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Why did unemployment respond so differently to the global financial crisis across countries? Insights from Okun’s Law

Author

Listed:
  • Sandrine Cazes

    ()

  • Sher Verick

    ()

  • Fares Al Hussami

    ()

Abstract

E24, J64, G01 Copyright Cazes et al.; licensee Springer. 2013

Suggested Citation

  • Sandrine Cazes & Sher Verick & Fares Al Hussami, 2013. "Why did unemployment respond so differently to the global financial crisis across countries? Insights from Okun’s Law," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 2(1), pages 1-18, December.
  • Handle: RePEc:spr:izalpo:v:2:y:2013:i:1:p:1-18:10.1186/2193-9004-2-10
    DOI: 10.1186/2193-9004-2-10
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    References listed on IDEAS

    as
    1. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
    3. Cazes, Sandrine., 2009. "Labour market policies in times of crisis," ILO Working Papers 994341633402676, International Labour Organization.
    4. Brian Silverstone & Richard Harris, 2001. "Testing for asymmetry in Okun's law: A cross-country comparison," Economics Bulletin, AccessEcon, vol. 5(2), pages 1-13.
    5. repec:ilo:ilowps:434163 is not listed on IDEAS
    6. Edward S. Knotek & II, 2007. "How useful is Okun's law?," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 73-103.
    7. Harding, Don & Pagan, Adrian, 2002. "Dissecting the cycle: a methodological investigation," Journal of Monetary Economics, Elsevier, vol. 49(2), pages 365-381, March.
    8. 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.
    9. Laurence Ball & Daniel Leigh & Prakash Loungani, 2017. "Okun's Law: Fit at 50?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(7), pages 1413-1441, October.
    10. Martin Dietz & Michael Stops & Ulrich Walwei, 2010. "Safeguarding Jobs through Labor Hoarding in Germany," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot, Berlin, vol. 61(Supplemen), pages 125-166.
    11. Mary C. Daly & Bart Hobijn, 2010. "Okun’s law and the unemployment surprise of 2009," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue mar8.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Okun’s law; Labour market institutions; Employment protection legislation; Great Recession;

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • G01 - Financial Economics - - General - - - Financial Crises

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