Okun's law, creation of money and the decomposition of the rate of unemployment
The rate of unemployment in period t depends on GDP and inflation rate in period tÂ -Â 1. We then show that GDP is related to money creation, and subsequently that the rate of unemployment is a decreasing function of this creation.
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- Mussard, Stephane & Peypoch, Nicolas, 2006. "On multi-decomposition of the aggregate Malmquist productivity index," Economics Letters, Elsevier, vol. 91(3), pages 436-443, June.