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Revisiting Okun's law for Mexico: an analysis of the permanent and transitory components of unemployment and output

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  • Islas-Camargo, Alejandro
  • Cortez, Willy W.

Abstract

Unlike usual estimation techniques, we follow Clark (1989) to estimate the correlation between the transitory components of unemployment and output as part of a system of correlations between the permanent and transitory components of both series. This model provides better estimate of the Okun’s Law and it takes into account the correlations that arise between the permanent and transitory components of unemployment and output within each series and across series. We find that the Okun’s coefficient for Mexican economy is significantly lower than previous estimates.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 30026.

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Date of creation: 02 Mar 2011
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Handle: RePEc:pra:mprapa:30026

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Keywords: unobserved components; business cycles; labor market; Mexican economy;

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  1. Alcaraz Carlo, 2009. "Informal and Formal Labour Flexibility in Mexico," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE.
  2. Clark, Peter K, 1987. "The Cyclical Component of U.S. Economic Activity," The Quarterly Journal of Economics, MIT Press, vol. 102(4), pages 797-814, November.
  3. Edward S. Knotek & II, 2007. "How useful is Okun's law?," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 73-103.
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