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dc.contributor.authorHarris, Richard
dc.contributor.authorSilverstone, Brian
dc.date.accessioned2008-12-15T22:37:39Z
dc.date.available2008-12-15T22:37:39Z
dc.date.issued2000-05
dc.identifier.citationHarris, R. & Silverstone, B. (2000). Asymmetric adjustment of unemployment and output in New Zealand: Rediscovering Okun’s law. (Department of Economics Working Paper Series, Number 2/00). Hamilton, New Zealand: University of Waikato.en_US
dc.identifier.urihttps://hdl.handle.net/10289/1663
dc.description.abstractOkun's law - the relationship between unemployment and output - is one of the best known empirical regularities in macroeconomics. It is an important relationship because the way in which unemployment reacts to changes in output has implications for labour market and monetary policies and for forecasting. Most specifications of Okun's law assume a symmetric relationship: expansions and contractions in output have the same absolute effect on unemployment. In this paper, we test this assumption against the alternative view that the relationship is asymmetric. We use New Zealand data from 1978 to 1999 and contemporary econometric techniques including asymmetric modelling. Our main finding is that changes in unemployment and output in New Zealand are related in both the long run and the short run but only if an asymmetric approach is taken.en_US
dc.format.mimetypeapplication/pdf
dc.language.isoen
dc.publisherDepartment of Economics, University of Waikatoen_NZ
dc.relation.ispartofseriesDepartment of Economics Working Paper Series
dc.subjectOkun's lawen_US
dc.subjectasymmetric modellingen_US
dc.subjectunemployment and outputen_US
dc.subjectNew Zealanden_US
dc.titleAsymmetric adjustment of unemployment and output in New Zealand: Rediscovering Okun’s lawen_US
dc.typeWorking Paperen_US
uow.relation.series2/00
dc.relation.isPartOf99/1en_NZ
pubs.elements-id55009
pubs.place-of-publicationHamiltonen_NZ


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