EconometricsLesson 1 of 4 in the course Time series

Time-Series Data, Analysis Methods, and Model Families

5 flashcards · 5 quiz questions · 5 match pairs · 5 fill-in sentences · English

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Summary

A time series records observations in chronological order. Understanding its structure is essential before choosing methods to describe patterns or predict future values.

A time series is a sequence of data points indexed, listed, or graphed in chronological order. Its observations are commonly collected at successive, equally spaced times, such as every second, day, month, or year. In that case, it is a form of discrete-time data.

All flashcards

What is a time series?
A sequence of observations indexed, listed, or graphed in chronological order, often at equally spaced time intervals.
What is temporal dependence?
The possibility that observations are related across time, often with nearby observations more closely related than distant ones.
How does panel data differ from a one-dimensional time series?
Panel data tracks multiple units, typically using both time and a non-time identifier; a basic time series tracks values over time as one sequence.
What identifies cross-sectional data?
Records are organized around different units or cases rather than a natural chronological sequence; their order generally does not matter.
What patterns can a run chart help reveal?
It can show trends, recurring seasonal effects, and irregular fluctuations by plotting observations in time order.

Quiz questions

  1. What is the defining feature of a time series?Answer: Its observations are indexed or ordered chronologically.
  2. Why can observations close together in time be important to a time-series model?Answer: They are often more closely related than observations farther apart in time.
  3. A dataset requires both a date and a student ID to identify each record. What is it a candidate for?Answer: Panel data
  4. Which chart is commonly used to display a time series and reveal temporal patterns?Answer: A run chart or temporal line chart
  5. Which description best characterizes an autoregressive model?Answer: It uses previous observations in the series.

Based on the Wikipedia article Time series, licensed CC BY-SA 4.0. Adapted into a summary, flashcards and quizzes.

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