How do you write an economic analysis?

Quick Answer
The writing process of economic analyses differs depending on the purpose. Economic analyses
are most often written in a business setting to analyze costs and profits or in an academic setting
when students or faculty members write research papers. The first step to writing an economic
analysis is choosing an economic theory to apply to a real world situation.

Full Answer
To write an economic analysis, a writer should first begin with a statement of the problem or
explain the data to be analyzed. Next, the writer should explain why solving the problem or
interpreting the data through an economic lens is important to another group, such as
stakeholders, economists or citizens. The final element of this section is choosing an economic
model. Adding an economic model introduces the economic theory the writer has chosen, so
readers who are unfamiliar with the subject can interpret the analysis.
After the introductory section is complete, a writer should apply the question or data to the
chosen economic theory. For example, to justify a price increase, a writer may use a supplydemand model and then use the theory of price to analyze the data.
Since economics is a qualitative discipline, an economic analysis often involves interpreting data
through statistical analysis. At the conclusion of an economic analysis, it is common for a writer
to conclude with a regression analysis to prove the point of the analysis. A regression analysis is
a statistical process where an independent variable and dependent variables are applied to data.

Tips for Writing a Research Paper in

Economics
General tips
Presume that you do not know how to write a good paper
Principles of good writing: simplicity, clarity, unity
Simple is better. Most students think they have to dress up a paper to look impressive. The exact
opposite is true: The less math used, the better. The simpler the estimation technique, the better.
Use active tense, not passive. Not: it is assumed that =3

, data were constructed as follows..

Instead: I assume that =3
and I construct the data as follows (yes, you are allowed to use the first person plural,
although often times single authors do not do this)
Present tense is usually best. You can say Fama and French 1993 find that even though 1993
was a while ago. The same goes for your own paper; describe what you find in Table 5 not what
you will find in Table 5. Most importantly, though, keep the tense consistent. Dont start a
paragraph in past tense and finish it in the future.
Do not use adjectives to describe your work: striking results very significant coefficients,
If you must use adjectives, do not use double adjectives. Results are never very novel.
Revise, revise, revise
How long should the paper be? Make it as long as it needs to be: no longer, no shorter
Do not try to fool your reader; your readers are sophisticated academics and are likely to see
through any such strategies
Demonstrate the originality and significance of your contribution: show that what you did has
not been done before and that your conclusions are not direct consequences of known results
Do not make your paper more important than it is
Do not generalize; it is tempting to broaden the scope of the paper when in fact it only addresses
a narrow research question

Title
Resist the temptation to have a popular or funny or witty or clever sounding title
Resist the temptation to have a very opaque or abstract or mathematical sounding title
Resist the temptation to make the title very short
Resist the temptation to make the title very long
The title should simply describe what you are doing
Make sure the title will be understood and is recognizable to people who work in your field

Abstract
Potential readers look at your abstract for appetizers; they will decide based on the abstract
whether they will read the rest of the paper
Same holds for seminar or conference attenders
Keep the abstract short, about 150 words (unfortunately, in reality you will find that many
abstracts easily exceed this word count)
Dare to omit! The abstract cannot offer a comprehensive summary of the paper; necessarily it
must omit important things; be brave!

Introduction
Introductions and conclusions can be the most difficult parts of papers to write
Introduction draws the reader into your paper
The intro should address the Big 5:
1. What: Precisely state the research question(s) of the paper
You will be measured against your promise to answer that research question; do you
actually answer it? do you answer a different question?
2. Why: Say why answering the research question is interesting
Justify the importance of your research
Maybe you are able to come up with a precise research question, but if the answer to the
question is not of importance then nobody will care about your paper.
3. Spell out deficiencies in previous work
Be gentle and kind with your evaluation of other peoples work
Nobody will like it if you are dismissive about other research
4. Gap: Establish the innovation/novelty, point out a niche youre occupying
Explain what you are doing better and how are you doing it
5. Summarize your results up front

You or your supervisor may ask you to write a literature review as well
The lit review could be either a subsection in the introduction or it could be its own freestanding
section following the intro
If you do write a lit review, remember this:

Do not merely enumerate articles; provide genuine discussions

Take time and space to discuss papers that are closest in spirit

Make sure you summarize these papers accurately

The authors of these papers are likely to be your referees

Decide how general or broad your opening should be. Keep in mind that even a big picture
opening needs to be clearly related to your topic;
Try writing your introduction last. You may think that you have to write your introduction first,
but that isnt necessarily true, and it isnt always the most effective way to craft a good
introduction.
The writing process can be an important way to organize your ideas, think through complicated
issues, refine your thoughts, and develop a sophisticated argument.
Do not be afraid to write a tentative introduction first and then change it later.
Open with an attention grabber. Sometimes, especially if the topic of your paper is somewhat dry
or technical, opening with something catchy can help
Be straightforward and confident; believe in your own research and sell it that way (or otherwise
I will not believe in your research)

Body of an Empirical Paper

Usual structure of body: Data; Model; Estimation Techniques; Findings

Describing Your Data and Their Sources

In empirical economics papers, it is customary to describe the data one uses
The best way to learn about writing a data section is to read several data sections in the literature
on your topic and pay attention to the kinds of information they contain

Most data sections are shorta page or so. What you tell your readers about your data will
depend in large part on the kind of analysis you are conducting
Generally speaking, however, your data section should do at least the following:

Identify the data source. This means a sentence that explicitly says where your data come
from (e.g., This study uses data from the 1999 wave of the Panel Study of Income
Dynamics.).

