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A cross-country analysis of the Okun's Law coefficient convergence in Europe

  • Roger Perman
  • Christophe Tavera

The paper examines whether or not evidence is consistent with convergence of the Okun's Law coefficient (OLC) among several alternative groupings of European economies. A two-step empirical strategy is employed. The first step obtains rolling regression estimates of the OLC for individual European countries. The second step examines how the cross-country variance of the OLC evolves over the decade until 2002 in the selected country groupings. Evidence is found consistent with convergence of the OLC among northern European countries, and among countries with centralized wage bargaining, but an absence of convergence in other country groups.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/00036840500366395
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Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 37 (2005)
Issue (Month): 21 ()
Pages: 2501-2513

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Handle: RePEc:taf:applec:v:37:y:2005:i:21:p:2501-2513
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  1. Ben-David, Dan & Kimhi, Ayal, 2000. "Trade And The Rate Of Income Convergence," CEPR Discussion Papers 2390, C.E.P.R. Discussion Papers.
  2. 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.
  3. Marianne Baxter & Robert G. King, 1999. "Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
  4. Friedman, Milton, 1992. "Do Old Fallacies Ever Die?," Journal of Economic Literature, American Economic Association, vol. 30(4), pages 2129-32, December.
  5. Roger Perman & Christophe Tavera, 2007. "Testing for convergence of the Okun’s Law coefficient in Europe," Empirica, Springer, vol. 34(1), pages 45-61, March.
  6. Mayes, David G & Virén, Matti, 2000. "Asymmetry and the Problem of Aggregation in the Euro Area," Research Discussion Papers 11/2000, Bank of Finland.
  7. Morten O. Ravn & Harald Uhlig, 2002. "On adjusting the Hodrick-Prescott filter for the frequency of observations," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 371-375.
  8. Nicholas Apergis & Anthony Rezitis, 2003. "An examination of Okun's law: evidence from regional areas in Greece," Applied Economics, Taylor & Francis Journals, vol. 35(10), pages 1147-1151.
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