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The Real GDP Rate in European Union. A Panel Data Approach

Mihaela Simionescu (Bratu)

Working Papers of Institute for Economic Forecasting from Institute for Economic Forecasting

Abstract: The main aim of this article is to explain the evolution of real GDP rate in European Union (EU-28) over the period 2002-2013 using panel data sets. Several dynamic models (6 models) explained the real GDP growth, an increase in the real GDP rate in the previous period with 1% generating an increase in the real GDP rate in the current period with a value between 0.3% and 0.4%. A fixed effects model with individual effects and effects in time explained the real GDP growth using as explanatory variable the employment. Moreover, a panel data model is estimated, but the assumptions related to errors are not checked. Simulations are made for 2014 and 2015 using the dynamic model and the fixed effects model, the latter anticipating higher GDP rate than most of the dynamic models.

Keywords: GDP rate; dynamic model; fixed effects model; employment (search for similar items in EconPapers)
JEL-codes: C15 C53 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2016-10
New Economics Papers: this item is included in nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:rjr:wpiecf:161001

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