01811cas a2200265 a 4500 AALejournalIMF013298 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475574265 1018-5941 BD-DhAAL BD-DhAAL Ball, Laurence. Okun's Law : Fit at 50? / Laurence Ball, Daniel Leigh, Prakash Loungani. Washington, D.C. : International Monetary Fund, 2013. 1 online resource (40 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper asks how well Okun's Law fits short-run unemployment movements in the United States since 1948 and in twenty advanced economies since 1980. We find that Okun's Law isa strong and stable relationship in most countries, one that did not change substantiallyduring the Great Recession. Accounts of breakdowns in the Law, such as the emergence of'jobless recoveries,' are flawed. We also find that the coefficient in the relationship-the effect of a one percent change in output on the unemployment rate-varies substantially across countries. This variation is partly explained by idiosyncratic features of national labormarkets, but it is not related to differences in employment protection legislation. Mode of access: Internet Leigh, Daniel. Loungani, Prakash. IMF Working Papers; Working Paper ; No. 2013/010 Full text available on IMF http://elibrary.imf.org/view/journals/001/2013/010/001.2013.issue-010-en.xml IMF e-Library