What's your process for conducting Economic research?

1 Define your research question

The first step in any economic research project is to define your research question. This is the specific problem or issue that you want to investigate and answer. Your research question should be clear, focused, and relevant to your field of interest. It should also be feasible, meaning that you can find and access the data and methods that you need to answer it. To define your research question, you can start by reviewing the existing literature, identifying gaps or controversies, and brainstorming possible topics and sub-questions.

2 Review the literature

The next step is to review the literature related to your research question. This means finding and reading the relevant academic articles, books, reports, and other sources that have addressed your topic or similar ones. The purpose of reviewing the literature is to understand the current state of knowledge, the main theories and debates, the key concepts and variables, and the most common methods and data sources. Reviewing the literature will help you refine your research question, develop your theoretical framework, and design your research strategy.

3 Develop your theoretical framework

The third step is to develop your theoretical framework for your research. This is the set of assumptions, hypotheses, and causal relationships that you use to explain and predict the economic phenomenon or issue that you are studying. Your theoretical framework should be based on the existing literature and your own logical reasoning. It should also be testable, meaning that you can empirically verify or falsify it using data and methods. To develop your theoretical framework, you can use diagrams, models, equations, or narratives to illustrate your main arguments and expectations.

4 Design your research strategy

The fourth step is to design your research strategy for your research. This is the plan of action that you follow to collect, analyze, and interpret the data that you need to answer your research question and test your theoretical framework. Your research strategy should be consistent with your research question, your theoretical framework, and the available data and methods. It should also be transparent, replicable, and ethical. To design your research strategy, you can choose between different types of research methods, such as experiments, surveys, case studies, or econometrics, depending on your research objectives and resources.

5 Conduct your data analysis

The fifth step is to conduct your data analysis for your research. This is the process of applying the appropriate statistical techniques and tools to your data to generate and evaluate the empirical evidence that supports or rejects your theoretical framework. Your data analysis should be accurate, rigorous, and robust. It should also be clear, concise, and coherent. To conduct your data analysis, you can use various software programs, such as Excel, Stata, R, or Python, to perform calculations, estimations, tests, and visualizations.

6 Communicate your findings

The final step is to communicate your findings for your research. This is the process of presenting and discussing the results and implications of your data analysis in relation to your research question and theoretical framework. Your communication should be informative, persuasive, and engaging. It should also be respectful, honest, and constructive. To communicate your findings, you can use different formats and channels, such as reports, papers, presentations, blogs, or podcasts, depending on your audience and purpose.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?