Okun

OKUN'S LAW: FIT AT FIFTY? - National Bureau of Economic …

Okun’s Law is a part of textbook models in which shifts in aggregate demand cause changes in output, which in turn lead firms to hire and fire workers. In these models, when unemployment is high, it can be reduced through demand stimulus. Skeptics of Okun’s Law question this policy view. McKinsey (2011), for example, argues that Okun’s ...

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