Diferencias regionales en la relación de Okunnueva evidencia para España (1980-2015)

  1. Roberto Bande Ramudo 1
  2. Ángel Martín Román 2
  1. 1 Universidade de Santiago de Compostela

    Universidade de Santiago de Compostela

    Santiago de Compostela, España

    ROR https://ror.org/030eybx10

  2. 2 Universidad de Valladolid

    Universidad de Valladolid

    Valladolid, España

    ROR https://ror.org/01fvbaw18

Investigaciones Regionales = Journal of Regional Research

ISSN: 1695-7253

Ano de publicación: 2018

Número: 41

Páxinas: 137-165

Tipo: Artigo

Outras publicacións en: Investigaciones Regionales = Journal of Regional Research


Citas recibidas

  • Citas en Dialnet Métricas: 1 (04-10-2023)

SCImago Journal Rank

  • Ano 2018
  • Impacto SJR da revista: 0.259
  • Cuartil maior: Q2
  • Área: Economics, Econometrics and Finance (miscellaneous) Cuartil: Q2 Posición na área: 156/433
  • Área: Development Cuartil: Q3 Posición na área: 136/286
  • Área: Geography, Planning and Development Cuartil: Q3 Posición na área: 388/805

Índice Dialnet de Revistas

  • Ano 2018
  • Factor de impacto da revista: 0,650
  • Ámbito: GEOGRAFÍA Cuartil: C1 Posición no ámbito: 6/42
  • Ámbito: ECONOMÍA Cuartil: C1 Posición no ámbito: 17/171


  • Ciencias Sociais: A

Scopus CiteScore

  • Ano 2018
  • CiteScore da revista: 1.5
  • Área: Economics, Econometrics and Finance (all) Percentil: 74
  • Área: Development Percentil: 58
  • Área: Geography, Planning and Development Percentil: 57

Journal Citation Indicator (JCI)

  • Ano 2018
  • JCI da revista: 0.3
  • Cuartil maior: Q3
  • Área: ECONOMICS Cuartil: Q3 Posición na área: 400/542


This article provides new empirical evidence on the relationship between the unemployment rate and the output growth in Spain at the regional level. The «gap version» with the output growth on the left-hand side of the equation is our benchmark model. Our empirical results show that all coefficients are significant and show the expected negative sign. Significant regional differences in the Okun’s relationship, both for the short run and the long run, are found. These results are robust to two different specifications for the gaps: the HP filter and the QT procedure. In the final part of the article, it is also found that the OLS and the GMM estimates for panel data exhibit a similar pattern and that there is a clear asymmetry in the Okun’s relationship in booming and recession phases of the Spanish business cycle.

Información de financiamento

The first author acknowledges financial support from Xunta de Galicia, Grant ED431C 2017/44. The second author was partially supported by the Spanish Ministry of Economy and Competitiveness under project ECO2017-82227-P.


