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The Relationship of GDP, Unemployment Rate and Employment: In-depth Analysis of Okun’s Law for Russia

Author

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  • E. Vakulenko
  • E. Gurvich

Abstract

The authors estimate the short-term and long-term relationship GDP- unemployment (employment). These are the first reliable and robust confirmations of Okun’s law validity for Russia. It has been shown that the reaction of unemployment to output decline is much stronger than the response to output growth of the same size. Cross-country comparisons give evidence that Okun’s coefficient for Russia is slightly inferior to the same indicator for most developed countries, but is similar to coefficients found for other emerging markets.

Suggested Citation

  • E. Vakulenko & E. Gurvich, 2015. "The Relationship of GDP, Unemployment Rate and Employment: In-depth Analysis of Okun’s Law for Russia," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 3.
    • Handle: RePEc:nos:voprec:y:2015:id:57
    DOI: 10.32609/0042-8736-2015-3-5-27
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    Cited by:

    1. Andrey V. Zubarev & Valeriia A. Tadei, 2023. "Testing the Presence of the Hysteresis Effect Unemployment Dynamics in Russia [Проверка Наличия Эффекта Гистерезиса В Динамике Безработицы В России]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 8, pages 12-21, August.

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