Okun's Coefficient: A Comment

Okun's Coefficient: A Comment

This paper reassesses a finding by Martin Prachowny (1993) that the value of the Okun coefficient for the United States (linking unemployment changes to output changes) is only around -0.67 rather than around the more typical value of -2.25. Using a cointegration framework, and the same data sets as...

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Veröffentlicht in:The review of economics and statistics 1997-05, Vol.79 (2), p.326-329
Hauptverfasser: Clifford L. F. Attfield, Silverstone, Brian
Format: Artikel
Sprache:eng
Schlagworte:
Coefficients
Datasets
Econometrics
Economic models
Economic statistics
Economics
Estimators
GNP
Gross National Product
Labor supply
Mathematical analysis
Null hypothesis
Okuns law
Statistical estimation
Studies
Time series
Unemployment
Variable coefficients
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Beschreibung
Zusammenfassung:This paper reassesses a finding by Martin Prachowny (1993) that the value of the Okun coefficient for the United States (linking unemployment changes to output changes) is only around -0.67 rather than around the more typical value of -2.25. Using a cointegration framework, and the same data sets as Prachowny, we find, for one of the data sets, that the Okun coefficient is much closer to a value of -2.25, which supports previous research work.
ISSN:0034-6535
1530-9142
DOI:10.1162/003465397556692