How Useful Is Okun S Law

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How Useful Is Okun's Law?

Edward S. Knotek
How Useful Is Okun s Law Book PDF

Author : Edward S. Knotek
Publisher : DIANE Publishing
Page : 432 pages
File Size : 51,9 Mb
Release : 2008-05
Category : Business & Economics
ISBN : 9781428988910

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How Useful Is Okun's Law? by Edward S. Knotek Pdf

From the beginning of 2003 through the first quarter of 2006, real gross domestic product in the U.S. grew at an average annual rate of 3.4% As expected, unemployment during the period fell. Over the course of the next year, average growth slowed to less than half its earlier rate -- but unemployment continued to drift downward. This situation presented a puzzle, who expected the unemployment rate to increase as the economy slowed. This negative correlation between GDP growth & unemployment has been named ¿Okun¿s law.¿ This article considers the usefulness of Okun¿s law for policymakers & economists. Okun¿s relationship can be useful as a forecasting tool -- provided that one takes its instability into account. Charts & tables.

Okun's Law

Laurence M. Ball,Mr.Daniel Leigh,Mr.Prakash Loungani
Okun s Law Book PDF

Author : Laurence M. Ball,Mr.Daniel Leigh,Mr.Prakash Loungani
Publisher : International Monetary Fund
Page : 40 pages
File Size : 54,5 Mb
Release : 2013-01-14
Category : Business & Economics
ISBN : 9781475585742

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Okun's Law by Laurence M. Ball,Mr.Daniel Leigh,Mr.Prakash Loungani Pdf

This paper asks how well Okun’s Law fits short-run unemployment movements in the United States since 1948 and in twenty advanced economies since 1980. We find that Okun’s Law isa strong and stable relationship in most countries, one that did not change substantiallyduring the Great Recession. Accounts of breakdowns in the Law, such as the emergence of“jobless recoveries,” are flawed. We also find that the coefficient in the relationship—the effect of a one percent change in output on the unemployment rate—varies substantially across countries. This variation is partly explained by idiosyncratic features of national labormarkets, but it is not related to differences in employment protection legislation.

Okun's Law, Development, and Demographics: Differences in the Cyclical Sensitivities of Unemployment Across Economy and Worker Groups

Zidong An,Mr. John C Bluedorn,Gabriele Ciminelli
Okun s Law Development and Demographics Differences in the Cyclical Sensitivities of Unemployment Across Economy and Worker Groups Book PDF

Author : Zidong An,Mr. John C Bluedorn,Gabriele Ciminelli
Publisher : International Monetary Fund
Page : 22 pages
File Size : 40,9 Mb
Release : 2021-11-12
Category : Business & Economics
ISBN : 9781616356040

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Okun's Law, Development, and Demographics: Differences in the Cyclical Sensitivities of Unemployment Across Economy and Worker Groups by Zidong An,Mr. John C Bluedorn,Gabriele Ciminelli Pdf

The negative and stable relationship between an economy’s aggregate demand conditions and overall unemployment is well-documented. We show that there is a large degree of heterogeneity in the cyclical sensitivities of unemployment across worker and economy groups. First, unemployment is more than twice as sensitive to aggregate demand in advanced as in emerging market and developing economies. Second, youth’s unemployment is twice as sensitive as that of adults’. Third, women’s unemployment is significantly less sensitive to demand than men’s in advanced economies. These findings point to the highly unequal impacts of the business cycle across worker and economy groups.

Equality and Efficiency REV

Arthur M. Okun
Equality and Efficiency REV Book PDF

Author : Arthur M. Okun
Publisher : Brookings Institution Press
Page : 171 pages
File Size : 45,7 Mb
Release : 2015-04-30
Category : Business & Economics
ISBN : 9780815726548

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Equality and Efficiency REV by Arthur M. Okun Pdf

