The Relationship Between Output Growth and Unemployment: A Re‐examination of Okun's Law in Australia
作者:
D. T. Nguyen,
A. Mahinda Siriwardana,
期刊:
Australian Economic Review
(WILEY Available online 1988)
卷期:
Volume 21,
issue 1
页码: 16-27
ISSN:0004-9018
年代: 1988
DOI:10.1111/j.1467-8462.1988.tb00533.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
AbstractIn this article, we investigate the questions of whether some form of Okun's Law holds for Australia, and if so whether the Okun relationship has been stable. The results indicate that alternative formulations of the ‘law’ do not give rise to numerically similar parameter estimates. Nevertheless, one of these formulations yields estimates which appear to be both plausible and consistent with results from previous analyses. This particular formulation suggests that Okun's relationship in Australia underwent a structural change around 1974. The parameter estimates obtained can be regarded as rules of thumb which may be useful in discussing broad consequences of policy acti
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