The Czech Republic and Austrian Tourism in Scope of German Visitors

Abstract

Tourism demand modelling is one of the most studied areas in tourism economics, particularly focused on time series and econometric research. In this study, directly interpretable one-equation techniques are utilised, i.e. the autoregressive distributed lag model (ADLM) and the derived error correction model (ECM). To complement the sharing of information and habits in tourism, we apply regressors derived from wages, general prices, and dummies. For the Czech and Austrian data, short- as well as long-run sets of outputs act differently, regarding the specific situation. Such information can straightforwardly be applied to the effective planning of various activities covering the public and private sectors. The results are completed by the standard cointegration testing procedure and residual analysis.

Keywords

• autoregressive distributed lag model
• error correction model
• cointegration
• multipliers
• tourism