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Okun's law is formulated as the ratio between GDP and unemployment (UE): β = f(GDP/UE). It is used to investigate the … replaced the United States UE with employment (EM) for the years 1977 to 2021 and examined how employment changed relative to …, except the 2020 recession. (ii) The βE(9) = GDP/EM for rolling ordinary linear regression over 9 months decreases just after …
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Within the existing literature on jobless recoveries a bit of a puzzle is emerging. On the one hand there is evidence of dynamic structural change including off-shoring/globalization and skill-biased technological advances. Other studies emphasize a less dynamic economy with slower growth,...
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