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Equation 2 represents Okun's Law, which describes the change in the unemployment rate from period t - 1 to period t based on the RGDP growth rate [y.sub.t], and any economic shock [[epsilon].sub.t].
The main task of this analysis is to compare the dynamics of two time series--in this case time series data of CCI and rGDP. In general, two non-stationary time series are cointegrated if they tend to move together.
The demographic variables and RGDP are entered as percentages.
RGDP fell by close to 3% and unemployment increased from 7.2% to 10.8%.
(a) Dynamic panel model Instruments Static panel model OLS-FE (1) OLS-FE (2) LCTC(-l) -0.066 (0.037) * Tax X patent 0.0003 (0.0008) 0.0001 (0.001) Forest 0.054 (0.006) *** 0.058 (0.006) *** Labor -0.053 (0.010) *** -0.053 (0.009) *** Skill -0.224 (0.077) *** -0.314 (0.073) *** Rgdp 0.014 (0.031) 0.004 (0.029) Capital 0.034 (0.005) *** 0.041 (0.005) *** Machine 0.559 (0.141)*** 0.424 (0.138) *** Market 0.152 (0.034) *** 0.193 (0.033) *** _Cons -1.133 (0.206) *** -1.356 (0.208) *** n 380 370 Instr.
INFL = f (RGDP, POIL, INV, MS, YAGR, [INFL.sub.t-1]) (1)
has experienced a 1.55 percent annualized average of RGDP growth, he may become the first.
Since 1996, GTI's Registered Gas Distribution Professional (RGDP) certification program has provided a thorough grounding in the theory and practice of gas distribution engineering, operations and auxiliary systems to hundreds of energy professionals.
In Equation (3), rgdp is the real GDP, cpi is the price level, dy is the dividend yield rate, cor is the three-month corporate rate, defgdp is the percentage of the federal government deficits per GDP, debtgdp is the percentage of the federal government outstanding debt per GDP, dforgdp is the percentage of the federal government foreign-financed debt per GDP, oil is the oil price, q is the real effective exchange rate and z includes past values of sp and the above-mentioned macroeconomic variables as well as other valid conditioning variables (7).
From the primary data, the study transfers into the secondary data including variables INF (inflations, percentage), BUD (fiscal deficits, percentage), M2 (broad money supply, percentage), RGDP (real GDP per capita, in natural logarithm form), GEXP (government expenditure, percentage), INTE (interest rates, percentage), EXC (exchange rates, in natural logarithm form) and OPEN (trade openness, percentage) in which RGDP and EXC are defined in form of natural logarithm multiplied with 100 and OPEN is the sum of shares of exports and imports to GDP.
However, despite the unemployment rate in the United States falling to 5.8 percent as of October 2014 following the Great Recession, RGDP has not returned to its "potential," i.
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