EViews Assignment Help, Homework Solution
Econometric Views or simply, EViews is a statistical computing program for Windows systems. It is one of the most commonly used econometric packages all over the world. EViews provides academic researchers, economists, government agencies, financial and policy analysts, corporations, and students with access to robust statistical, modeling, and forecasting tools.
The first version of EViews, (Version 1.0), was released by Quantitative Micro Software (QMS), in March 1994. It has been updated ever since with the latest release being Version 10 that was released in June 2017. The program has an innovative, object-oriented interface, which is flexible and incredibly easy to use. This allows its users to manage data, perform statistical and econometrical analysis, generate model simulations and forecasts, and produce high quality tables and graphs for publications quickly and efficiently.
EViews blends modern technology with a variety of cutting-edge features that most companies look for in statistical analysis software. As a result, it has been able to produce a state-of-the-art program package that offers exceptional and unique power through an intuitive user interface. EViews interface provides its users with an array of windows. This type of display allows users to view multiple objects at the same time, which is an important feature when performing side-by-side hypothesis tests, comparisons of series plots, model forecasts, or equation estimates. A blend of power, ease-of-use, and flexibility makes EViews the perfect package for people working with longitudinal, cross-section, and time series data.
EViews combines modern spreadsheets and relational databases with tools for performing traditional statistical tasks. The object-based approach provided by EViews includes a sophisticated technology that enables you to define different relationships between various objects and external data sources. You can easily perform basic statistical analyses from parametric and nonparametric hypothesis tests to descriptive statistics. Additionally, EViews will allow you to visualize the distribution of data using theoretical distribution, histograms, kernel density, survivor and quartile plots, and cumulative distribution.
There are many choices for econometric software in the market today. So, why EViews?Simply put EViews has spent over 25 years combining econometrics and state-of-the art statistics with the intent of developing an intuitive program that is easy to use. Everything in this program from its full-featured analytical engine, multi-window design, specialized simulation and forecasting tools, to data automation, presentation and handling features is uniquely designed to make your workflow easier. The following EViews features help you to save time and effort when managing data.
1. Innovative Blueprint
Innovation is not a term that is frequently associated with statistical econometric software. Yet, EViews continues to provide innovative features built around the concepts of modern software technology. Most importantly, its interface is rooted in object-oriented design principles and uses context-sensitive dialogs and menus. This allows users to quickly find the tools they want without having to explore through layers of menus and pages of documentation.
Other innovations presented by EViews include dynamic data, table, and graph creation, match merging, and frequency conversion, which help in keeping all data analyses updated as the underlying data change. EViews also supports Object Linking and Embedding (OLE), a feature that enables linking of EViews output to Excel and PowerPoint files for easier presentation. This output is updated each time data results change in EViews.
That is not all. EViews offers unique, smart data management tools that can be used for structuring, frequency conversion, and automatic conversion of foreign data. You are not likely to find these innovations and many other EViews features in other statistical software.
2. Robust Analytical Engine
EViews offers all the econometric and statistical tools you need to analyze cross-sectional, time series, and panel data. From tests of equality, descriptive statistics, principal components, and measures of association, to unique and specialized features such as unit root and co-integration diagnostics, causality testing, and long-run variance calculation, EViews provides a wide range of tools to help you explore different properties of your data.
EViews estimation support includes basic linear and nonlinear regression tools, exponential smoothing, and instrumental variables. That is just for starters. This feature extends to more advanced and specialized indicators such as univariate and multivariate GARCH, generalized methods of moments, Markov switching, vector auto regression, vector error correction, non-stationary regression, and state-space estimation. What’s more, the program even offers advanced tools to perform stationary and non-stationary panel data analysis.
But, it is not just the scope, uniqueness, and specialized features that make the EViews analytical engine so strong and powerful. The entire program is developed on the notion that a state-of-the art analytic tool is wasted if one struggles to use it. At some point in our lives, we have experienced this – a feature looks amazing on paper, but when put in practice it just does not work or is difficult and irritating to use. The true power of EViews analytical engine, therefore, is the flexibility and ease with which anyone can use it. Even the most complicated econometric and statistical methods are easily and clearly specified using carefully chosen command line, menu or dialog settings, making it easy for users to conduct a wide range of data analysis.
