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- Publisher
- Taylor & Francis
- Copyright
- © 2014 Taylor & Francis
- ISSN
- 1466-4291
- eISSN
- 1350-4851
- DOI
- 10.1080/13504851.2014.978068
- Publisher site
- See Article on Publisher Site
Abstract
This article investigates Okun’s law for Japan, Korea, Hong Kong and Singapore over the period 1986–2011. Two time-varying parameter models, first-order difference and gap models, are considered to find a negative time-varying relationship between the real output and the unemployment rate. The empirical findings show that there exist time-varying negative relationships between the real output and the unemployment rate for all economies. We also find that the estimated time-varying Okun’s coefficients are dominated by changes in the real GDP for Korea. However, the Okun’s coefficients are dominated by changes in the unemployment rate for Japan, Hong Kong and Singapore.
Journal
Applied Economics Letters – Taylor & Francis
Published: Jul 3, 2015
Keywords: Okun’s law; time-varying parameter model; sieve method; C22; E24; E32