Panelowa weryfikacja wpływu zmiennych makroekonomicznych na indeksy giełdowe
Panel Verification of the Impact of Macroeconomic Variables on Stock Market Indices

Summary/Abstract: The aim of this article is an empirical verification of the impact of national macroeconomic variables on stock market indices. To investigate these relationships, three estimators: DFE, MG and PMG were used. The study used data from twenty OECD countries. The macroeconomic variables used included: industrial production, inflation, unemployment rate, exchange rate, short- and long-term interest rates. The estimation brought interesting results for the different macroeconomic variables, depending on the type of short-run or long-run relationships.

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