables must be appropriately numbered, titled and referenced in the text. 6. Interpretation of the Results  Provide an appropriate interpretation of the results.  Your interpretation should include the following: are signs of the estimated coefficients in conformity with the predictions of your hypothesis? Are the estimated coefficients significant? How do your results compare to previous results? What is your detailed interpretation (where detailed means going beyond just good fit or poor fit) of the goodness-of fit measure such as R-squared? Were there any statistical problems (e.g. heteroscedasticity, autocorrelation, etc.) that needed to be corrected in order your reported results?  State and explain any anomalies in your results (e.g. where the estimated sign of the coefficient differed from the corresponding theoretical sign).  Provide any general conclusions arising from your research. 7. Conclusions  Provide an overall summary of your findings, which involves restating your argument and concluding as to whether or not your argument is valid e.g., were your empirical results in conformity with your hypothesis; if your results were not consistent what are the plausible explanations for this lack of consistency?  State any ways in which your study could be improved upon in future given additional time and effort (e.g., better data, improved methodology, etc.)? 2 8. Results appendix (if necessary)  If there are too many results in Part 5, some non-key results can be relegated to this appendix section. Some cautionary remarks: Lack of significance of the estimated coefficients reported in Part 5 does not mean that your research is wrong and you will get a bad mark. What is more important is to appropriately discuss the results that you have found. Due date: Friday April 3, 2020 3 ...
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Final Answer

Attached.

Running head: EMPIRICAL ANALYSIS REPORT

EMPIRICAL ANALYSIS REPORT
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EMPIRICAL ANALYSIS REPORT

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EMPIRICAL ANALYSIS REPORT
Introduction
Selecting a research methodology entails gaining insights based on conducting the entire
study. The primary purpose of this paper is to explore how the rate of unemployment in Canada
has been changing over the years. The chapter consists of the following sections; testing
methodology, analyzing the empirical model, data, hypothesized results, actual results,
interpretation of the findings, and conclusions.
Testing Methodology
Data in this study will be collected through an extensive survey on the existing literature
reviews. The testing methodology will adopt a systematic review approach to establish and come
up with relevant data on the topic. Relevant information utilized for the rate of unemployment,
economic growth in its constant US dollar, and inflation (CPI) were found in the CEIC website
("Canada Unemployment Rate [1976 - 2020] [Data & Charts]", 2020). Also, information relating
to the labor force and foreign (external) trade in US dollars were extracted from the CMA
publications. Conducting a regression analysis of the collected data will be essential while
analyzing the collected data. Data will be distinguished using higher mean, median, maximum,
minimum, standard deviation, standard error, and output of the regression analysis.
Empirical model
Based on the study’s theoretical framework, a practical model investigating the
connection existing between the rate of unemployment and the various macroeconomic variables
is developed. This specific study intends to analyze the following list of hypotheses;
The null hypothesis, H0: There is no clear relationship between the rate of unemployment in
Canada and time.

EMPIRICAL ANALYSIS REPORT

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The alternative hypothesis, H1: There is a relationship between the rate of unemployment in
Canada and time.
The empirical model adopted for this study is that unemployment is a function of time,
annual economic growth, inflation, labor force, and external trade.
Ue = ƒ (T, GDP, CPI, LF, ET)
Where T is time in years, Ue is the rate of unemployment in Canada, GDP is Canada’s annual
economic growth in USD, CPI is the rate of inflation of the country in USD, LF is the growth of
the labor force in the country, and ET is the external trade for Canada in USD.
Data
Discovering the connection between inflation time in years and the rate of unemployment
in Canada requires the utilization of both regression analysis and co-integration testing to
ascertain the connection between these two variables. The independent variable, in this case, is
time in years, whereas the rate of unemployment in Canada is the dependen...

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