TY  - BOOK
AU  - Ball,Laurence M.
AU  - Leigh,Daniel
AU  - Loungani,Prakash
TI  - Okun's Law: Fit at 50? 
T2  - IMF Working Papers; Working Paper
SN  - 1475574266 :
SN  - 1018-5941
PY  - 2013///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Economic Fluctuations
KW  - imf
KW  - Employment
KW  - Okun's Law
KW  - Recession
KW  - Unemployment Rate
KW  - Japan
KW  - Spain
KW  - United States
N2  - This paper asks how well Okun's Law fits short-run unemployment movements in the United States since 1948 and in twenty advanced economies since 1980. We find that Okun's Law isa strong and stable relationship in most countries, one that did not change substantiallyduring the Great Recession. Accounts of breakdowns in the Law, such as the emergence of"jobless recoveries," are flawed. We also find that the coefficient in the relationship-the effect of a one percent change in output on the unemployment rate-varies substantially across countries. This variation is partly explained by idiosyncratic features of national labormarkets, but it is not related to differences in employment protection legislation
UR  - http://elibrary.imf.org/view/IMF001/20206-9781475574265/20206-9781475574265/20206-9781475574265.xml
UR  - http://www.imfbookstore.org/IMFORG/9781475574265
ER  -