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Department of Economics Working Paper Series, University of Utah >
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http://hdl.handle.net/10419/64450
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| Title: | | Puzzles, paradoxes and regularities: Cyclical and structural productivity in the US (1950 - 2005)  |
| Authors: | | Jeon, Yongbok Vernengo, Matías |
| Issue Date: | | 2007 |
| Series/Report no.: | | Working Paper, University of Utah, Department of Economics 2007-07 |
| Abstract: | | Changes in labor productivity have been a source of puzzlement and paradoxical results for economists. We suggest that puzzles and paradoxes vanish once two simple regularities are properly acknowledged. Okun and Verdoorn's Laws explain 87 percent of all the variations in labor productivity. Also, our estimation method and our results suggest that conventional measures of Okun's Law have overestimated the value of the Okun coefficient, and accepted a greater degree of variability than is actually guaranteed by the empirical evidence. Okun's Law has been relatively stable through time, and there is no significant decrease in the value of the parameter since the 1960s. |
| Subjects: | | Productivity Cycle Structural Change |
| JEL: | | E32 O49 O51 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Department of Economics Working Paper Series, University of Utah
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