Remittances and Elasticity Impact in Several USA Variables”
1. Correlation Analysis: Using the Excel-1-Remmittances files, create a new tab and create
correlations for the 3 chosen countries in Excel (you can use the Correlation function in Excel to
find the correlations). Create a table in the Word document with the correlation values and
corresponding p-values. See the above correlation table sample to see how the table in Word must
be created.
2. Make a detailed economic analysis of the correlations between each country’s remittances with the
different US economic variables. (at least 300 words)
3. The elasticity of Remittances (Using Regression Analysis): has two parts:
Note: use the Regression function in Excel to get the regression coefficients and statistics
A. Entire remittance data: use the Excel-1 Remittance file.
Using the raw data to run 3 multiple regressions using the remittances for each
country as your independent variable and the US economic variables as your
dependent variables (see the model equations inserted above in this paper)
•
Copy and paste the coefficients and p-values from your Excel regression output
into the Word document and place them into the table as shown previously
(See the table above – Elasticity Coefficients and Significance for
Remittances and several USA Economic Variables). Put the 3 tables side-
by-side to quickly see the difference between the 3 countries.
•
Make sure you provide a comprehensive analysis of the statistics and
information inserted in the table. Compare the coefficient values for each
country and make a complete and detailed analysis. (at least 300 words)
B. Covid remittance data: use the Excel-1 Covid file.
Use the Covid data to run 3 multiple regressions for each Covid period.
1. Regressions for Pre-Covid:
•
3 regressions will be run using the data for the Pre-Covid periods, using the
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remittances for each country as your independent variable and the US
economic variables as your dependent variables (see the model equations
inserted above in this paper)
•
Copy and paste the coefficient, and P-Values for each variable from Excel to
Word, creating a table as shown above (Elasticity Coefficients and
Significance for Remittances and several USA Economic Variables). Put
the 3 tables side-by-side to easily see the difference between the 3 countries.
•
Make sure you provide a comprehensive analysis of the statistics and
information inserted in the tables. Compare the coefficient values for each
country and make a complete and detailed analysis. (at least 300 words)
2. Do the same analysis for the During-Covid, and Post Covid data periods
3. References: Include all the references and sources used in your paper.
