Karfakis, Costas; Katrakilidis, Konstantinos; Tsanana, … - 2013
This paper examines the unemployment-output relationship in Greece, using a dynamic version of Okun’s Law. The Granger … causality tests indicate that real output is important to understanding future movements in unemployment. The Okun’s ratio is 3 …-to-1, implying that one percent increase in unemployment has been associated to a three percent decrease in real output …