Okun's Law

Crespo Cuaresma J (2008). Okun's Law. In: S.N. Durlauf and L.E. Blume (eds), [[The New Palgrave Dictionary of Economics]], Second Edition. Palgrave Macmillan, Basingstoke, UK (2008) DOI:10.1057/9780230226203.1217.

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Abstract

Okun's law describes the empirical relationship between changes in unemployment and output at the macroeconomic level and has been regarded since its discovery by Arthur Okun (1962) as a building block of traditional macroeconomic models. This article discusses the interpretation of this relationship and summarizes recent developments in the econometric specification of Okun's law.

Item Type: Other
Uncontrolled Keywords: Aggregate demand; Demand and supply shocks; Okun's coefficient; Okun's law; Output gap; Phillips curve; Production functions; Unemployment
Research Programs: World Population (POP)
Bibliographic Reference: In: S.N. Durlauf and L.E. Blume (eds), [[The New Palgrave Dictionary of Economics]], Second Edition. Palgrave Macmillan, Basingstoke, UK (2008)
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Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 08:41
Last Modified: 20 Jan 2016 16:44
URI: http://pure.iiasa.ac.at/8694

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