By IMANI BECKETT, Los Angeles, California, the USA
Okun’s Law is an empirically observed relationship between changes in unemployment and changes in national output. This experiment used quarterly unemployment, GNP, and GDP data between 2000-2016 to find if Okun's Law held in the 21st century. Since studies supported the theory that the relationship held up in recent times, the hypothesis was that Okun’s Law would hold in the 21st century. A regression analysis was done on the data to see how much it fit with the equation y=1-0.4x, where y is the change in the unemployment rate and x is the change in output. Overall, the data did not fit into the equation when GNP or GDP was the output, from there I concluded that Okun's Law did not hold in the 21st century.
Read more here: https://drive.google.com/file/d/0B6fYIQxjoVuTaTFFTmdFM0tRdE0/view?usp=sharing
Works cited: https://drive.google.com/open?id=0B6fYIQxjoVuTWDVyTmswbGVjd1E
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