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Okun’s Law in Bulgaria, Greece and Russia: A Comparative Analysis

Author

Listed:
  • Ivan Todorov

    (South-West University "Neofit Rilski", Bulgaria)

  • Mariana Usheva

    (South-West University "Neofit Rilski", Bulgaria)

  • Stoyan Tanchev

    (South-West University "Neofit Rilski", Bulgaria)

  • Kalina Durova

    (South-West University "Neofit Rilski", Bulgaria)

Abstract

The purpose of the article is to perform an empirical assessment and comparative analysis of Okun’s Law for Bulgaria, Greece and Russia. Ordinary least squares regressions of time series data (from the first quarter of 2000 to the third quarter of 2019 in Bulgaria and Greece, and from the first quarter of 2003 to the third quarter of 2019 in Russia) are employed to estimate the relationships between unemployment, economic growth and the output gap. The results from the empirical analysis show that while in Bulgaria the phase of the business cycle does not affect the validity and strength of the manifestation of Okun’s Law, in Greece and Russia the link between unemployment and output is cyclically influenced – it is much stronger during contraction than it is during expansion.

Suggested Citation

  • Ivan Todorov & Mariana Usheva & Stoyan Tanchev & Kalina Durova, 2021. "Okun’s Law in Bulgaria, Greece and Russia: A Comparative Analysis," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 128-144, March.
    • Handle: RePEc:nwe:iisabg:y:2021:i:1:p:128-144
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    More about this item

    Keywords

    Bulgaria; Greece; Russia; Okun Law;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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