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Puzzles, Paradoxes and Regularities: Cyclical and Structural Productivity in the US (1950-2005)

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Author Info
Yongbok Jeon
Matías Vernengo

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Abstract

Changes in labor productivity have been a source of puzzlement and paradoxical results for economists. We suggest that puzzles and paradoxes vanish once two simple regularities are properly acknowledged. Okun and Verdoorn’s Laws explain 87 percent of all the variations in labor productivity. Also, our estimation method and our results suggest that conventional measures of Okun’s Law have overestimated the value of the Okun coefficient, and accepted a greater degree of variability than is actually guaranteed by the empirical evidence. Okun’s Law has been relatively stable through time, and there is no significant decrease in the value of the parameter since the 1960s.

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File URL: http://www.econ.utah.edu/activities/papers/2007_07.pdf
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Publisher Info
Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2007_05.

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Length: 12 pages
Date of creation: May 2007
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Handle: RePEc:uta:papers:2007_05

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Related research
Keywords: Productivity; Cycle; Structural Change;

Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
O49 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other
O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada

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This page was last updated on 2009-11-16.

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