The Granger Causality Test of Prices in Slovenia
Keywords:
time series, prices, causality, hospitality industryAbstract
This article deals with the Granger causality of prices and other time series variables in Slovenia from December 1999 to September 2011. The results of the analysis on the link between prices and wages, and monetary and fiscal factors on hospitality industry prices show long-term associations between the time series variables, which are set by the tested hypotheses. Based on the Granger causality test, we confirmed determinants, which are in causal relation with the hospitality industry prices. By the confirmed hypotheses, five causal relations are found, where the most statistically significant correlation is between the index of prices of goods by producers and the index of prices in the hospitality industry.
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