Okun's law: quantifies the relationship between nominal and real incomes. shows the relationship between the unemployment rate and the size of the negative GDP gap. indicates the number of years it will take for a constant rate of inflation to double the price level. measures the tradeoff between the rate of inflation and the rate of unemployment.
Okun's law: quantifies the relationship between nominal and real incomes. shows the relationship between the unemployment rate and the size of the negative GDP gap. indicates the number of years it will take for a constant rate of inflation to double the price level. measures the tradeoff between the rate of inflation and the rate of unemployment.
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 13P
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