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      Okun’s law, asymmetries and jobless recoveries in the United States: A Markov-switching approach

      Holmes, Mark J.; Silverstone, Brian
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      Economics_wp_0506.pdf
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      Holmes, M. & Silverstone, B. (2005). Okun’s law, asymmetries and jobless recoveries in the United States: A Markov-switching approach. (Department of Economics Working Paper Series, Number 6/05). Hamilton, New Zealand: University of Waikato.
      Permanent Research Commons link: https://hdl.handle.net/10289/1644
      Abstract
      This paper offers a new perspective on Markov regime-switching approaches to asymmetries in Okun’s law by modeling the existing approaches as special cases. Prevailing models assume either asymmetry between unemployment and output across regimes or asymmetry within a single regime. Our specification combines both approaches. Our empirical results give an insight into the apparent ‘jobless recovery’ experiences that began in the United States in 1991 and 2001.
      Date
      2005-12
      Type
      Working Paper
      Series
      Department of Economics Working Paper Series
      Report No.
      6/05
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      • Management Papers [1152]
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