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Energy plays an important role in economic development. This paper deals with the long-run relationship between energy consumption and real GDP for V4 countries from 2005 to 2019. The analysis was based on the unit root tests, co-integration tests, and causality tests. There are two questions. The first question is if energy consumption the stimulus to GDP, resp. energy consumption causes GDP. And the second question is if GDP the stimulus for energy consumption, resp. GDP causes consumption of energy. Energy consumption has an essential role in the economy on both the demand and the supply. It means that there should be a causal relationship from energy consumption to GDP as well as vice versa. Given that in the long run the energy consumption Granger causes the GDP in Slovakia, Hungary, and the Czech Republic, it means that energy consumption could cause economic growth in these countries. The only country where no significant relationship between energy consumption and the GDP has been demonstrated in Poland. [ABSTRACT FROM AUTHOR]

This article deals with an analysis of the relationship between the Brent oil price and the US dollar price. This paper analyses the development of the intensity and direction of dependence between the nominal effective exchange rate of the US dollar and the price of Brent oil and other commodities, such as industrial metals, agricultural commodities, gold (including jewellery and platinum) in the period from January 1994 to April 2018. The next section tests the hypothesis that there is a short-term relationship between the effective US dollar exchange rate and the oil price. The last part of the article deals with the question whether there is a long-term relationship between these variables: Brent oil price, effective exchange rate of the US dollar, industrial production index in OECD countries, three-month treasury bill, US ending stocks of crude oil, US percent utilization of refinery operable capacity and the price of ethanol. [ABSTRACT FROM AUTHOR]

The paper contributes to the existing literature through analysis of relationship between labour productivity and government spending on research and development in the eurozone countries as a whole. In particular, small and medium enterprises should aim to increase the labour productivity and use the possibilities of funding from the structural funds. The purpose of this paper is to empirically investigate the relationship between labour productivity and government spending on research and development in the eurozone. In particular, its purpose is to investigate this relationship in the case of small and medium enterprises. By utilizing causality tests and error correction models, the results suggest that support of research and development is the cause of labour productivity growth in the long-term period. However, for the short-term period changes in labour productivity precede changes in government spending on research and development. Based on the findings, the study has several theoretical and practical implications. The data sources were the Eurostat database. The data used have the character of annual time series in the period between 2004 and 2016. GRETL software was used for the calculations. [ABSTRACT FROM AUTHOR]