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Federal Reserve Bank of Cleveland
Economic Commentary
Okun's law revisited: should we worry about low unemployment?
David E. Altig
Terry J. Fitzgerald
Peter Rupert
Abstract

A review of the connection between labor resource utilization and the growth/unemployment correlation summarized by Okun's law, showing that the instability of that relationship, particularly over short time horizons, has important implications for monetary policy.


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David E. Altig & Terry J. Fitzgerald & Peter Rupert, "Okun's law revisited: should we worry about low unemployment?" , Federal Reserve Bank of Cleveland, Economic Commentary, issue May, 1997.
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Keywords: Unemployment ; Monetary policy ; Inflation (Finance)
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