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dc.contributor.authorForoni, Claudia
dc.contributor.authorFurlanetto, Francesco
dc.date.accessioned2022-06-03T10:58:13Z
dc.date.available2022-06-03T10:58:13Z
dc.date.issued2022
dc.identifier.isbn978-82-8379-228-7
dc.identifier.issn1502-8190
dc.identifier.urihttps://hdl.handle.net/11250/2997497
dc.description.abstractDespite its stability over time, as for any statistical relationship, Okun’s law is subject to deviations that can be large at times. In this paper, we provide a mapping between residuals in Okun’s regressions and structural shocks identified using a SVAR model by inspecting how unemployment responds to the state of the economy. We show that deviations from Okun’s law are a natural and expected outcome once one takes a multi-shock perspective, as long as shocks to automation, labor supply and structural factors in the labor market are taken into account. Our simple recipe for policy makers is that, if a positive deviation from Okun’s law arises, it is likely to be generated by either positive labor supply or automation shocks or by negative structural factors shocks.en_US
dc.language.isoengen_US
dc.publisherNorges Banken_US
dc.relation.ispartofseriesWorking paper;4/2022
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectJEL: E24en_US
dc.subjectJEL: E32en_US
dc.subjectJEL: C32en_US
dc.subjectOkun’s lawen_US
dc.subjectlabor marketsen_US
dc.subjectbusiness cycle fluctuationsen_US
dc.subjectbayesian VARen_US
dc.titleExplaining Deviations from Okun’s Lawen_US
dc.typeWorking paperen_US
dc.description.versionpublishedVersionen_US
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212en_US
dc.source.pagenumber31en_US


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
Med mindre annet er angitt, så er denne innførselen lisensiert som Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal