Okun’s Law in Bulgaria, Greece and Russia: A Comparative Analysis

Ivan Todorov, Mariana Usheva, Stoyan Tanchev and Kalina Durova
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Mariana Usheva: South-West University "Neofit Rilski", Bulgaria
Stoyan Tanchev: South-West University "Neofit Rilski", Bulgaria
Kalina Durova: South-West University "Neofit Rilski", Bulgaria

Ikonomiceski i Sotsialni Alternativi, 2021, issue 1, 128-144

Abstract: The purpose of the article is to perform an empirical assessment and comparative analysis of Okun’s Law for Bulgaria, Greece and Russia. Ordinary least squares regressions of time series data (from the first quarter of 2000 to the third quarter of 2019 in Bulgaria and Greece, and from the first quarter of 2003 to the third quarter of 2019 in Russia) are employed to estimate the relationships between unemployment, economic growth and the output gap. The results from the empirical analysis show that while in Bulgaria the phase of the business cycle does not affect the validity and strength of the manifestation of Okun’s Law, in Greece and Russia the link between unemployment and output is cyclically influenced – it is much stronger during contraction than it is during expansion.

Keywords: Bulgaria; Greece; Russia; Okun Law (search for similar items in EconPapers)
JEL-codes: E24 J64 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:nwe:iisabg:y:2021:i:1:p:128-144

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