Arthur M. Okun, 1899-1980
American Neo-Keynesian economist at
Yale. Okun served as a government
advisor on the CEA in 1968-69.
Okun is best known for discovering "Okun's Law" in 1962, an empirical
relationship between GDP and unemployment in post-war data, specifically
that every 1% decrease in unemployment increases GDP by 3%.
Although repeatedly challenged, the relationship has remained
surprisingly resilient empiricaly.
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Major Works of Arthur Okun
- "A Review of Some Economic Forecasts for
1955–57", 1959, Econometrica
- "On the Appraisal of Cyclical Turning Point
Predictors", 1960, Journal of Business
- "The Value of Anticipations Data in Forecasting National
Product", 1960, in Quality and Economic Significance of Anticipations
Data
- "Potential GNP: Its measurement and significance", 1962, Proceedings of
ASA
- "Comment on Friedman's and Schwartz's Money and Business
Cycles", 1963, REStat
- "Investment Demand at Full Employment",
1963, Proceedings of ASA
- Monetary Policy, Debt Management and Interest Rates: A Quantitative
Appraisal", 1963, in Stabilization Policies
- The Political Economy of Prosperity, 1970.
- "Upward Mobility in a High-Pressure Economy", 1973, BPEA
- "Inflation: Its mechanics and welfare costs", 1975, BPEA
- Equality and Efficiency: the Big Tradeoff , 1975.
- "Efficient Disinflationary Policies", 1978, AER
- "Rational Expectations with Misperceptions as a Theory of the Business Cycle",
1980, JMCB
- Prices and Quantities: A macroeconomic analysis. 1981.
- Economics for Policymaking: Selected Essays, 1983
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Resources on Arthur Okun
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