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The relationship between output and unemployment: Evidence from Greek regions**I would like to thank two anonymous referees and the European editor, whose comments greatly strengthened the note's content. Thanks are also extended to Dr. V. Arapoglou for helpful suggestions on an earlier version. The usual disclaimer applies

Author

Listed:
  • Christopoulos, Dimitris K.

Abstract

This research note investigates the relationship between output and unemployment in Greece at a regional level through the implementation of Okuns's law. Current practice is primarily restricted to the national level, and thus ignores the regional dimension of this relationship. To this end, we apply modern unit root test and cointegration techniques based on panel data settings. Using panel data is necessary because typical spans of economic time series are short, so the entire panel must be exploited in order to draw sharper inferences. The empirical results reveal that Okun's law can be confirmed for six out of the 13 regions we examine.

Suggested Citation

Handle: RePEc:eee:paresc:v:83:y:2004:i:3:p:611-620
DOI: 10.1111/j.1435-5597.2004.tb01928.x
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JEL classification:

  • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
  • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
  • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure

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