Referencias bibliográficas

  • Abowd, J. M., and Kramarz, F. (2003): «The costs of hiring and separations», Labour Economics, 10(5), 499-530.
  • Adanu, K. (2005): «A cross-province comparison of Okun’s coefficient for Canada», Applied Economics, 37(5), 561-570.
  • Apergis, N., and Rezitis, A. (2003): «An examination of Okun’s law: evidence from regional areas in Greece», Applied Economics, 35(10), 1147-1151.
  • Arellano, M., and Bond, S. (1991): «Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations», The Review of Economic Studies, 58(2), 277-297.
  • Balakrishnan, R., Das, M., and Kannan, P. (2010): «Unemployment dynamics during recessions and recoveries: Okun’s law and beyond», IMF World Economic Outlook, 69-108.
  • Ball, L. M., Leigh, D., and Loungani, P. (2013): «Okun’s Law: Fit at Fifty?», NBER Working Paper Series, 18668.
  • Bande, R., Fernández, M., and Montuenga, V. (2008): «Regional Unemployment in Spain: Disparities, Business Cycle and Wage Setting», Labour Economics, 15(5), 885-914.
  • Bande, R., Fernández, M., and Montuenga, V. (2012): «Wage Flexibility and Local Labour Markets: Homogeneity of the Wage Curve in Spain», Investigaciones Regionales, 24, 173-196.
  • Bande, R., and Karanassou, M. (2009): «Labour Market Flexibility and Regional Unemploymeny Rate Dynamics: Spain 1980-1995», Papers in Regional Science, 88(1), 181-207.
  • Bande, R., and Karanassou, M. (2014): «Spanish Regional Unemployment revisited: The Role of Capital Accummulation », Regional Studies, 48(11), 1863-1883.
  • Binet, M. E., and Facchini, F. (2013): «Okun’s law in the French regions: a cross-regional comparison», Economics Bulletin, 33(1), 420-433.
  • Blanchard, O. (1997): Macroeconomics, Prentice Hall, Upper Saddle River, NJ, 384-387.
  • Blundell, R., and Bond, S. (1998): «Initial conditions and moment restrictions in dynamic panel data models», Journal of Econometrics, 87(1), 115-143.
  • Boeri, T. (2011): «Institutional reforms and dualism in European labor markets», Handbook of labor economics, 4 (Part B), 1173-1236.
  • Cazes, S., Verick, S., and Al Hussami, F. (2013): «Why did unemployment respond so differently to the global financial crisis across countries? Insights from Okun’s Law», IZA Journal of Labor Policy, 2(1), 1-18.
  • Christopoulos, D. K. (2004): «The relationship between output and unemployment: Evidence from Greek regions», Papers in Regional Science, 83(3), 611-620.
  • Clar-Lopez, M., López-Tamayo, J., and Ramos, R. (2014): «Unemployment forecasts, time varying coefficient models and the Okun’s law in Spanish regions», Economics and Business Letters, 3(4), 247-262.
  • Crespo-Cuaresma, J. (2003): «Okun’s law revisited», Oxford Bulletin of Economics and Statistics, 65(4), 439-451.
  • Daly, M., Fernald, J., Jordà, Ò., and Nechio, F. (2014): «Interpreting deviations from Okun’s Law», FRBSF Economic Letter, 12.
  • Daly, M., and Hobijn, B. (2010): «Okun’s Law and the Unemployment Surprise of 2009», FRBSF Economic Letter, 7.
  • Durech, R., Minea, A., Mustea, L., and Slusna, L. (2014): «Regional evidence on Okun’s law in Czech Republic and Slovakia», Economic Modelling, 42, 57-65.
  • Freeman, D. G. (2000): «Regional tests of Okun’s law», International Advances in Economic Research, 6(3), 557-570.
  • Gordon, R. J. (1984): «Unemployment and potential output in the 1980s», Brookings Papers on Economic Activity, 2, 537-568.
  • Goux, D., Maurin, E., and Pauchet, M. (2001): «Fixed-term contracts and the dynamics of labour demand», European Economic Review, 45(3), 533-552.
  • Guisinger, A. Y., Hernandez-Murillo, R., Owyang, M., and Sinclair, T. M. (2015): «A State-Level Analysis of Okun’s Law. Research Division, Federal Reserve Bank of St. Louis», Working Paper Series, 2015-029A.
  • Hamermesh, D. S. (1996): Labor demand, Princeton University Press.
  • Hamermesh, D. S., and Pfann, G. A. (1996): «Adjustment costs in factor demand», Journal of Economic Literature, 34(3), 1264-1292.
  • Harris, R., and Silverstone, B. (2001): «Testing for asymmetry in Okun’s law: A cross-country comparison», Economics Bulletin, 5(2), 1-13.
  • Harvey, A. C. (1989): Forecasting, Structural Time Series Models and the Kalman Filter, Cambridge, Cambridge University Press.
  • Herwartz, H., and Niebuhr, A. (2011): «Growth, unemployment and labour market institutions: evidence from a cross-section of EU regions», Applied Economics, 43(30), 4663-4676.
