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Economic growth and unemployment in the State of Mexico: a structural relationship. Brazilian Journal of Urban Management, V. 3, N. 1, p. 77-88. http://www2.pucpr.br/reol/pb/index.php/urbe?dd1=4770&dd99=view&dd98=pb [ Links ] Durbin, J. & Koopman, SJ. (2001). Time Series Analysis by State Space Methods. Oxford University Press, Oxford. [ Links ] Fan, J. & Zhang, W. (2008). Statistical methods with varying coefficient models. Statistics and Its Interface, Vol. 1, 179-195. http://orfe.princeton.edu/~jqfan/papers/08/VCoverview1.pdf [ Links ] Harris, R. & Silverstone, B. (2001). Testing for asymmetry in Okun’s law: A cross−country comparison. Economics Bulletin, Vol. 5, No. 2 pp. 1−13. http://www.accessecon.com/pubs/EBFT08/2001/Volume5/ EB-01E00001A.pdf [ Links ] International Monetary Fund (2015). Where Are We Headed? Perspectives on Potential Output. 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Harmonised unemployment rate. doi: 10.1787/52570002-en. [ Links ] Okun, AM. (1962). Potential GNP: Its Measurement and Significance. Proceedings of the Business and Economic Statistics Section, pp. 98-104. https://milescorak.files.wordpress.com/2016/01/okun-potential-gnp-its-measurement-and-significance-p0190.pdf [ Links ] Palley, TI. (1993). Okun’s Law and the Asymmetric and Changing Cyclical Behaviour of the USA Economy’, International Review of Applied Economics, 7, 144-162. http://dx.doi.org/10.1080/758530144 [ Links ] Rodenburg, P. (2007). Derived Measurement in Macroeconomics: Two Approaches for Measuring the NAIRU Considered. Tinbergen Institute Discussion Paper, University of Amsterdam. http://papers.tinbergen. nl/07017.pdf [ Links ] Rodríguez, P. & de Jesús, F. (2007). Estimación de la Ley de Okun para la economía mexicana. Análisis Económico, XXII(51). http://www.redalyc.org/articulo.oa?id=41311486004 [ Links ] Ros, J. (2013). Algunas tesis equivocadas sobre el estancamiento económico en México. Grandes Problemas de México, el Colegio de México. [ Links ] Silvapulle, P., Moosa, IA., & Silvapulle, MJ. (2004). Asymmetry in Okun’s law. Canadian Journal of Economics, 37, 353-374. http://www.jstor.org/stable/3696151 [ Links ] Viren, M. (2001). The Okun curve is non-linear. Economics Letters, 70, 253-257. http://dx.doi.org/10.1016/ S0165-1765(00)00370-0 [ Links ] Weiner, S. (1993). New Estimates of the Natural Rate of Unemployment. Economic Review, Federal Reserve Bank of Kansas City, Vol. 78, No. 4. https://www.kansascityfed.org/PUBLICAT/ECONREV/EconRevArchive/1993/4Q93WEIN.pdf [ Links ] How does the economy self adjust in the long run?The idea behind this assumption is that an economy will self-correct; shocks matter in the short run, but not the long run. At its core, the self-correction mechanism is about price adjustment. When a shock occurs, prices will adjust and bring the economy back to long-run equilibrium.
What happens in the long run when there is a positive output gap and no policy action?Explain what happens in the long-run when there is a positive output gap and no policy action. Eventually, resource prices and wages will increase since there is high inflation. The SRAS will shift leftward returning the economy to full employment.
Does the economy self correct in the long run back to potential output?An increase in wages means resource costs are increasing, which makes it more expensive for firms to produce their goods. As a result, we will see a decrease in SRAS (move from SRAS to SRAS1 in the graph). This is the economy self-correcting itself back to potential output.
What is long run adjustment in economics?In macroeconomics, the long run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy. This stands in contrast to the short run, when these variables may not fully adjust.
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How does the economy self adjust in the long run when there is a positive output gap?
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