Abstract
The distinction between cross-sectional and time series data is made, and examples of world income inequality and inflation in the UK are introduced to illustrate this distinction. Summary statistics for location, dispersion and asymmetry are developed, along with a composite pictorial representation of these measures, known as a boxplot. Scatterplots to graphically represent bivariate relationships between economic variables are introduced by way of an example investigating the long-run relationship between UK inflation and interest rates.
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Notes
The standard textbook reference to panel data is Badi H. Baltagi, Econometric Analysis of Panel Data, 4th edition (Chichester, Wiley, 2008).
The original source for the inflation data is Jim O’Donoghue, Louise Goulding and Grahame Allen, ‘Consumer price inflation’, Economic Trends 604 (2004), 389–413.
Symmetry has a much wider importance than in data analysis alone, being at the basis of communication and evolutionary biology. For a fascinating account of the wider nature of symmetry, see Marcus du Sautoy, Finding Moonshine: A Mathematicians Journey through Symmetry (London, Fourth Estate, 2008).
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© 2014 Terence C. Mills
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Mills, T.C. (2014). Presenting and Summarising Data. In: Analysing Economic Data. Palgrave Texts in Econometrics. Palgrave Macmillan, London. https://doi.org/10.1057/9781137401908_2
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DOI: https://doi.org/10.1057/9781137401908_2
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-48656-4
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