This paper offers a new perspective on Markov regime-switching approaches to asymmetries in Okun’s law by modeling the existing approaches as special cases. Prevailing models assume either asymmetry between unemployment and output across regimes or asymmetry within a single regime. Our specification combines both approaches. Our empirical results give an insight into the apparent ‘jobless recovery’ experiences that began in the United States in 1991 and 2001.
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Paper provided by University of Waikato, Department of Economics in its series Working Papers in Economics with number
05/06.
Length: 11 pages Date of creation: 08 Dec 2005 Date of revision: Handle: RePEc:wai:econwp:05/06
Note: Now published: 'Economics Letters' 92(2) August 2006, pp.293-99. Contact details of provider: Postal: Private Bag 3105, Hamilton, New Zealand Phone: 64 7 838 4045 (Administrator) Fax: 64 7 838 4331 Web page: http://www.mngt.waikato.ac.nz/econ More information through EDIRC
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Paramsothy Silvapulle & Imad Moosa & Mervyn Silvapulle, 2004.
"Asymmetry in Okun's law,"
Canadian Journal of Economics,
Canadian Economics Association, vol. 37(2), pages 353-374, May.
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