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Okun's Coefficient: A Comment

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  • Clifford L. F. Attfield
  • Brian Silverstone

Abstract

This 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 Info

Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 79 (1997)
Issue (Month): 2 (May)
Pages: 326-329

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Handle: RePEc:tpr:restat:v:79:y:1997:i:2:p:326-329

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Cited by:
  1. Oscar Jorda & John Fernald & Fernanda Nechio & Mary Daly, 2013. "Okun’s Macroscope: Changes in the Cyclical Behavior of Productivity and the Comovement between Output and Unemployment," 2013 Meeting Papers, Society for Economic Dynamics 1155, Society for Economic Dynamics.
  2. PERUGINI, Cristiano, 2009. "Employment Intensity Of Growth In Italy. A Note Using Regional Data," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, Euro-American Association of Economic Development, vol. 9(1).
  3. Kwami Adanu, 2005. "A cross-province comparison of Okun's coefficient for Canada," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 37(5), pages 561-570.
  4. Giovanni Dosi & Giorgio Fagiolo & Roberto Gabriele, 2004. "Towards an Evolutionary Interpretation of Aggregate Labor Market Regularities," LEM Papers Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy 2004/02, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  5. Matteo Richiardi, 2006. "Toward a Non-Equilibrium Unemployment Theory," Computational Economics, Society for Computational Economics, Society for Computational Economics, vol. 28(4), pages 421-446, November.
  6. Edward S. Knotek & II, 2007. "How useful is Okun's law?," Economic Review, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, issue Q IV, pages 73-103.
  7. Owyang, Michael T. & Sekhposyan, Tatevik, 2012. "Okun’s law over the business cycle: was the great recession all that different?," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue Sep, pages 399-418.
  8. Jochen Hartwig, 2014. "Testing Okun’s law with Swiss industry data," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 46(29), pages 3581-3590, October.

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