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) 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)
Related URLs:	Publisher - http://www.dictionaryofeconomics.com/dictionary
Depositing User:	IIASA Import
Date Deposited:	15 Jan 2016 08:41
Last Modified:	27 Aug 2021 17:38
URI:	https://pure.iiasa.ac.at/8694

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