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Okun's Law, Asymmetries and Jobless Recoveries in the United States: A Markov-Switching Approach
Mark J. Holmes ()
Brian Silverstone Working Papers in Economics from University of Waikato, Department of Economics
This paper offers a new perspective on Markov regime-switching approaches to asymmetries in Okun’s law by modeling the existing approaches as special cases. Prevailing models assume either asymmetry between unemployment and output across regimes or asymmetry within a single regime. Our specification combines both approaches. Our empirical results give an insight into the apparent ‘jobless recovery’ experiences that began in the United States in 1991 and 2001.
Keywords: Okun’s law; Markov-switching; asymmetry; jobless recoveries; United States (search for similar items in EconPapers)
JEL-codes: C22 E32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Note: Now published: 'Economics Letters' 92(2) August 2006, pp.293-99.
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Downloads: (external link) ftp://mngt.waikato.ac.nz/RePEc/wai/econwp/0506.pdf (application/pdf)
Related works: Journal Article: Okun's law, asymmetries and jobless recoveries in the United States: A Markov-switching approach (2006) This item may be available elsewhere in EconPapers: Search for items with the same title.
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Persistent link: http://EconPapers.repec.org/RePEc:wai:econwp:05/06
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