Originally published in 1975, Equality and Efficiency: The Big Tradeoff is a very personal work from one of the most important macroeconomists of the last hundred years. And this new edition includes "Further Thoughts on Equality and Efficiency," a paper published by the author two years later. In classrooms Arthur M. Okun may be best remembered for Okun's Law, but his lasting legacy is the respect and admiration he earned from economists, practitioners, and policymakers. Equality and Efficiency is the perfect embodiment of that legacy, valued both by professional economists and those readers with a keen interest in social policy. To his fellow economists, Okun presents messages, in the form of additional comments and select citations, in his footnotes. To all readers, Okun presents an engaging dual theme: the market needs a place, and the market needs to be kept in its place. As Okun puts it: Institutions in a capitalist democracy prod us to get ahead of our neighbors economically after telling us to stay in line socially. This double standard professes and pursues an egalitarian political and social system while simultaneously generating gaping disparities in economic well-being. Today, Okun's dual theme feels incredibly prescient as we grapple with the hot-button topic of income inequality. In his foreword, Lawrence H. Summers declares: On what one might think of as questions of "economic philosophy," I doubt that Okun has been improved on in the subsequent interval. His discussion of how societies rely on rights as well as markets should be required reading for all young economists who are enamored with market solutions to all problems. With a new foreword by Lawrence H. Summers

Studies at the Crossroads of Management & Economics

Samet Evci,Anshuman Sharma
Studies at the Crossroads of Management Economics Book PDF

Author : Samet Evci,Anshuman Sharma
Publisher : IJOPEC PUBLICATION
Page : 470 pages
File Size : 47,9 Mb
Release : 2020-03-15
Category : Business & Economics
ISBN : 9781912503926

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Studies at the Crossroads of Management & Economics by Samet Evci,Anshuman Sharma Pdf

Business and economics, which are among the disciplines of social science, examine and discuss many issues affecting human life from various perspectives. In this context, prominent subjects in business and economics are examined by authors with different disciplines and approaches in this book. The book consists of three chapters: economıc theory and polıcy, financial accounting and auditing, strategic management and marketing. The subjects in each chapter are examined in an understandable way in accordance with the business managers, investors and researchers.

Political Economy Perspectives on the Greek Crisis

Ioannis Bournakis,Christopher Tsoukis,Dimitris K. Christopoulos,Theodore Palivos
Political Economy Perspectives on the Greek Crisis Book PDF

Author : Ioannis Bournakis,Christopher Tsoukis,Dimitris K. Christopoulos,Theodore Palivos
Publisher : Springer
Page : 388 pages
File Size : 50,9 Mb
Release : 2017-11-27
Category : Business & Economics
ISBN : 9783319637068

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Political Economy Perspectives on the Greek Crisis by Ioannis Bournakis,Christopher Tsoukis,Dimitris K. Christopoulos,Theodore Palivos Pdf

This book offers a comprehensive guide to the on-going Greek debt crisis. It identifies and explains Greece’s idiosyncratic weaknesses, and highlights the existing rigidities in the EU architecture that make the recovery prospects of the Greek economy challenging. Chapters from expert contributors highlight aspects of the performance of the Greek economy with focus on export performance, labour market conditions, political cycles and regional income disparities. The book then goes on to outline the banking system in Greece in the post-crisis era, and includes analysis that explains how the credit rating score affected Greece’s borrowing capacity prior to the start of the insolvency crisis. The final part analyses and compares alternative scenarios of fiscal consolidation, seeking to identify whether there are alternatives to fiscal austerity and the impact of each one of them. This section also clarifies various misconceptions about the significant determinants of international competitiveness. Despite the focus of the book, the lessons drawn from the chapters are not limited to Greece. This volume will be of interest to academics, practitioners and policy makers who wish to take a closer look at the Greek debt crisis and learn more about the challenges the Greek economy is currently facing.

Economics of Global Business

Rodrigo Zeidan
Economics of Global Business Book PDF

Author : Rodrigo Zeidan
Publisher : MIT Press
Page : 426 pages
File Size : 54,7 Mb
Release : 2018-11-13
Category : Business & Economics
ISBN : 9780262535625

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Economics of Global Business by Rodrigo Zeidan Pdf

A textbook with innovative real-world macroeconomic analyses of timely policy issues, with case studies and examples from more than fifty countries. This timely and refreshingly real–world focused textbook examines some of the world's most critical policy issues through a macroeconomics lens. After presenting analytical foundations, modeling tools, and theoretical perspectives, Economics of Global Business goes a step further than most other texts, with a practical look at the local and multinational tradeoffs facing economic policymakers in more than fifty countries. Topics range from income equality and the financial crisis to GDP, inflation and unemployment, and, notably, one of the first macroeconomic examinations of climate change. Written by a globetrotting economist who teaches and consults on three continents, Economics of Global Business aims not for definitive answers but rather to provide a better understanding of the context-dependent rationales, constraints, and consequences of economic policy decisions. The book covers long-run and short-run growth (with examples from the United States, China, the European Union, South Korea, Japan, Latin America, Africa, Australia, and Vietnam); financial crises and central banks; monetary and fiscal policies; government budgets; currency regimes; climate change and macroeconomics; income inequality; and globalization. All chapters rely on recent and historical examples of economic policy in action. The book is particularly suitable for use as an introduction to macroeconomics for business students.

