Okun's law/Definition: Difference between revisions
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imported>Nick Gardner (New page: <noinclude>{{Subpages}}</noinclude> (i) Any empirically-observed linear relationship between a country's output gap and its unemployment rate; (ii) the finding that, in the United Stat...) |
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Revision as of 16:19, 15 April 2010
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Okun's law [r]: (i) Any empirically-observed linear relationship between a country's output gap and its unemployment rate; (ii) the finding that, in the United States of the 1950s, and 1960s, for every one percent increase in unemployment there had on average been a three percent drop in the ratio of actual GDP to full capacity GDP.