Describe the data source. You should tell your readers such things as the number of
observations, the population groups sampled, the time period during which the data were
collected, the method of data collection, etc.

State the strengths and weaknesses of the data source. How do your data compare with
other data sources used in the literature? Does yours provide more observations, and/or
more recent observations, than other sources? Was the data collected in a more reliable
manner? Why is the data source particularly suited (or not) to your study?

Note any features of the data that may affect your results. Were certain populations
overrepresented or underrepresented? Is there attrition bias or selection bias? Did the
method of data collection change?

Explain any computations or adjustments you made. Sometimes, a data source does not
give you something directly; you perhaps had to add/subtract/multiply/divide two given
pieces of data to get a third. Describe how you constructed your sample. Did you have to
eliminate certain kinds of observations, for instance?

Data sections often contain a table of descriptive statistics, statistics of relevance about the
sample. These statistics usually include the mean (e.g., mean income, mean age, mean years of
schooling, etc.) and standard deviation.

Describing Your Model

Economic analysis largely concerns the construction and testing of models. Models are abstract,
simplified representations of an economy, of a function (such as a utility function), of a decisionmaking process, and so on; they are expressed in a combination of words and mathematics.
It is customary in empirical economics papers to have a section devoted to describing your
model. Although the length of the description varies from paper to paper, a typical model section
in an empirical paper will be four or five pages long.
If the paper presents a simple regression, the model might simply be the regression equation.

More complicated papers might present notation, develop a basic model of economic behavior,
report the first-order conditions necessary for agents to optimally set prices or choose
investment or whatever, and then interpret those conditions.
In the model section, the writer takes the reader through the series of equations that constitute the
model.
The description should begin verbally.
You should lay out all the assumptions you make in your model,
Explain the intuition behind those assumptions
In your models, the notation should either (a) follow the standard notation in the literature or (b)
be very self-explanatory.
Use LATEX

Describing Your Estimation Methods and Techniques

Models often contain constants or parameters whose values need to be estimated
How will you estimate the parameters? What technique will you use?
The length and detail with which you describe your methods will be determined by the
complexity of your analysis.
For example, if you are just doing OLS then there is no need to explain to the reader how OLS
works (this can be assumed as known)
The same is true for 2SLS or IV estimation
On the other hand, if you develop your own estimator then you need to be 100% transparent
about how this works
If you use somebody elses fancy estimation technique (of which you cannot assume that average
readers will be familiar with) then you can refer to the paper from which you borrow that
technique and, in addition, provide the basic mechanics/outline of how this particular technique
works

Findings
The results section of an empirical paper is usually the longest

In an empirical economics paper, you test a model with data; in the results section, you report the
outcome of that test.
What are the answers to your research questions?
What is the relationship between your dependent variable and the several independent variables
you have chosen to examine?
Does the model fit the observed data?
In most cases, when you report the results of your analysis, you are at the same time referring the
reader to a table in which the results are presented.
When you present information in a table, there are at least two expectations that you need to
fulfill.
1. Explicitly introduce the table
Briefly indicate the tables general content.
Example: Table 1 shows the incomes earned by full-time workers in the United States,
or In table 1, I present the results of the three regressions that explore the relationship
between income and education.
2. Identify the main points made by the data in the table, the points that most closely
correspond to your research question.
The table cannot, and should not be expected to, speak for itself.
Tell the reader what the table says
Example: Table 1 reveals several significant characteristics of our sample that could
affect our results: one-third of women in the sample had less than a high-school
education; nearly two-thirds were unmarried; and exactly one-half had at least one child
under 3,
or As expected, the coefficient on education is, in every regression, significant and
positive.
Point out counterintuitive results
Do not discuss each and every little aspect of the table
You need to describe the contents of the table in the text

You cannot simply refer to a table (or worse, not refer to it at all!) and leave it at that.

Conclusion
Conclusions should be brief
Do not simply restate (or copy and paste) from abstract and/or intro. (Rather dont bother writing
a conclusion.)
Basic things you can put in

restate research question

restate main findings (not too much detail!)

discuss policy implications

point out extensions and future research (without undermining your current paper)

But a conclusion could be much more: it is your chance to concisely sum up your paper from a
fresh angle;
Place to suggest other lines of inquiry or broader implications of the topic and findings that you
didnt have the space to explore.
Careful: do not open new cans of worms!
Helps answer the question: So what? Why should readers care?

