Seip, Knut Lehre; Zhang, Dan - In: Economies : open access journal 10 (2022) 10, pp. 1-16
Okun's law is formulated as the ratio between GDP and unemployment (UE): β = f(GDP/UE). It is used to investigate the relations between output and labor input across regions or across business cycles. Based on results by James D. Hamilton we replaced the United States UE with employment (EM)...