Session 3 Research Methods - Data Analysis - Case Study Example
Example Data Analysis
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Abstract The purpose of this dissertation was to identify the correlation between interest rates a nd consumption in the United Kingdom. Consumer expenditure has an outstanding share in country¶s GDP, and changes in aggregate consumer behavior affect economic growth and welfare. The importance of consumption in aggregate expenditure has made the consumption function one of the most controversial and intensively studied topics in the area of macroeconomics and open -economy macroeconomics. Changes in aggregate consumer behavior affect economic growth. Therefore, there has always been considerable interest in studying and explaining changes in consumption. In order identify the correlation between interst rate and consumption in the United Kingdom, the researcher collected secondary data from the official website of Bank of England (Central Bank of United Kingdom) and the UK National Stat istics. Since both institutions are public institutions , all t he data required to conduct this dissertation are freely available. The results of this study show that t here is an evidence of the significant effect of exchange rate on consumption and investment in the short run but not in the long run. This is consistent with the expectation as wages do not adjust to inflation in the short run but they do in the long run. Or, on the other hand, it might be an evidence for the fact that the idea of older sticky-price Keynesian models can be violated at least for the long-run models. However, another explanation for this finding might be that estimation period for these countries is not long enough during which wages adjust to inflation.
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