Okun’s law and anelastic relaxation in advanced and developing economies

Raymond J. Hawkins ()
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Raymond J. Hawkins: University of California

Evolutionary and Institutional Economics Review, 2024, vol. 21, issue 2, No 9, 276 pages

Abstract: Abstract We show that the anelastic form of Okun’s law describes the output-unemployment relationship in a large number of advanced and developing counties well, and find two novel forms of this relationship: a Voigt-form of Okun’s law as well as a purely dynamical form of Okun’s law with no long-term output-unemployment tradeoff. We also find that the time-dependence in the anelastic form of Okun’s law reconciles the conflicting observations of general linearity and occasional nonlinearity by generalizing the output-unemployment relationship from a simple line to an ellipse known as an Okun loop.

Keywords: Unemployment; Okun’s law; Anelasticity; Okun loops; Developing economies (search for similar items in EconPapers)
JEL-codes: E24 E32 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s40844-024-00280-4

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