Accelerated Land Reform, Mining, Growth, Unemployment and Inequality in South Africa

Nombulelo Gumata,Eliphas Ndou
Accelerated Land Reform Mining Growth Unemployment and Inequality in South Africa Book PDF

Author : Nombulelo Gumata,Eliphas Ndou
Publisher : Springer Nature
Page : 687 pages
File Size : 53,8 Mb
Release : 2020-01-03
Category : Business & Economics
ISBN : 9783030308841

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Accelerated Land Reform, Mining, Growth, Unemployment and Inequality in South Africa by Nombulelo Gumata,Eliphas Ndou Pdf

The overarching goal of South Africa’s National Development Plan (NDP) is to eliminate poverty, reduce inequality, lower unemployment and increase the labour participation.This book contributes to academic and policy efforts to achieve these NDP goals. We establish that the coal, metal ores and the platinum group commodity sectors will underpin the mining as a “sunrise” industry. The export-led growth strategy is necessary for intensive employment creation but must be complemented by other micro, macroeconomic and industrial policies. A strategy of minerals beneficiation is important for intensive employment creation. Accelerated land reform is a supply side or structural reform policy intervention tool aimed at increasing potential output, changing ownership patterns in the economy, increasing entrepreneurship, labour absorption, economic inclusion and lowering income inequality. Evidence shows that the balance sheet channel, commodity price booms and busts are intricately linked with the exchange rate dynamics, policy uncertainty, confidence and the effects of droughts (also symptoms of climate change). Productivity and investment growth shocks matter for output, employment and price stability. Evidence indicates that nominal GDP growth above 10 percent and keeping inflation within the target band leads to significant increase in employment and decline in unemployment, without inflationary pressures, especially when inflation is below 4.5 percent. To operationalise the NDP targets, align and co-ordinate policies, the South African Reserve Bank (SARB) mandate can be expanded to include maximum employment. This must be complemented by lowering the inflation target band, adjusting the financial regulatory, macro-prudential and monetary policy frameworks. This will enhance the conduct and credibility of monetary and financial stability policies to achieve the set objectives. These objectives make policy co-ordination pertinent and binding.

Financial Crisis, Labour Markets and Institutions

Sebastiano Fadda,Pasquale Tridico
Financial Crisis Labour Markets and Institutions Book PDF

Author : Sebastiano Fadda,Pasquale Tridico
Publisher : Routledge
Page : 241 pages
File Size : 44,6 Mb
Release : 2013-02-11
Category : Business & Economics
ISBN : 9781136268519

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Financial Crisis, Labour Markets and Institutions by Sebastiano Fadda,Pasquale Tridico Pdf

This book seeks to explain the global financial crisis and its wider economic, political, and social repercussions, arguing that the 2007-9 meltdown was in fact a systemic crisis of the capitalist system. The volume makes these points through the exploration of several key questions: What kind of institutional political economy is appropriate to explain crisis periods and failures of crisis-management? Are different varieties of capitalism more or less crisis-prone, and can the global financial crisis can be attributed to one variety more than others? What is the interaction between the labour market and the financialization process? The book argues that each variety of capitalism has its own specific crisis tendencies, and that the uneven global character of the crisis is related to the current forms of integration of the world market. More specifically, the 2007-09 economic crisis is rooted in the uneven income distribution and inequality caused by the current financial-led model of growth. The book explains how the introduction of more flexibility in the labour markets and financial deregulation affected everything from wages to job security to trade union influence. Uneven income distribution and inequality weakened aggregate demand and brought about structural deficiencies in aggregate demand and supply. It is argued that the process of financialization has profoundly changed how capitalist economies operate. The volume posits that financial globalization has given rise to growing international imbalances, which have allowed two growth models to emerge: a debt-led consumption growth model and an export-led growth model. Both should be understood as reactions to the lack of effective demand due to the polarization of income distribution.

