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The paper-bill spread and Blanchard's version of Okun's law

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  • Christian Weber

Abstract

Blanchard (1989) interprets Okun's Law as a relationship between VAR innovations in output and the unemployment rate. Adding the paper-bill spread to a bivariate VAR in output growth and the unemployment rate and even ordering it ahead of the unemployment rate when estimating the structural disturbances does not alter Blanchard's finding that Okun's coefficient for output and unemployment rate innovations rate is around -0.18.

Suggested Citation

  • Christian Weber, 1997. "The paper-bill spread and Blanchard's version of Okun's law," Applied Economics Letters, Taylor & Francis Journals, vol. 4(7), pages 437-440.
  • Handle: RePEc:taf:apeclt:v:4:y:1997:i:7:p:437-440
    DOI: 10.1080/135048597355212
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    Cited by:

    1. Afşin Şahin & Aysit Tansel & M. Hakan Berument, 2015. "Output–Employment Relationship Across Sectors: A Long- Versus Short-Run Perspective," Bulletin of Economic Research, Wiley Blackwell, vol. 67(3), pages 265-288, July.
    2. Stefan Marth, 2015. "How strong is the correlation between unemployment and growth really? The persistence of Okun's Law and how to weaken it," WWWforEurope Policy Paper series 23, WWWforEurope.

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