Okun’s Law represents an empirical relationship between changes in an economy’s output and fluctuations in unemployment. Initially formulated in the early 1960s, the law posits that variations in ...
This paper provides new estimates of Okun’s unemployment-output relationship in euro area countries between 1979 and 2019. We find our structural estimates are stable but substantially lower than the ...
In 2009, strong growth in productivity allowed firms to lay off large numbers of workers while holding output relatively steady. This behavior threw a wrench into the long-standing relationship ...
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