Holmes, Mark J.Silverstone, Brian2008-12-152008-12-152005-12Holmes, 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.https://hdl.handle.net/10289/1644This 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.application/pdfenOkun’s lawMarkov-switchingasymmetryjobless recoveriesWorking Paper