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Univerza na Primorskem Univerzitetna knjižnica - vsi oddelki (UPUK)
  • Inflation and hospotality industry prices [elektronski vir]. time series approach
    Gričar, Sergej ; Bojnec, Štefan
    This paper investigates the dynamics of inflation and hospitality industry prices in a stochastic time-series framework using the unit root tests, co-integration and vector error correction model in ... the seasonally unadjusted data from December 1999 to December 2011by using the data expressed in the levels. The co-integration relation implies common stochastic trends. Used variables are modelled with a stochastic trend, which describes the cumulated impact of all previous permanent shocks on a variable with a long lasting effect. This is contrary to a transitory shock, the effect of which disappears either during the next period or during the next few periods. Inflation rate and hospitality industry prices are found to be integrated of order one with a non-zero mean suggesting that the present level of prices can be composed as a sum of all previous shocks to inflation and hospitality industry prices. The general price level has an effect on hospitality industry prices in the short-run, but less in the long-term equilibrium price relation in the dynamic specifications.
    Vir: Global economic and financial system: crisis or change? [elektronski vir] : EuroConference 2012, July 12-14, 2012 in Portorož, Slovenia (12 str.)
    Vrsta gradiva - prispevek na konferenci
    Leto - 2012
    Jezik - angleški
    COBISS.SI-ID - 4441303

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