I am planning to conduct a study about the relationship/effects of the different age structure to the unemployment. I would also like to test how this relationship also affects the savings. Can you suggest some econometric method that I can use?
Nitin Saini
Panel Data Analysis: Utilize panel data techniques such as fixed effects or random effects models to examine how changes in age structure and unemployment rates affect savings across different time periods and regions. Multiple Regression Analysis: Conduct multiple regression analysis to assess the impact of age structure and unemployment on savings while controlling for other relevant factors such as income, education level, and economic policies. Instrumental Variables (IV) Analysis: If there are potential endogeneity issues, consider using instrumental variables to address them. Instrumental variables help identify causal relationships by finding variables that are correlated with the independent variables but not with the error term. Granger Causality Test: Perform Granger causality tests to determine the direction of causality between age structure, unemployment, and savings. This test can help establish whether changes in one variable lead to changes in the other variables over time. Time Series Analysis: Employ time series analysis techniques such as autoregressive integrated moving average (ARIMA) models to explore the dynamic relationships between age structure, unemployment, and savings over time. Structural Equation Modeling (SEM): Use SEM to examine the complex relationships among multiple variables simultaneously. SEM allows you to test both direct and indirect effects, providing a comprehensive understanding of the interplay between age structure, unemployment, and savings.
YOu can choose one or more from the below methods -
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