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  • Nonlinear Okun's law [Elektronski vir] : a smooth transition regression approach
    Kavkler, Alenka ; Böhm, Bernhard
    The aim of this article is to show that the relationship of Okun's law can be improved by introducing a nonlinear term into the equation. A specification which is nonlinear in variables will be ... subjected to a test for additional nonlinearities of the smooth transition kind. The coefficients in a smooth transition regression model are assumed to be continuous functions of a properly chosen transition variable. Because of this property not only the two extreme states of the economy can be explained by the model, but also a continuum of states that lie between those two extremes. The model thus captures structural changes of the relationship between the unemployment rate and output. A comparison of the linear and nonlinear model reveals an increasein explanatory power and a decrease in the standard error of regression from. The null hypothesis of linearity tested against the alternative of a smooth transition regression model has to be rejected for every possible transition variable with the exception of the time trend. Both of these facts confirm our intuition that the linear relationship of Okun's law can be improved by consideration of regime changes.
    Vir: Economic development and growth [Elektronski vir] : 4th International Symposium Economy & Business 2005, September 12-17, Sunny Beach resort (Str. 12-21)
    Vrsta gradiva - prispevek na konferenci
    Leto - 2005
    Jezik - angleški
    COBISS.SI-ID - 8284188

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