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2014•Journal of Hunan Finance and Economics UniversityRequires access

Empirical Study on China's Economic Growth and Unemployment——the Test of Okun's Law

Lu Xia

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Abstract

Okun's law describes the quantitative relationship between economic output and unemployment,and there is a variety of different versions. This paper attempts to test Okun's law in China's suitability for inspection,and the results show that neither linear version nor nonlinear version of the Okun's law is not suitable for China's economic situation,and gives this phenomenon some explanation. The conclusion supports the point of view that during the Government' s 12th Five-Year Plan,reducing the rate of economic growth will not lead to rising unemployment rate.

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What this paper is about

Okun's law describes the quantitative relationship between economic output and unemployment,and there is a variety of different versions. This paper attempts to test Okun's law in China's suitability for inspection,and the results show that neither linear version nor nonlinear version of the Okun's law is not suitable for China's economic situation,and gives this phenomenon some explanation. The conclusion supports the point of view that during the Government' s 12th Five-Year Plan,reducing the rate of economic growth will not lead to rising unemployment rate.

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Available abstract

Okun's law describes the quantitative relationship between economic output and unemployment,and there is a variety of different versions. This paper attempts to test Okun's law in China's suitability for inspection,and the results show that neither linear version nor nonlinear version of the Okun's law is not suitable for China's economic situation,and gives this phenomenon some explanation. The conclusion supports the point of view that during the Government' s 12th Five-Year Plan,reducing the rate of economic growth will not lead to rising unemployment rate.

Key concepts: Okun's law, China, Economics, Unemployment, Unemployment rate, Variety (cybernetics), Macroeconomics, Government (linguistics)

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