General methodology of modern economic research Step 1:Data collections and summary of empirical stylized facts Step 1:Data collections and summary of empirical stylized facts Example 2:Phillips Curve in macroeconomics: A negative correlation between the inflation rate and the unemployment rate in an aggregate economy; Inflation rate (% E E Phillips curve Unemployment rate(%) Probability and Statistics for Economists Introduction to Statistics and Econometrics May13,2019 5Probability and Statistics for Economists Introduction to Statistics and Econometrics May 13, 2019 5 Step 1: Data collections and summary of empirical stylized facts Example 2: Phillips Curve in macroeconomics: A negative correlation between the inflation rate and the unemployment rate in an aggregate economy; General methodology of modern economic research Step 1: Data collections and summary of empirical stylized facts