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Okun's Law
What does it mean?
A relationship between an economy's GDP gap and the actual unemployment rate.
In Other Words...
The relationship is represented by a ratio of 1 to 2.5. Thus, for every 1% excess of the natural unemployment rate, a 2.5% GDP gap is predicted.
Related Links
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Related Terms
Economics | Frictional Unemployment | GDP | GDP Gap | Inflation | Natural Unemployment | Phillips Curve | Structural Unemployment
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A | B |
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G | H |
I | J |
K | L |
M | N |
O | P |
Q | R |
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W | X |
Y | Z
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