Functional form in regression models of Okun's law

Christian Weber and James West

Applied Economics Letters, 1996, vol. 3, issue 9, 607-609

Abstract: The Box-Cox transformation is used to determine the functional form for Okun's relationship between the output gap and the unemployment rate. Results from two different data sets strongly fail to reject his double log specification, and the MLE results are quantitatively very similar to a double log model specification.

Date: 1996
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DOI: 10.1080/135048596356069

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