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Alternative Methods of Estimating the Okun Coefficient. Applications for Romania

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  • Caraiani, Petre

    (Institute for Economic Forecasting, Bucharest)

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    Abstract

    The purpose of this study is to estimate the Okun coefficient for Romania for the 1991-2004 period. In order to derive it, I use a few alternative methods. As a dependent variable I use the gap of the unemployment rate while the independent variable is the gap of the production, where the aggregate production is approximated by the industrial production. I estimate the relationship through an ARDL model and through a bivariate structural VAR. The results indicate an Okun coefficient of about -0.17 which suggests some rigidity of the labor market.

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    File URL: http://www.ipe.ro/rjef/rjef4_06/rjef4_06_6.pdf
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    Bibliographic Info

    Article provided by Institute for Economic Forecasting in its journal Romanian Journal of Economic Forecasting.

    Volume (Year): 3 (2006)
    Issue (Month): 4 (December)
    Pages: 82-89

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    Handle: RePEc:rjr:romjef:v:3:y:2006:i:4:p:82-89

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    Related research

    Keywords: Business Cycles; Unemployment; Okun's Law;

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    Cited by:
    1. Petre Caraiani, 2010. "Bayesian Linear Estimation of Okun Coefficient for Romania: Sensitivity to Priors Distributions," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 13(38), pages 53-65, December.

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