Bibliography
Make sure you include all citations from the paper in your references
Do not include any references if they have not been mentioned in the paper
Always use the most recent version of a paper available

Digression: Tables in Papers

Tables are excellent for presenting a large amount of data in a concise, easy-to-read form
A well-designed table can communicate in brief what may otherwise take several paragraphs if
presented textually, and can do so more clearly.

The main parts of a table are the following:

Table number.
Every table should have a number, and the tables should be numbered consecutively
throughout a document.

Title.
The title should be brief but descriptive. It should not be a complete sentence, but a
collection of words that indicate the subject of the table: Percentage of Women Aged 4560 Who Smoke, by Educational Attainment, or Effect of Class Size on Student
Achievement: OLS Regression Results, or Summary of Income Data from Survey in
Rural Georgia, 19201945.

Column heads.
Every column of information should have a column head, a word or phrase that identifies
the information. Columns are read down. Spanner heads are used when column heads are
in two or more levels, that is, when there are both a collective head and individual heads.

Stub.
The stub is the very left-most column in a table.

Body.
The body of a table consists of the columns to the right of the stub and below the column
heads.

Footnotes.
There are three main kinds of footnotes that may be included at the end of a table. A
source note identifies either the source of the data used in the table or, if the table was
reproduced without change from a published work, the published work (it is possible that
both things need to be identified). To reproduce a table without change from a published
work that is still protected by copyright requires formal permission. General notes apply
to the table as a whole. Specific notes pertain to specific numbers or rows or columns in
the table.

Rules.
Rules are the lines that visually separate the table into parts. In general, only horizontal
rules should be used. Vertical rules may in some cases be necessary, but current
publishing norms require that they be avoided whenever possible.

Further Reading

Cochrane, John H.: Writing Tips for PhD students, 2005, available online

Gopen, George D. Expectations: Teaching Writing from the Readers Perspective. New
York: Pearson Longman, 2004. McCloskey, Deirdre N. Economical Writing. 2 nd ed.
Long Grove, Ill.: Waveland Press, 2000.

Miller, Jane E. The Chicago Guide to Writing about Multivariate Analysis. Chicago:
University of Chicago Press, 2005. Miller, Jane E. The Chicago Guide to Writing about
Numbers. Chicago: University of Chicago Press, 2004.

Neugeboren, Robert. The Students Guide to Writing Economics. New York: Routledge,
2005.

Szenberg, Michael, ed. Passion and Craft: Economists at Work. Ann Arbor: University of
Michigan Press, 1998.

Swales, John M., and Christine B. Feak. Academic Writing for Graduate Students: A
Course for Nonnative Speakers of English. Ann Arbor: University of Michigan Press,
1994.

Thomson, William. A Guide for the Young Economist, 2nd edition, Cambridge: MIT
Press, 2011.

Williams, Joseph. Style: Ten Lessons in Clarity and Grace. 9 th ed. New York: Longman,
2006.

Wyrick, Thomas L. The Economists Handbook: A Research and Writing Guide. St. Paul:
West Publishing Company, 1994. 6869

LGU Catanduanes inaugurates Virac diversion road project

June 30, 2016

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VIRAC, Catanduanes, June 29, (PIA) -- Governor Araceli B. Wong led the formal blessing and
inauguration of the recently completed upgrading and rehabilitation of diversion road in Virac,
June 24, 2016, attended by barangay officials of Capilihan, Sto. Nino, Danicop and Calatagan all
of Virac town.

Intended to provide a shorter alternate route from barangay Capilihan for vehicles bound for San
Andres, the diversion road skips the town center and skirts along the mountains north of Virac,
passing through Sto. Nino and Danicop before exiting at the twin Calatagan villages.

The road intended for a shorter alternate route from barangay Capilihan for vehicles bound for
san Andres, the diversion road skips the town center and skirts along the mountains north of
Virac, passing through Sto. Nino and Danicop before exiting at Calatagan area.

The project costs P30 million involved the improvement of 3.6 kilometers of unpaved, muddy
rod, which was transformed in a paved highway.

Gov. Wong also spearheaded the groundbreaking ceremony of the road projects under the
KALSADA program (Konkreto at Ayos na Lansangan ang Daan Tungo sa Pangkalahatang
Kaunlaran) of the national government and implemented through the DILG which is an
innovative devolution program recently launched to institutionalize good governance by enabling
local government units on Local Road Management.

The three projects officially commenced last week were: Concreting of the 3-36-kilometer BatoAroyao road costing P38 million; Concreting of the 4-kilometer Jct. Panganiban-Cabuyoan
provincial road with a project cost of P53 million; and, Concreting of the 2.7-kilometer Jct. PajoDaguindingan-Hawan provincial road in Virac amounting to nearly P24 million.

The road upgrading projects are part of Catanduanes allocation of P109 million in the
KALSADA program for the maintenance and upgrade of the provincial road network,
particularly those linking national roads to areas of development. (MAL/EABPIA5/Catanduanes)
- See more at: http://news.pia.gov.ph/article/view/841467268322/lgu-catanduanes-inauguratesvirac-diversion-road-project#sthash.QVZ6BsV0.dpuf