Okun's law, asymmetries and jobless recoveries in the United States: A Markov-switching approach
AbstractThis paper offers a new perspective on Markov regime-switching approaches to asymmetries in Okunâs law by modeling the existing approaches as special cases. Prevailing models assume either asymmetry between unemployment and output across regimes or asymmetry within a single regime. Our specification combines both approaches. Our empirical results give an insight into the apparent âjobless recoveryâ experiences that began in the United States in 1991 and 2001.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 92 (2006)
Issue (Month): 2 (August)
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Web page: http://www.elsevier.com/locate/ecolet
Other versions of this item:
- Mark J. Holmes & Brian Silverstone, 2005. "Okun's Law, Asymmetries and Jobless Recoveries in the United States: A Markov-Switching Approach," Working Papers in Economics 05/06, University of Waikato, Department of Economics.
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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