3. Amazing Simulation and Forecasting Tools
EViews provides many features that aid in performing common tasks. For instance, if you regularly perform multiple equation simulation or produce forecasts, you could use the EViews specialized modeling and forecasting features to free yourself from the complications of constructing your own simulations.
EViews is one of the best simulation programs out there. It provides dynamic and static forecasting, stochastic simulation, automatic ARIMA forecasting, forecast evaluation and averaging, and solution for model consistent expectations. In addition, the program supports automatic handling of variable transformations, model fit diagnostics, and forecast standard error computation. EViews also allows you to manage data and compare results for various variable exclusions, override choices, and add-factors.
Due to its large set of data management tools and intuitive interface, EViews has been used in various industries to create forecasting and statistical equations efficiently. It has helped organizations perform different data analyses, streamline econometric and statistical modeling, produce presentation-quality tables and graphs, and conduct superior budgeting, research, and strategic planning. Below are institutions where EViews is commonly used.
Government:EViews is the main economic analysis and forecasting toolset used by government agencies, national banks, and central banks in the world today. In fact, it is used by over 600 government agencies, national banks, and central banks worldwide. Government institutions such as the United Nations and International Monetary Fund (IMF) use EViews to conduct macroeconomic analysis.
Academic: Due to its intuitive graphical user interface, EViews has been deemed to be the perfect teaching tool by many academic institutions. With EViews, students can quickly and easily learn how to run regressions, import data, and view graphical results. This allows lecturers more time to teach econometrics and statistics instead of how to use the program. According to U.S. News and World Report, over 1600 university business and economics departments regularly use EViews. This is approximately 78% of the best universities for business and economics worldwide.
Commercial: EViews has been an important forecasting and statistical tool for corporations and businesses. It is used in over 50% of the industries including energy and oil, automotive, investment banking, automotive, aerospace, retail and packaged goods, technology and pharmaceutical. EViews flexibility, ease of use, wide range of data management tools, and integration with other programs such as Microsoft Office allow analysts and economists in these industries to use it in various tasks such as time series analysis, macroeconomic forecasting, estimating demand, and more.
The latest edition of EViews is Version 10 and comes in two different versions namely, Standard Edition and Enterprise Edition. Student Version, EViews 9.5 is also available for use by students.
Standard vs Enterprise Edition
These two versions have similar capabilities in statistics and modeling. The only difference is in their support for Open Database Connectivity (ODBC) databases, proprietary data formats, and database vendors. The support for ODBC, EcoWin, DataStream, FactSet, Global Insight DRIBase, Moody’s Economy.com, FAME (local and server), and Haver Analytics is only provided in the Enterprise edition. In all other areas, the two versions are identical.
With EViews Enterprise Edition you can query, search, and retrieve data seamlessly from third party databases. You can access any database directly with an ODBC driver. The Enterprise Edition also allows users to create a customized connection to any proprietary or public data source for easier and immediate access. With EViews Enterprise, you are able to improve your efficiency since the steps needed to draw data to your EViews work file are minimized.
EViews 9.5 Student Edition
This version uses the same powerful analytical and econometric methods as EViews Standard Edition. It is streamlined with a point-and-click GUI that is easy to use by the students. Students can concentrate on using the program without having to navigate through multiple menus or study the complex command syntax. It is for this reason that universities and academic institutions have been using EViews to teach econometrics and statistics for decades.
Selecting a program for our forecasting and econometrics can be a tiring task. However, if you get it right, you will have a tool that motivates and empowers students through hands-on skills – get it wrong and you will have a hard time making the program work for both you and your students. EViews Student Edition is the perfect choice for your instructional needs. The program can run on both Windows and Mac platforms.
EViews Student Version Lite
This is a free version of EViews Student Version. Both students and professors can download this version for their econometrics and forecasting needs without worrying about the cost. Although there are some limitations in this program, you will still enjoy the same powerful analytical methods as in the Student Version.
The Student Edition and Student Edition Lite restrict usage to a single user and single computer. The user must be an employed faculty member or enrolled student. Both versions do not allow usage from public access computers and they are not licensed for the same. For you to start using either the Student Edition or Student Edition Lite,you need to register with EViews. The Student Edition first license registration lasts for two years after which the program no longer runs. Student Edition Lite license on the other hand, expires after one year.