Studies in Medium-Run Macroeconomics

Hideyuki Adachi,Tamotsu Nakamura,Yasuyuki Osumi
Studies in Medium Run Macroeconomics Book PDF

Author : Hideyuki Adachi,Tamotsu Nakamura,Yasuyuki Osumi
Publisher : World Scientific
Page : 352 pages
File Size : 42,6 Mb
Release : 2015-03-26
Category : Business & Economics
ISBN : 9789814619592

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Studies in Medium-Run Macroeconomics by Hideyuki Adachi,Tamotsu Nakamura,Yasuyuki Osumi Pdf

This unique volume consists of studies on medium-run macroeconomics that deal with aggregate economic issues that do not easily fit into either short-run business cycles or long-term growth. This research area has emerged over last decade as a new and distinct field, and needs further explorations. The book includes theoretical as well as empirical studies that cover topics related to medium-run phenomena, such as ‘growth and fluctuations’, ‘wages and unemployment’, ‘financial instabilities’, ‘ firm size distributions and unbalanced growth’, ‘income inequality’, etc.. Every chapter includes new approach or new findings and will be invaluable to developments in this emerging area of research. Contents:Dynamic Macroeconomics of the Medium Run:Growth and Fluctuations in Demand-Constrained Economies: A Medium-Run Macrodynamic Analysis (Hideyuki Adachi and Tamotsu Nakamura)Wages and Unemployment in the Medium Run (Hideyuki Adachi and Yasuyuki Osumi)Economic Growth and Unemployment: Theoretical Foundations of Okun's Law (Hideyuki Adachi, Shin Imoto and Kazuyuki Inagaki)An Open Economy Model of Growth and Unemployment in the Medium Run (Hideyuki Adachi, Shin Imoto and Kenji Yamashita)Dynamic Macroeconomics of Financial Instability:A Macrodynamic Analysis of Financial Instability (Hideyuki Adachi and Atsushi Miyake)A Dynamic Analysis of an Economy with a Zero Interest Rate Bound (Hideyuki Adachi and Tamotsu Nakamura)Structural Change and Economic Growth:Aggregate Elasticity of Substitution and Structural Change (Yasuyuki Osumi)The Evolution of the Firm Size Distribution and Economic Growth (Hideyuki Adachi, Taiji Hagiwara and Yasutaka Tsunehiro)Labor Market and Income Inequality:Endogenous Skill Assignment, Productivity and Wage Inequalities (Takeshi Nakatani and Yasuyuki Osumi)Increases in Income Inequality and Non-Regular Employment: A Simple General Equilibrium Model (Keiya Minamimura, Tamotsu Nakamura and Minoru Watanabe)Increases in Non-Regular Employment and Asymmetric Labor Adjustments (Toyoki Matsue and Tamotsu Nakamura)Public Sector and Private Economy:The Role of Complementarity between Government Spending and Labor in Government Spending Multiplier: Evidence from Japan (Masataka Eguchi and Takao Fujii)The Intertemporal and Simultaneous Substitution Effects of a Consumption Tax Rate Increase: Evidence from Japan (Takeshi Koba and Haruhiko Shimizu) Readership: Graduate students and researchers who are interested in understanding medium-run macroeconomics. Key Features:One of the few books on medium-run macroeconomicsAnalyzes the roles of imperfections in macroeconomics instead of assuming perfect competition or rational expectations as the recent mainstream macro theory doesArticles present a variety of approaches to medium-run economic issuesKeywords:Medium-Run;Growth;Unemployment;Inequality

Proceedings of The 6th MAC 2016

Group of authors
Proceedings of The 6th MAC 2016 Book PDF

Author : Group of authors
Publisher : MAC Prague consulting
Page : 434 pages
File Size : 43,5 Mb
Release : 2016-02-16
Category : Business & Economics
ISBN : 9788088085058

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Proceedings of The 6th MAC 2016 by Group of authors Pdf

Proceedings of The 6th MAC 2016 - The 6th Multidisciplinary Academic Conference in Prague 2016.

