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Cointegration analysis of the monthly time-series relationship between retail sales and average wages in Croatia

Dario Cziraky


Puni tekst: engleski pdf 1.401 Kb

str. 129-138

preuzimanja: 271

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Sažetak

A dynamic econometric model of Croatian monthly retail sales and wages is estimated through testing sequential model reduction validity. Such an approach aims at developing well-performing and interpretable dynamic relationships as data-description models. In addition to the model in levels a more economically interpretable error correction model was estimated enabling direct evaluation of the short-run impact of wage change to retail change as well as the periodic adjustment to the long-run equilibrium. It was established that, both in the short-run and in the long run, retail sales respond to wages thus forming a stable dynamic relationship.

Ključne riječi

Croatia; retail sales; wages; cointegration; equilibrium correction models; general-to-specific modelling

Hrčak ID:

6721

URI

https://hrcak.srce.hr/6721

Datum izdavanja:

1.7.2002.

Posjeta: 762 *