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In order to estimate the VAR, I have firstly to specify the data which will be analysed. As it is my aim to observe the correlations between oil prices and key macroeconomic variables over a period of time, I will use a set of variables which I believe will produce a strong understanding of the effect on the UK macroeconomy. This following subchapter will provide the reasoning behind choosing each variable. The data that will be used is calculated in quarterly periods in order to provide a significantly more accurate result.In cases when data was not ready available in quarterly periods, then the quarterly mean average figure has been calculated from the available data. The sources for all of the following data can be seen in the Data Sources Appendix. This paper will analyse these following variables:
Oil Prices (OIL) - the most obvious variable to analyse. This entire study is structured around the effects that an oil price shock will have on other key indicators, should it be shocked. Therefore it is imperative that this variable is included. The data used is the quarterly mean spot price of Brent Crude Oil, in US dollars. Brent Crude is sourced from the North Sea and it is the most utilised form of oil in the UK. The trend of this data is remarkable; the range of the data is over $100 per barrel, highlighting the volatility in the price of oil.
Functions of Money During the course of history money has taken various forms. In fact, there is no difficulty in identifying money but the problem is defining money. Economis
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Define the term- inflation Inflation between two points in time is defined as the percentage increase of price index between these two points in time.
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Collecteconomic data for three countries: Australia, China and Greece.The data is toobtainedfrom official sources as time series forthe key macroeconomic variables. These arereal G
Hello sir, madam... I am hassan PHD student. I''m lost to get a good frame work of my thesis about e government and economic growth. and I need to know how to measure the variable
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