Time factor in macroeconomic analysis in theory and empirical research
Purpose of the study The aim of the research is to present the role of time in economic theory and explain how time horizon and the adopted period of time lags between the variables determine the results of macroeconomic analyzes. Methodology: In the paper were used research methods based on literature studies in the field of macroeconomics and finance as well as descriptive methods to explain how the change in the time horizon of the analysis affects the results of the research (short-term analysis and long-term analysis) and what influence the selection of a specific delay period has on the results time between the analyzed variables. Main Findings: The research results confirmed the importance of the time factor, which is still underestimated in many economic analyzes. Applications of this study: The research results can be used as a starting point for further analyzes regarding the importance of time in microeconomic analyzes and contribute to the development of new theoretical concepts concerning dynamic processes in the economy. The originality of this study: In the economics literature, no comprehensive research has been carried out on the importance of time in economic analyzes. Hence, the paper can fill the existing gap in this area and realize the importance of time in economic research.