Analysis of Key Macroeconomic Indicators and Their Relationship to Unemployment in the Czech Republic

Author:

Hedvičáková Martina,Pozdílková Alena

Abstract

The Czech Republic boasts one of the lowest unemployment rates in the European Union, indicating a demand-supply imbalance in the labour market. This situation has implications for other labour market-related variables, such as nominal wages and labour productivity. In 2021, there was a significant increase in the inflation rate, reaching 15.1%. This development also impacted the trajectory of real wages. This article uses statistical analysis to predict the future economic trends of essential macroeconomic indicators related to the labour market. The dependence of individual variables on the unemployment rate will be determined through correlation analysis. Additionally, the study aims to assess the degree of independence between the unemployment rate and selected economic indicators, including nominal wages, labour productivity, real wages, and inflation. Future developments will be forecasted based on linear time series regression models for each examined variable. The statistical results will be economically interpreted in light of the current economic situation. Overall, the results of the correlation analysis indicate a significant statistical relationship between unemployment and nominal wages, suggesting a strong negative correlation between these variables. This finding aligns with macroeconomic expectations that an increase in unemployment leads to a decrease in the rate of nominal wage growth. The correlation analysis between unemployment and inflation reveals a moderate indication of a negative relationship between the two variables. However, the correlation analysis between unemployment and labour productivity and between unemployment and real wages indicates weak and insufficient evidence of any significant relationship between these variables. Therefore, further analyses and consideration of additional factors are necessary to obtain a more comprehensive and reliable understanding of these relationships.

Publisher

Technical University of Liberec

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3