Eviews 9 Help: A Comprehensive Guide to Analyzing Panel Data Regression

=====================================================================================

In today's era of data-driven decision-making, the ability to effectively analyze and interpret complex datasets has become an essential skill for any serious researcher or analyst. Among various statistical software packages available in the market, EViews ( Econometric Views) stands out as a robust tool that offers a comprehensive suite of features specifically designed for econometrics and finance professionals.

In this article, we will focus on exploring some key aspects of using Eviews 9 to perform panel data regression analysis. Panel data refers to longitudinal or cross-sectional datasets where each observation is measured at multiple points in time or across different groups within the same population. Analyzing such complex structures requires specialized techniques that can account for both temporal and spatial dependencies present in these types of data.

Getting Started with Eviews 9

-----------------------------

Before diving into the nitty-gritty details of panel regression analysis using EViews, let's first familiarize ourselves with some basic features of this powerful software package. Upon launching EViews 9, you will be greeted by an intuitive interface that provides easy access to various tools and menus.

Upon opening a new window in Eviews 9:

1. Go to File > New... from the top menu bar.

2. In the resulting dialog box, select 'Workfile' under the 'Location' dropdown list and specify a name for your work file (e.g., 'mydata').

3. Click OK to create an empty data set in EViews 9.

Importing Data into Eviews

-----------------------------

Once you have created a new workspace within Eviews 9, it's time to import the actual dataset that you want to analyze using panel regression techniques. The process of importing data varies depending on its original format (e.g., CSV, Excel (.xls), SAS, Stata). Here are some general steps for importing an example panel dataset called 'paneldata.csv':

1. Go to File > Import... from the top menu bar.

2. In the resulting dialog box:

- Select 'Text' under the 'Format' dropdown list and then choose '.csv'.

3. Navigate to where your CSV file is located, select it, and click Open.

Exploring Panel Data in Eviews

-------------------------------

After importing your panel dataset into EViews 9, you can now explore its structure using various built-in commands and tools provided by the software package. To view summary statistics for each variable present in your workfile:

1. Go to Data > Manage Variables... from the top menu bar.

2. In the resulting dialog box:

- Select a specific variable of interest (e.g., 'depvar').

3. Click on the button with three dots next to it and then select 'Summary Statistics' from the dropdown list.

Specifying Panel Regression Models in Eviews

--------------------------------------------------------------

With your panel dataset properly loaded into memory, you can now proceed to specify different types of regression models using EViews 9's powerful modeling interface. To begin:

1. Go to Econometric Analysis > Panel/Time Series... from the top menu bar.

2. In the resulting dialog box:

- Select 'OLS' under the 'Dependent Variable' dropdown list and then choose your dependent variable (e.g., 'depvar').

3. Click on the button with two arrows pointing towards each other at the bottom left corner of this window to open up additional options.

Here, you can specify various aspects such as:

* Panel Structure: Choose between 'Fixed Effects', 'Random Effects' or 'Baltagi's Fixed-Effects FE'.

* Time-Variant Regressors?`: Select Yes if your regressor(s) change over time.

* `panelrob` Test: Check this box to run the panel version of Ramsey’s test for specification errors.

Estimating Panel Regression Models in Eviews

---------------------------------------------------------------------

With all necessary specifications completed, you can now proceed with estimating the specified model using either Ordinary Least Squares (OLS), Generalized Method-of-Moments (GMM) or Maximum Likelihood Estimation (MLE). To estimate a fixed-effects panel regression model:

1. Click on 'OK' to close the Panel Regressions dialog box.

2. In the EViews 9 Output window, scroll down until you see an entry labeled '.Estimates: 'Model Name'' where `'Model Name'` corresponds to the name of your chosen estimation method (e.g., OLS).

3. Double-click on this line and then select 'Estimate' from the context menu that appears.

Interpreting Results in Eviews

------------------------------

After successfully estimating a panel regression model using EViews 9, it's crucial to interpret the results obtained accurately so as to draw meaningful conclusions about your research question(s). To access various diagnostic statistics and output options:

1. Go back to the 'Estimation Output' window by clicking on 'View > Estimation Log...' from within an open Eviews 9 workspace.

2. In this log file, look for sections labeled '.a..', `.b.``, etc., which correspond to different parts of your estimation results.

Here are some key aspects you should focus on when interpreting panel regression output in EViews:

* R-squared: This measures the proportion of variation explained by all included independent variables. For fixed-effects models, an R^2 close to 1 indicates that most of the variance is captured by individual-specific effects.

* Wald Chi-Square`: This test statistic tests whether at least one coefficient in your model differs from zero (i.e., it's significant). A small p-value suggests rejecting the null hypothesis and concluding significance.

-------

In conclusion, this article has provided an introduction to using EViews 9 for panel data regression analysis. By following these steps and understanding how to interpret results properly, you'll be well-equipped to tackle complex econometric tasks involving longitudinal or cross-sectional datasets with ease! Remember that practice makes perfect – so go ahead and try out the techniques discussed here on your own dataset today!

References

-------

* Baltagi, B.H., (1996). 'Tobit Models,' in J. Hsiao et al., eds.: Econometric Analysis of Panel Data, MIT Press.

* Wooldridge, P.M.J., (2013). Introductory Econometrics: A Modern Approach with EViews 9 and Stata/MP/R. Prentice Hall.

Note that this article is a general guide only and should not be taken as professional advice for any specific research or academic project without proper consultation with qualified experts in the field of econometrics, statistics, or related disciplines.

Eviews 9 help