Eviews is an easy to use statistical software package for Windows catering mainly to time series econometrics. The menu interface makes complicated time series look effortless. Eviews can be used in interactive as well as batch mode.
The interactive mode where Eviews executes a single
command each time is probably the easiest to start with.
The batch mode requires the user to construct a text file containing a series of commands.
Eviews : Interactive Mode
- To start Eviews: double click on the Eviews icon in the Applications folder.
- To exit Eviews: select File | Exit.
- Creating a Workfile:
Eviews requires that data series, graphs, and estimation output be contained in object containers called workfiles.
- To create a new workfile, you have to specify the
frequency and sample size you intend to use:
Select File | New | Workfile...
- In the Workfile Range window, select the appropriate frequency and range of the data you intend to work with, e.g. Quarterly, 1952:1 to 1996:4, followed by OK.
- A workfile window with the specified range, showing the 2 objects, will appear, i.e. object c (constant coefficients) and resid (residuals).>
- To create a new workfile, you have to specify the frequency and sample size you intend to use:
- Opening an existing workfile: select File | Open | Workfile...
- Loading data into Eviews: Eviews offers a number
of convenient options:
- To enter data manually: Select Quick | Empty
Group on the main menu bar of the Eviews window. A spreadsheet window with
the specified range will appear. You can begin entering your data hitting the
return key after the entry for each cell. Eviews will set the default name of
this series to be SER01. To change this, double click the content of the top
left hand corner. Each data series that you have entered will appear as a
Series object in the workfile.
- To import data: Eviews allows importation in 3 formats: ASCII, Lotus and Excel Spreadsheet. To read these data, select Procs | Import | Read Text-Lotus-Excel... from the workfile menu. A standard File dialog allows you to navigate to the appropriate directory and specify the file type. Depending on the file type, different versions of a dialog box will appear.
- Importing data in Excel format is probably the
easiest. For example, Eviews provides a demonstration Excel file containing 4
series ordered in columns with the series name in the first row.
To load the sample data, navigate to L:\Eviews3\Example Files\demo.xls.
Select By observation (data series ordered in columns), the number of series being imported (4 in this case), the sample range of the imported data (1960:1 1990:4 in this case) and the upper left data cell (B2 in this case).
Click OK and 4 object series, GDP, M1, pr and rs will appear on your workfile window.
- Importing data in ASCII. Specifying the details of this dialog box is more cumbersome, refer to page 84 and 89 of the Eviews User's Guide.
- To enter data manually: Select Quick | Empty Group on the main menu bar of the Eviews window. A spreadsheet window with the specified range will appear. You can begin entering your data hitting the return key after the entry for each cell. Eviews will set the default name of this series to be SER01. To change this, double click the content of the top left hand corner. Each data series that you have entered will appear as a Series object in the workfile.
- Creating a Group Object and Graphing multiple time
Highlight the desired series objects using the mouse while holding down the shift key (example GDP and M1) click the Show button. A spreadsheet of these 2 series will appear. Click on Name to name this object (example GRP1). This will appear as a group object in your workfile window. To view a time series plot select View | Multiple Graphs | Line. One can also try a number of other options, for example Bar Graph, Descriptive Statistics, etc. for the selected series.
- When printing text like descriptive statistics, results of estimation and spreadsheets, it is advisable to direct all text output to a text file which will economize on printing. Select File | Print Setup and click on the Text file option in the Destination box and specify a filename, for example c:\temp\results followed by OK. Each time you select Print on a text object, the output will be appended to this output file. Print the file using a text editor outside of Eviews.
- To print graphs: click on the Print button on the object window.
- Transforming data:
- To generate a new series, for example Z which is a function of GDP and M1, click on the Genr button on the Workfile menu and enter the desired transformation in the edit window: eg. Z=4*log(GDP)+2*M1^3 followed by OK.
- To generate lags and leads of time series, enter for example: Z=GDP(-4)+M1(2). Here the series Z is the sum of a 4 period lag in GDP and a 2 period lead in M1.
- To generate first difference, for example Z=d(GDP) and nth order difference, enter Z=d(GDP,n) where n is a scalar.
- Refer to Appendix A of the User's Guide for a list of series functions commonly used in transforming data.
- To estimate a time series equation:
- Select Quick | Estimate Equation which opens an edit window for the desired equation. For example, using the series loaded from demo.xls, we can estimate log (M1)=a+b*log(GDP)+d*rs by typing log(M1) c log(GDP) rs. You can specify the desired estimation procedure as well as vary the sample of the data for the equation. The Options button also allows one to specify more complicated covariance structures as well as the maximum number of iterations in the case of non-linear estimation routines like Maximum Likelihood.
- After selecting OK, an equation object window will appear showing the results of the estimation. Click on Name on the object window menu to specify a name, example Equation1, and an icon with this name will appear on your workfile windows. You can retrieve this result by simply double-clicking on this equation object.
Eviews : Batch Mode.
All the operations described above can be reproduced
using commands in Eviews. One can enter these commands a line at a time in the
main Eviews window or create a text file containing all the desired commands.
To do the latter, select File | New | Program.
The following lines of text (command equivalents of the Windows operations discussed above) would be entered in the Program Window:
|workfile c:\temp\mydemo q 52:1 96:4||creates workfile named mydemo|
|read(b2,t=xls) c:\temp\demo.xls 4||reads excel file, from cell b2|
|output(t) c:\user\eugene\results||prints text output to results.txt|
|group group1 gdp m1||creates group1 of gdp and m1|
|group1.sheet||creates spreadsheet of group1|
|group1.line(m)||creates multiple line graphs|
|group1.stats||creates desciptive statistics|
|genr lgdp=log(gdp)||generates a new series|
|equation eq1.ls log(m1)=c(1)+c(2)*dlog(gdp)+c(3)*rs(-1)||estimates eq1 using OLS|
The final command line should be: output off.
After entering these commands, select Save and
specify a name for this program file.
To run this program, click Run and a workfile file window similar to the one above will appear with the various objects. To print, direct all text file output to the specified output file, following the steps outlined in part 7 above.
lm: June 28, 1999