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A Cross-Country Study on Okun's Law

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Author Info

  • Leopold Soegner

    ()
    (Department of Economics, Vienna University of Economics & B.A.)

  • Alfred Stiassny

    ()
    (Department of Economics, Vienna University of Economics & B.A.)

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    Abstract

    Okun's Law postulates an inverse relationship between movements of the unemployment rate and the real gross domestic product (GDP). In this article we investigate Okun's law for 15 OECD countries and check for its the structural stability. By using data on employment and the labor force we infer whether structural instability is caused either from the demand side or the supply side.

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    File URL: http://www.wu-wien.ac.at/inst/vw1/gee/papers/gee!wp13.pdf
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    Bibliographic Info

    Paper provided by Vienna University of Economics Research Group: Growth and Employment in Europe: Sustainability and Competitiveness in its series Working Papers with number geewp13.

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    Date of creation: Sep 2000
    Date of revision:
    Handle: RePEc:wiw:wiwgee:geewp13

    Note: PDF Document
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    Postal: Welthandelsplatz 1, 1020 Vienna, Austria
    Web page: http://www.wu-wien.ac.at/inst/vw1/gee/

    Related research

    Keywords: Okun's Law; Time Variing Parameter Models;

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    References

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    1. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-66, September.
    2. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis and the European Unemployment Problem," NBER Working Papers 1950, National Bureau of Economic Research, Inc.
    3. Schaik, A.B.T.M. van & Groot, H.L.F. de, 1995. "Unemployment and endogenous growth," Discussion Paper 1995-75, Tilburg University, Center for Economic Research.
    4. Martin Zagler, 1999. "Endogenous Growth, Efficency Wages, and Persistent Unemployment," Department of Economics Working Papers wuwp066, Vienna University of Economics, Department of Economics.
    5. Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 777-93, August.
    6. Aghion, Philippe & Howitt, Peter, 1994. "Growth and Unemployment," Review of Economic Studies, Wiley Blackwell, vol. 61(3), pages 477-94, July.
    7. Weber, Christian E, 1995. "Cyclical Output, Cyclical Unemployment, and Okun's Coefficient: A New Approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 10(4), pages 433-45, Oct.-Dec..
    8. Moosa, Imad A., 1997. "A Cross-Country Comparison of Okun's Coefficient," Journal of Comparative Economics, Elsevier, vol. 24(3), pages 335-356, June.
    9. Hamilton, James D, 1989. "A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle," Econometrica, Econometric Society, vol. 57(2), pages 357-84, March.
    10. repec:cup:etheor:v:12:y:1996:i:3:p:409-31 is not listed on IDEAS
    11. Chib, Siddhartha & Greenberg, Edward, 1996. "Markov Chain Monte Carlo Simulation Methods in Econometrics," Econometric Theory, Cambridge University Press, vol. 12(03), pages 409-431, August.
    12. Rod Cross, 2000. "Hysteresis and Emu," Metroeconomica, Wiley Blackwell, vol. 51(4), pages 367-379, November.
    13. Albert, James H & Chib, Siddhartha, 1993. "Bayes Inference via Gibbs Sampling of Autoregressive Time Series Subject to Markov Mean and Variance Shifts," Journal of Business & Economic Statistics, American Statistical Association, vol. 11(1), pages 1-15, January.
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    Citations

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    Cited by:
    1. Kargı, Bilal, 2014. "The Data of Labor Market in Turkey and Time Series Analysis on Economic Growth (2000:01-2013:03)," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 98-102.
    2. KARGI, Bilal, 2014. "Okun’s Law and Long Term Co-Integration Analysis for OECD Countries (1987-2012)," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 77-85.

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