New Features in EViews Version 10
EViews 10 provides users with a wide range of features to help them in econometric and statistics analysis, data handling, simulation and forecasting, programming, and data presentation. The following is just a glimpse of the program’s latest features.
EViews has an intuitive graphical user interface that offer the following:
- Automatic and user-controlled snapshot, work file history, and backup system
- Enhanced logging abilities
- Support for long object names
- Spreadsheet views with live statistics
EViews data handling features currently include:
- Importing and exporting of attribute
- Improved R integration thus eliminating the need to use third-party software
- Exporting data in JSON and Tableau formats
- Interface to World Bank, United Nations, Eurostat, and European Central Bank data
Graphs, Tables, & Spools
EViews offers several improvements to graphs, tables, and spools. In Version 10, there are new customization tools, graph types, tools for adding multiple graphs, and improved ability to sort rows in a table. Additional improvements include:
- Updating series in graph objects
- Graph view text annotation
- Interactive observation annotation
- New graph settings including templates and graph element colors
Statistics and Econometrics
EViews 10 offers exciting new improvements and additions to its statistical and econometrics features. The most important new features include:
- Smooth threshold regression estimation
- Cluster robust covariance
- VARs with linear restrictions
- SVAR specification and estimation
- Season-trend decomposition
- Model bounds checking
- Additional autoregressive distributed lag tools
- Improved nonlinear forecasting
- Special function computation
Before installing EViews in your PC, you need to decide whether you want to install the 64-bit EViews, 32-bit EViews, or both. The current version of EViews is available in both 64-bit and 32-bit versions. If your PC runs on a 64-bit Windowsplatform, you have an option of installing both versions of EViews. The 64-bit EViews allows you to create and use larger work files. However, if you want to share these work files with others, then they need to have the 64-bit EViews installed so that they can be able to open and view the work file.
To begin the installation, just click on the “EViews10Installer(64-bit).exe” or “EViews10Installer.exe”executable file. This is what happens:
- First, there is a command that prompts you to carefully read the License Agreement and accept it, and to choose a directory where you want to install your Version of EViews. There is always a default directory designated for this but if you wish to change it, you can click on Browse to select a directory of your preference. Click Next to continue.
- In this stage, you are asked to enter a name and the 24-character serial number you are provided with at the time of purchase. Enter your name, as you want it to appear on your copy of EViews together with the serial number in the respective spaces provided and click Next.
- The next window provides you with various EViews components. Select the ones you want to install and click Next.
- The last step asks you to set up a Start Menu folder that contains shortcuts to the EViews program executable and files folder. Click Next to start the actual installation of EViews files on to your PC.
During the installation, you will notice that EViews prompts you to register your files using a specified file format, which includes UIPZ, PRG, EDB, WF1, and AIPZ. Now, if you had installed an earlier version of EViews you will have these file extensions already registered. You will therefore be prompted to override this registration with the current installation of EViews.
Once your PC has finished installing the program, click on Finish. If you had created an EViews Start Menu folder earlier, it will open to display the available EViews shortcuts. To launch the program, double-click on EViews 10 icon. You may launch EViews from the Start Menu shortcuts or using the EViews shortcut on your desktop.
EViews provides an “automatic updates” feature that checks for new updates every single day. If there are new updates available, EViews will install these onto the system. You can choose to disable the “automatic updates” feature by going to the menu items and clicking Options then EViews AutoUpdate from Web.
Alternatively, you can check for updates manually by going to the same menu item and selecting Check Now under EViews AutoUpdate from Web. You can also download updates manually from the EViews website. Downloading updates does not require re-registration of your EViews copy. Simply download the updates, run the installer and you are good to go.
EViews is a complete statistical software package that includes powerful matrix and batch programming languages, sophisticated data management tools, and presentation creation tools to support and speed up your entire work process. It can be used in almost every industry and academic institution to test for relationships between building models and variables. The program has found a niche in economics and statistics and has offered great overall features. EViews offers extensibility and openness to make sure that its users never hit a dead end, which makes it a great business deal.