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The Unemployment-Output Tradeoff in Transition Economies: Does Okun's Law Apply?

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  • Izyumov, Alexei
  • Vahaly, John

Abstract

This paper investigates whether an Okun-type relationship between output and unemployment is taking hold in formerly planned economies as they move towards the market. Using a first-differences variant of Okun's Law, we test for its presence in 25 transition countries divided into groups of "reform leaders" and "reform laggards." For leaders, represented by the 10 European Union (EU) accession countries, Okun's Law is detected in both 1991-94 and 1995-2000 periods. For laggards, represented by the remaining group, it is present only for the later period and only when countries affected by wars are removed from the sample. A comparison of unemployment-output elasticities and unemployment levels in EU candidates and EU members themselves indicates that their labor markets might be converging. Copyright 2002 by Kluwer Academic Publishers

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  • Izyumov, Alexei & Vahaly, John, 2002. "The Unemployment-Output Tradeoff in Transition Economies: Does Okun's Law Apply?," Economic Change and Restructuring, Springer, vol. 35(4), pages 317-331.
    • Handle: RePEc:kap:ecopln:v:35:y:2002:i:4:p:317-31
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    Cited by:

    1. Sarra Ben Slimane, 2015. "The Relationship between Growth and Employment Intensity: Evidence for Developing Countries," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(4), pages 680-692, April.
    2. Ibragimov Marat & Jovlon Karimov & Elena Permyakova, 2013. "Unemployment and output dynamics in CIS countries: Okun's law revisited," EERC Working Paper Series 13/04e, EERC Research Network, Russia and CIS.
    3. Antal, Miklós, 2014. "Green goals and full employment: Are they compatible?," Ecological Economics, Elsevier, vol. 107(C), pages 276-286.
    4. Martin Boďa & Petra Medveďová & Mariana Považanová, 2015. "(A)symetria v Okunovom zákone v štátoch Vyšehradskej skupiny [(A)symmetry in Okun's Law in the Visegrad Group Countries]," Politická ekonomie, Prague University of Economics and Business, vol. 2015(6), pages 741-758.

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