Central Banking

Thammarak Moenjak
Central Banking Book PDF

Author : Thammarak Moenjak
Publisher : John Wiley & Sons
Page : 320 pages
File Size : 40,6 Mb
Release : 2014-07-03
Category : Business & Economics
ISBN : 9781118832578

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Central Banking by Thammarak Moenjak Pdf

Understand the theories and interpret the actions of modern central banks Central Banking takes a comprehensive look at the topic of central banking, and provides readers with an understanding and insights into the roles and functions of modern central banks in advanced as well as emerging economies, theories behind their thinking, and actual operations practices. The book takes a systematic approach to the topic, while providing an accessible format and style that is appropriate for general audiences and students with only a minimal macroeconomic background. Theoretical reviews and examples of how the theories are applied in practice are presented in an easy-to-understand manner and serve as a guide for readers to further investigate specific ancillary central banking topics and as a means to make informed judgments about central bank actions. Important topics covered in the book include: Evolution of central banking functions and the international monetary system Theoretical backgrounds that are the foundation to the modern practice of monetary policy Monetary policy regimes, including exchange rate targeting, money supply growth targeting, the risk management approach, inflation targeting, and unconventional monetary policy. Actual practice in market operations and transmission mechanisms of monetary policy The exchange rate and central banking Theoretical backgrounds related to various dimensions of financial stability Current developments with regards to sustaining financial stability The future of central banking in the wake of the 2007-2010 global financial crisis Case studies on relevant practical issues and key concepts in central banking Designed as essential reading for students, market analysts, investors, and central banks' new recruits, Central Banking better positions readers to interpret the actions of central banks and to understand the complexities of their position in the global financial arena.

Capitalism on Trial

Jeannette Wicks-Lim,Robert Pollin
Capitalism on Trial Book PDF

Author : Jeannette Wicks-Lim,Robert Pollin
Publisher : Edward Elgar Publishing
Page : 440 pages
File Size : 41,7 Mb
Release : 2013-01-01
Category : Business & Economics
ISBN : 9781782540854

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Capitalism on Trial by Jeannette Wicks-Lim,Robert Pollin Pdf

This volume presents a collection of essays honoring Professor Thomas E. Weisskopf, one of the most prominent contributors to the field of radical economics. Beginning his academic career at Harvard before moving to the University of Michigan at Ann Arbor, Professor Weisskopf has spent the past forty years exploring through highly innovative and rigorous research the questions of economic equality, social justice and environmental responsibility. The chapters in this book reflect the main subjects of Professor WeisskopfÕs work and seek to foster continued innovation in these research areas. The diverse contributions to this volume explore the impressive range of Professor WeisskopfÕs research themes. These include the economics of developing countries, US imperialism, Marxian crisis theory, contemporary economic history and institutional development, affirmative action policies, and the potential of socialism as an alternative to capitalism for developing non-exploitative societies. In addition to 26 chapters by leading economists, this book also includes a chapter by Professor Weisskopf himself, in which he reflects on his own career in economics as well as the state of the U.S. and global economies. The volume also includes a full bibliography listing Professor WeisskopfÕs publications. Students, professors and researchers working in any branch of economics will find much of interest in this set of wide-ranging studies building from the themes advanced by Thomas Weisskopf.

OECD Economic Surveys: Austria 2011

OECD
OECD Economic Surveys Austria 2011 Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 128 pages
File Size : 48,6 Mb
Release : 2011-07-11
Category : Electronic
ISBN : 9789264093447

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OECD Economic Surveys: Austria 2011 by OECD Pdf

The 2011 edition of OECD's periodic review of the Austrian economy. This edition includes chapters covering public sector inefficiencies and reforming the health care system.

The Cyclicality of Sales, Regular and Effective Prices

Mr.Olivier Coibion,Mr.Yuriy Gorodnichenko,Mr.Gee Hee Hong
The Cyclicality of Sales Regular and Effective Prices Book PDF

Author : Mr.Olivier Coibion,Mr.Yuriy Gorodnichenko,Mr.Gee Hee Hong
Publisher : International Monetary Fund
Page : 75 pages
File Size : 54,9 Mb
Release : 2012-08-01
Category : Business & Economics
ISBN : 9781475505573

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The Cyclicality of Sales, Regular and Effective Prices by Mr.Olivier Coibion,Mr.Yuriy Gorodnichenko,Mr.Gee Hee Hong Pdf

We study the cyclical properties of sales, regular price changes and average prices paid by consumers ("effective" prices) in a dataset containing prices and quantities sold for numerous retailers across a variety of U.S. metropolitan areas. Both the frequency and size of sales fall when local unemployment rates rise and yet the inflation rate for effective prices paid by consumers declines significantly with higher unemployment. This discrepancy can be reconciled by consumers reallocating their expenditures across retailers, a feature of the data which we document and quantify. We propose a simple model with household shopping effort and store-switching consistent with these stylized facts and document its implications for business cycles and policymakers.