engleski

Parameters Estimation According to Engle's Law in Excel

Engle’ s laws have been frequently used in economic analysis. In this paper the concrete relations in Croatian economy are studied according to basic postulates of Engle curve. The parameters of relevant model are estimated by respecting wages movement and luxury consumption. Beside standard method, parameters estimation has also been done by Monte Carlo simulation, which enables the basic assumptions to be fulfilled. By using such multi-objective approach, the obtained results have been presented, interpreted and comparatively analyzed. All calculations are accomplished very simply in Excel. This user-friendly approach will help many users to easily solve similar complex statistical and mathematical calculations, which is useful and important for students of economic sciences in quantitative analysis.

Engle' laws; parameters estimation; regression model; classic method; Monte Carlo simulation

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