{"title":"Why does Okun’s law change? Essay in econometric history","authors":"Luis Cadenas","doi":"10.1007/s11698-024-00290-7","DOIUrl":null,"url":null,"abstract":"<p>This article aims to demonstrate the existence of significant shifts in Okun’s law parameters, indicating their non-constant nature over time, and to dissect potential origins of these fluctuations. To achieve this end, extensive quarterly unemployment series are, for the first time, compiled for Spain and Italy. Through a cross-country comparison, the investigation reveals that these parameters exhibit transformations, albeit in divergent manners. The decline in productivity growth and the change in the labor structure have played an important role in these changes. The study introduces novel insights, accentuating complexity of coefficient dynamics, from a historical perspective.</p>","PeriodicalId":44951,"journal":{"name":"Cliometrica","volume":null,"pages":null},"PeriodicalIF":1.5000,"publicationDate":"2024-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Cliometrica","FirstCategoryId":"98","ListUrlMain":"https://doi.org/10.1007/s11698-024-00290-7","RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
This article aims to demonstrate the existence of significant shifts in Okun’s law parameters, indicating their non-constant nature over time, and to dissect potential origins of these fluctuations. To achieve this end, extensive quarterly unemployment series are, for the first time, compiled for Spain and Italy. Through a cross-country comparison, the investigation reveals that these parameters exhibit transformations, albeit in divergent manners. The decline in productivity growth and the change in the labor structure have played an important role in these changes. The study introduces novel insights, accentuating complexity of coefficient dynamics, from a historical perspective.
期刊介绍：
Cliometrica provides a leading forum for exchange of ideas and research in all facets, in all historical periods and in all geographical locations of historical economics. The journal encourages the methodological debate, the use of economic theory in general and model building in particular, the reliance upon quantification to buttress the models with historical data, the use of the more standard historical knowledge to broaden the understanding and suggesting new avenues of research, and the use of statistical theory and econometrics to combine models with data in a single consistent explanation. The highest standards of quality are promoted. All articles will be subject to Cliometrica''s peer review process. On occasion, specialised topics may be presented in a special issue.
Officially cited as: Cliometrica
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