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Okun's Law and Jobless Growth

Willi Semmler (), Jeff Madrick and Tarron Khemraj ()

No 2006-03, SCEPA policy note series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: This paper attempts to relate the recent discussion on jobless recovery, observed in the US economy since the 1990s, to the empirical studies on Okun’s law, which postulates a specific empirical relationship between economic growth and the change in the rate of unemployment. Our general hypothesis is that if the Okun coefficient for the economy has weakened, it explains the jobless recovery.

Keywords: Okun's Law; Jobless Growth (search for similar items in EconPapers)
JEL-codes: D63 E21 H2 H30 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2006-03
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