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The Relationship between Unemployment and Output Cycles in Korea

Author

Listed:
  • Caraiani, Petre

    (Institute for Economic Forecasting, Romanian Academy, Bucharest)

Abstract

This paper** addresses the problem of Okun's coefficient for the Korean economy. By running regressions between the unemployment and employment variables cycles and the economic activity cycles, I find that Okun's Law has held in Korea in the last decades. At the same time, the results indicate a rather low response of the labor market to the changing conditions in the economy, suggesting a higher than average degree of labor market rigidity. ** This is a simplified version of the author's MA thesis submitted to the Graduate School of Pan-Pacific International Studies, Kyung Hee University, Seoul, Korea, as a requirement for the Degree of Master of Arts in International Trade and Economic Cooperation, year 2005.

Suggested Citation

  • Caraiani, Petre, 2006. "The Relationship between Unemployment and Output Cycles in Korea," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 3(1), pages 51-64, March.
    • Handle: RePEc:rjr:romjef:v:3:y:2006:i:1:p:51-64
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    More about this item

    Keywords

    Okun's Coefficient; Unemployment; Business Cycles; Korea.;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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