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Okun's law revisited: should we worry about low unemployment?

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Author Info

  • David Altig
  • Terry J. Fitzgerald
  • Peter Rupert

Abstract

A review of the connection between labor resource utilization and the growth/unemployment correlation summarized by Okun's law, showing that the instability of that relationship, particularly over short time horizons, has important implications for monetary policy.

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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.

Volume (Year): (1997)
Issue (Month): May ()
Pages:

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Handle: RePEc:fip:fedcec:y:1997:i:may15

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Related research

Keywords: Unemployment ; Monetary policy ; Inflation (Finance);

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Citations

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Cited by:
  1. Jörg Döpke, 2001. "The "Employment Intensity" of Growth in Europe," Kiel Working Papers 1021, Kiel Institute for the World Economy.
  2. Kwami Adanu, 2005. "A cross-province comparison of Okun's coefficient for Canada," Applied Economics, Taylor & Francis Journals, vol. 37(5), pages 561-570.
  3. Guglielmo Maria Caporale & Marinko Škare, 2011. "Employment Growth, Inflation and Output Growth: Was Phillips Right? Evidence from a Dynamic Panel," CESifo Working Paper Series 3502, CESifo Group Munich.
  4. Ivan O. Kitov, 2011. "Okun's law revisited. Is there structural unemployment in developed countries?," Papers 1109.4383, arXiv.org.
  5. Edward S. Knotek & II, 2007. "How useful is Okun's law?," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 73-103.
  6. João Sousa Andrade, 2009. "The PIGS, does the Group Exist? An empirical macroeconomic analysis based on the Okun Law," GEMF Working Papers 2009-11, GEMF - Faculdade de Economia, Universidade de Coimbra.
  7. Eduardo Loría & Manuel G. Ramos., 2007. "La ley de Okun: una relectura para México, 1970-2004," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 22(1), pages 19-55.
  8. João Sousa Andrade, 2007. "Uma Aplicação da Lei de Okun em Portugal," GEMF Working Papers 2007-04, GEMF - Faculdade de Economia, Universidade de Coimbra.
  9. TURTUREAN, Ciprian Ionel, 2007. "Legea lui Okun pentru România în perioada 1992-2004
    [Okun's Law for Romania during 1992-2004]
    ," MPRA Paper 10638, University Library of Munich, Germany.
  10. Ian H.K. Leow, 2004. "A Simple Dynamic Model of Big-push," Econometric Society 2004 Australasian Meetings 218, Econometric Society.

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