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Okun's Law and Jobless Growth

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  • Khemraj, Tarron
  • Madrick, Jeff
  • Semmler, Willi

Abstract

This policy note tries to understand the slow job recovery in the United States as the economy exists a recession. We show that the time-varying Okun coefficient has declined since the early 1990s, thus being consistent with the observation of jobless growth. This finding contrasts with other countries that show an increase in the time-varying Okun coefficient.

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File URL: http://mpra.ub.uni-muenchen.de/54881/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 54881.

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Date of creation: Mar 2006
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Handle: RePEc:pra:mprapa:54881

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Keywords: Unemployment; growth; jobless growth;

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References

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  1. Aghion, Philippe & Howitt, Peter, 1991. "Growth and Unemployment," CEPR Discussion Papers, C.E.P.R. Discussion Papers 577, C.E.P.R. Discussion Papers.
  2. Gong, Gang & Semmler, Willi, 2006. "Stochastic Dynamic Macroeconomics: Theory and Empirical Evidence," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780195301625, October.
  3. Stacey L. Schreft & Aarti Singh, 2003. "A closer look at jobless recoveries," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 45-73.
  4. Lee, Jim, 2000. "The Robustness of Okun's Law: Evidence from OECD Countries," Journal of Macroeconomics, Elsevier, Elsevier, vol. 22(2), pages 331-356, April.
  5. Greiner, Alfred & Rubart, Jens & Semmler, Willi, 2004. "Economic growth, skill-biased technical change and wage inequality: A model and estimations for the US and Europe," Journal of Macroeconomics, Elsevier, Elsevier, vol. 26(4), pages 597-621, December.
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Cited by:
  1. KARGI, Bilal, 2014. "Labor force participation rate and economic growth: observations for Turkey," MPRA Paper 55702, University Library of Munich, Germany.
  2. Sahin, Afsin & Tansel, Aysit & Berument, Hakan, 2013. "Output-Employment Relationship across Sectors: A Long- versus Short-Run Perspective," IZA Discussion Papers 7599, Institute for the Study of Labor (IZA).
  3. Janusz Zaleski & Zbigniew Mogi³a & Marta Zaleska, 2012. "Are the effects of EU Cohesion Policy for the Polish regional labour markets worth their costs? - a study based on the results of counter-factual macroeconomic simulations," ERSA conference papers ersa12p615, European Regional Science Association.

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