The Oil-Macroeconomy Relationship in the Czech Republic

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HAJKO Vladimír

Rok publikování 2014
Druh Článek ve sborníku
Konference Hradec Economic Days 2014
Fakulta / Pracoviště MU

Ekonomicko-správní fakulta

Citace
www http://fim.uhk.cz/hed/images/sbornik2014_4.pdf
Obor Ekonomie
Klíčová slova Oil; GDP; causality; Czech Republic
Popis This article examines the influence of oil prices on the GDP in the various model and data specifications. The goal is to identify whether the oil prices exhibit significant influence on the selected macroeconomic indicators. Data show that oil prices are significant in the relation to the GDP growth. The differences between the various asymmetric or nonlinear oil price measures are not very profound. Furthermore, the data specification appears to be an important factor. Interannual data provide more stable estimation results and better explain the variance in the GDP growth than interperiod data. The oil-GDP relationship is mostly unidirectional from oil to GDP.
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