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Okun's Law : fit at fifty?

Author: Laurence M Ball; Daniel Leigh; Prakash Loungani; International Monetary Fund. Research Department.
Publisher: Washington, D.C. : International Monetary Fund, ©2013.
Series: IMF working paper, WP/13/10.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
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  Read more...
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Genre/Form: Electronic books
History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Laurence M Ball; Daniel Leigh; Prakash Loungani; International Monetary Fund. Research Department.
ISBN: 9781475537352 1475537352
OCLC Number: 824813371
Notes: Title from title page (IMF Web site, viewed Jan. 22, 2013).
"Research Department."
"January 2013."
Description: 1 online resource (40 p.) : ill.
Series Title: IMF working paper, WP/13/10.
Responsibility: Laurence M. Ball, Daniel Leigh, Prakash Loungani.

Abstract:

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.

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