Arbeitspapier
Okun's Law: Fit at 50?
This paper asks how well Okun's Law fits short-run unemployment movements in the United States since 1948 and in twenty advanced economies since 1980. We find that Okun's Law is a strong and stable relationship in most countries, one that did not change substantially during the Great Recession. Accounts of breakdowns in the Law, such as the emergence of "jobless recoveries", are flawed. We also find that the coefficient in the relationship-the effect of a one percent change in output on the unemployment rate-varies substantially across countries. This variation is partly explained by idiosyncratic features of national labor markets, but it is not related to differences in employment protection legislation.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 606
- Klassifikation
-
Wirtschaft
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Business Fluctuations; Cycles
- Thema
-
Okunsches Gesetz
Arbeitslosigkeit
USA
Industrieländer
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Ball, Laurence M.
Leigh, Daniel
Loungani, Prakash
- Ereignis
-
Veröffentlichung
- (wer)
-
The Johns Hopkins University, Department of Economics
- (wo)
-
Baltimore, MD
- (wann)
-
2012
- Handle
- Letzte Aktualisierung
- 10.03.2025, 10:42 UTC
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Ball, Laurence M.
- Leigh, Daniel
- Loungani, Prakash
- The Johns Hopkins University, Department of Economics
Entstanden
- 2012
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