Wage and Price Inflation in Poland in the Period of Transition — The Cointegration Analysis

Abstract

Economic hypotheses usually relate to the long-run. However, direct observation (measurement) of relevant relationships is rather impossible due to the short-run fluctuations which, usually, are not regular, although are not random since they result from particular mechanisms present in the system. Consequently, empirical investigation must lead to the decomposition of economic behaviour into short and long-run reactions, distinguishing “true” relationships from spurious correlations. Therefore in the presented study cointegration was used as methodological framework for the analysis. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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