2004
Volume 27, Issue 2
  • ISSN: 0169-2216
  • E-ISSN: 2468-9424

Abstract

The end of Okun’s law

The end of Okun’s law

The development of unemployment was surprisingly moderate in the Netherlands during the financial crisis. According to the original version of Okun’s law the economy needs an extra 3 percent growth for unemployment to come down with 1 percent. The increase in unemployment during the present crisis was much less than Okun’s law would have predicted. Changes in the growth rate do not translate into the same amount of unemployment as before, signaling that the demand and supply side of the labour market behave differently during this economic downturn.

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2011-06-01
2022-05-19
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