Descriptive statistics from the data, Macroeconomics

Assignment Help:

Table below shows the descriptive statistics which have been condensed from the data sheet for the period 1987 Q4 to 2011 Q3.

 

GDP (%)

Real Exchange Rate (Base: Jan 2005=100)

Oil price ($/barrel)

Inflation (%)

Unemployment rate (%)

Interest rate (%)

Mean

0.49

93.787

37.409

3.571

6.914

6.115

St. Dev.

0.64

8.064

28.809

2.138

1.705

3.604

Min

-2.2

77.746

11.187

-1.367

4.6

0.5

Max

1.7

104.644

121.397

10.43

10.4

14.79

Table- A table showing the descriptive statistics from the data.

Numerous interesting facts can be observed in the table above. Firstly, the range of oil price over a 24 year period is staggering, highlighting the volatile nature of the commodity. The mean of the oil price is $37.41 per barrel. This is a stark contrast to recent prices of around $120 per barrel (Bloomberg, 2012). The standard deviation for oil is surprising also. It shows that the majority of the oil prices throughout the sample period have been within $29of the mean figure of $37.41 per barrel. This once again emphasises just how high the current price of oil is. Another figure which offers a stark contrast to the current UK economic performance is the interest rate mean. At 6.115 the rate is 5.615 higher than the current level 0.5% (Bank of England, 2012). This illustrates how low the demand for money in the UK is at present. The mean GDP figure shows that across the 24 year period, the UK achieved a mean growth rate of 1.98% annually. This figure will make pleasant reading to the policymakers throughout this period as the target rate of growth for the UK is 2%.


Related Discussions:- Descriptive statistics from the data

Post-keynesian macroeconomics -rational expectations school, Rational Expec...

Rational Expectations School Expectations on the future values of economic variables play an important role in macroeconomic analysis and economic analysis in general. Because

Why are the imports subtracted - nominal gdp, Why are the imports subtracte...

Why are the imports subtracted when GDP is measured in expenditure approach? If you woke up in the working & found that nominal GDP has doubled overnight. what statistic wou

Determine the principle of equity, Determine the principle of equity Th...

Determine the principle of equity The principle of equity is that a tax must be fair and the tax is levied on those with the ability to pay tax. The principle of efficiency

What is the value of the test statistic, For the United States, the mean mo...

For the United States, the mean monthly Internet bill is $32.79 per household (CNBC, January 18, 2006). A sample of 50 households in a southern state showed a sample mean of $30.63

Influence the risk accompanying long-term contracts, What impact will high ...

What impact will high and variable rates of inflation have on the economy? How will they influence the risk accompanying long-term contracts and related business decisions?

Calculate average cost pricing , Indicate whether each of the following sta...

Indicate whether each of the following statements is true, false, or uncertain, and explain your answer.  Your grade will depend primarily on the quality of your explanation.

Factors responsible for changes in aggregate demand, Factors Responsible fo...

Factors Responsible for changes in Aggregate Demand The Aggregate Demand curve shows an inverse relationship between the quantity of goods and services demanded and the price l

Intertemporal choices , ) Consider an economy where individuals live for 2 ...

) Consider an economy where individuals live for 2 periods and have prefer- ences represented by ln(c) + ß ln(c') where c and c' represent consumption in the first and second perio

What is globalization, what are its effects on the Indian economy? Ans) ...

what are its effects on the Indian economy? Ans) It is largely positive. Globalization has brought a lot of jobs and large sums of investment to India. India's economy has been

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd