Does Inflation Rate and Year-over-Year GDP% acts as significant predictors of the Unemployment Rate?
Unemployment is a concern in various countries and there are various econometric determinants that influence the rate of unemployment. The present study was conducted to evaluate the question that “Does Inflation Rate and Year-over-Year GDP% act as significant predictors of Unemployment Rate”? The common variables considered for the prediction of the unemployment rate are Inflation, GDP, Fiscal Deficit, Rate of Interest provided by the financial instruments, and Debt/GDP. The study was conducted to identify the impact of Inflation Rate and Year-over-Year GDP% on the Unemployment Rate. Such a study may provide a roadmap for policymakers and Governance to identify the factors which may reduce the rate of unemployment. Data from 10 countries were randomly selected based on the economic and demographic status of different countries. The unemployment rate, inflation rate, and the Year over Year (YoY) GDP % were considered as the variables for the study. The results indicated that the regression equation of the unemployment rate with the inflation rate and the Year over Year (YoY) GDP % (p>0.05 for the constructed regression) was not significant. Moreover, the individual variables like inflation rate and the Year over Year (YoY) GDP % were also not correlated to the unemployment rate (since the p values for both the correlation coefficients were >0.5). The null hypothesis was retained and the alternate hypothesis was rejected. Hence, it was concluded that the unemploym…
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