  • Huang, H. C., and Yeh, C. C. (2013): «Okun’s law in panels of countries and states», Applied Economics, 45(2), 191-199.
  • Jimeno, J. F., and Santos, T. (2014): «The crisis of the Spanish economy», SERIEs, 5(2-3), 125-141.
  • Kangasharju, A., Tavera, C., and Nijkamp, P. (2012): «Regional growth and unemployment: the validity of Okun’s Law for the Finnish regions», Spatial Economic Analysis, 7(3), 381-395.
  • Karanassou, M., Sala, H., and Snower, D. J. (2010): «Phillips Curves and Unemployment Dynamics: A Critique and a Holistic Perspective», Journal of Economic Surveys, 24(1), 1-51.
  • Knotek, E. (2007): «How Useful is Okun’s Law?», Federal Reserve Bank of Kansas City Economic Review, 92(4), 73-103.
  • Kuscevic, C. M. M. (2014): «Okun’s law and urban spillovers in US unemployment», The Annals of Regional Science, 53(3), 719-730.
  • Lee, J. (2000): «The robustness of Okun’s law: Evidence from OECD countries», Journal of Macroeconomics, 22(2), 331-356.
  • Marinkov, M., and Geldenhuys, J. P. (2007): «Cyclical unemployment and cyclical output: An estimation of Okun’s coefficient for South Africa», South African Journal of Economics, 75(3), 373-390.
  • Martín-Román, A., and Porras, M. S. (2012): «La ley de Okun en España ¿por qué existen diferencias regionales?», XXXVIII Reunión de Estudios Regionales, Bilbao.
  • Melguizo, C. (2017): «An analysis of Okun’s law for the Spanish provinces», Review of Regional Research, 37(1), 59-90.
  • Moosa, I. A. (1997): «A cross-country comparison of Okun’s coefficient», Journal of Comparative Economics, 24(3), 335-356.
  • Moosa, I. A. (2008): «Economic Growth and Unemployment in Arab Countries: is Okun’s Law Valid?», Journal of Development and Economic Policies, 10(2), 5-24.
  • Nickell, S. J. (1987): «Dynamic models of labour demand», Handbook of Labor Economics, 1, 473-522.
  • Okun, A. (1962): «Potential GNP: its Measurement and Significance», Proceedings of the Business and Economic Statistics Section of the American Statistical Association, 98-104.
  • Palombi, S., Perman, R., and Tavera, C. (2015a): «Commuting effects in Okun’s Law among British areas: Evidence from spatial panel econometrics», Papers in Regional Science (online).
  • Palombi, S., Perman, R., and Tavera, C. (2015b): «Regional growth and unemployment in the medium run: asymmetric cointegrated Okun’s Law for UK regions», Applied Economics, 47(57), 6228-6238.
  • Pereira, R. M. (2014): «Okun’s law, asymmetries and regional spillovers: evidence from Virginia metropolitan statistical areas and the District of Columbia», The Annals of Regional Science, 52(2), 583-595.
  • Pérez, J. J., Rodríguez, J., and Ibáñez, C. U. (2003): «Análisis dinámico de la relación entre ciclo económico y ciclo del desempleo: una aplicación regional», Investigaciones regionales, 2, 141-164.
  • Perman, R., Stephan, G., and Tavéra, C. (2015): «Okun’s Law-a Meta-analysis», The Manchester School, 83(1), 101-126.
  • Perman, R., and Tavera, C. (2005): «A cross-country analysis of the Okun’s law coefficient convergence in Europe», Applied Economics, 37(21), 2501-2513.
  • Prachowny, M. F. (1993): «Okun’s law: Theoretical foundations and revised estimates», The Review of Economics and Statistics, 75(2), 331-336.
  • Sala, H., and Trivín, P. (2014): «Labour Market Dynamics in Spanish Regions: Evaluating Asymmetries in Troublesome Times», SERIEs, 5(2), 197-221
  • Silvapulle, P., Moosa, I. A., and Silvapulle, M. J. (2004): «Asymmetry in Okun’s law», Canadian Journal of Economics/Revue canadienne d’économique, 37(2), 353-374.
  • Sögner, L., and Stiassny, A. (2002): «An analysis on the structural stability of Okun’s law-a cross-country study», Applied Economics, 34(14), 1775-1787.
  • Villaverde, J., and Maza, A. (2007): «Okun’s law in the Spanish regions», Economics Bulletin, 18(5), 1-11.
  • Villaverde, J., and Maza, A. (2009): «The robustness of Okun’s law in Spain, 1980-2004: Regional evidence», Journal of Policy Modeling, 31(2), 289-297.
  • Villaverde, J., and Maza, A. (2016): «Okun’s law among Spanish regions: A spatial panel approach», XLI Reunión de Estudios Regionales, Reus.
  • Virén, M. (2001): «The Okun curve is non-linear», Economics letters, 70(2), 253-257.
  • Yazgan, M. E., and Yilmazkuday, H. (2009): «Okun’s convergence within the US», Letters in Spatial and Resource Sciences, 2(2), 109-122.