Okun's Coefficient: A Comment
AbstractThis paper reassesses a finding by Martin Prachowny (1993) that the value of the Okun coefficient for the United States (linking unemployment changes to output changes) is only around -0.67 rather than around the more typical value of -2.25. Using a cointegration framework, and the same data sets as Prachowny, we find, for one of the data sets, that the Okun coefficient is much closer to a value of -2.25, which supports previous research work. © 1997 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology
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Bibliographic InfoArticle provided by MIT Press in its journal The Review of Economics and Statistics.
Volume (Year): 79 (1997)
Issue (Month): 2 (May)
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- Oscar Jorda & John Fernald & Fernanda Nechio & Mary Daly, 2013. "Okunâ€™s Macroscope: Changes in the Cyclical Behavior of Productivity and the Comovement between Output and Unemployment," 2013 Meeting Papers 1155, Society for Economic Dynamics.
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