Work

Okun’s Law over the Business Cycle: Was the Great Recession All That Different?

Year: 2012

Type: article

Abstract: In 1962, Arthur Okun posited an empirical relationship between the change in the unemployment rate and real output growth. Since then, the media, policymakers, pundits, and intermediate macro students have used the so-called Okun’s law as a rule of thumb to relate changes in unemployment to changes in output growth.

DOI: 10.20955/r.94.399-418

Authors: Michael T. Owyang, Tatevik Sekhposyan

Institutions: Federal Reserve, Federal Reserve Bank of St. Louis

Language: English

Topic: Unemployment and Economic Growth

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: gold

OpenAlex ID: W2218918753

FWCI: 31.39

Cites: 15

Cited by: 112

Related to: 10