Okun’s law and anelastic relaxation in economics

Raymond Hawkins ()

Journal of Economic Interaction and Coordination, 2015, vol. 10, issue 1, 161 pages

Abstract: We unify the gap, difference and dynamic versions of Okun’s law using the theory of anelasticity. This theory provides a straightforward and parsimonious approach to macroeconomic model construction that we illustrate by treating the time-dependence of Okun’s law generated by labor migration. We also show how this approach provides a natural way of expressing the phenomena of macroeconomic friction due to the kinetic adjustment of microeconomic variables. Copyright Springer-Verlag Berlin Heidelberg 2015

Keywords: Okun’s law; Labor mobility; Migration; Anelasticity; Master equation; Economic friction (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/s11403-014-0128-2

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