Munich Personal RePEc Archive

Okun's Law and Jobless Growth

Khemraj, Tarron and Madrick, Jeff and Semmler, Willi (2006): Okun's Law and Jobless Growth.

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Abstract

This policy note tries to understand the slow job recovery in the United States as the economy exists a recession. We show that the time-varying Okun coefficient has declined since the early 1990s, thus being consistent with the observation of jobless growth. This finding contrasts with other countries that show an increase in the time-varying Okun coefficient.

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