Modelling Wages in Croatia Using a Second Order Polynomial Regression Model

Tea Baldigara, Kristina Duvnjak


As known, wages are a significant factor of the economic activity. They affect personal consumption, the living standard and the GDP. Due to the importance of wages for the national economy the paper aimed to analyse annual average wages in Croatia in the last two decades, namely from 1994 to 2013. For these purposes a second order polynomial regression model is designed. The empirical results have shown that, the chosen model performed well in terms of MAPE and, presented a reasonably good predictability performance. All performed diagnostic statistics showed that the specified models passed all the tests and that they fit the data reasonably well throughout the sample period.

Full Text:



International Journal of Business Administration
ISSN 1923-4007(Print) ISSN 1923-4015(Online)


Copyright © Sciedu Press

To make sure that you can receive messages from us, please add the '' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders.