Abstract
This chapter describes different effects of inflation and GDP on the European Union countries pointing out the costs attendant on high and low rate of inflation. To improve the understanding of GDP and inflation differences there were applied statistical methods. They verified some of the big economic crises in the history. Nominal GDP developments yield similar results in both the shorter (1995–2015) and longer period (1967–2015), suggesting that only two common principal components are needed to explain a significant amount of variance in the data. Concerning the inflation, we have investigated the co-movements and the heterogeneity in inflation dynamics across the analyzed countries over two periods (1967–2015 and 1994–2015). The findings indicate that there are three substantial common principal components explaining 99.72% of the total variance in the consumer price indexes in the period from 1994–2015, that can be related to the common monetary policy in the euro area. Finally, the chapter employed multiple linear regression models.
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Klacsánová, K., Bohdalová, M. (2019). Analysis of GDP and Inflation Drivers in the European Union. In: Kryvinska, N., Greguš, M. (eds) Data-Centric Business and Applications. Lecture Notes on Data Engineering and Communications Technologies, vol 20. Springer, Cham. https://doi.org/10.1007/978-3-319-94117-2_11
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DOI: https://doi.org/10.1007/978-3-319-94117-2_11
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