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Peter Tillmann
''Do FOMC members believe in Okun's Law?''
( 2010, Vol. 30 No.3 )
This paper uses data on forecasts for unemployment and GDP growth submitted by each individual FOMC member to uncover members' beliefs about Okuns's Law. The results suggest that the perceived relationship between unemployment and real growth weakened significantly since the mid-1990s.
Keywords: GDP forecast, unemployment forecast, Okun's Law, Federal Reserve
JEL: E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
E3 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Manuscript Received : Jun 18 2010 Manuscript Accepted : Sep 16 2010

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