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Abstract: Official statistics indicated a break in Okun’s law in all the Spanish regions due to the COVID-19 pandemic; however, herein, evidence of the validity of the law is shown. The temporary layoff procedures (ERTEs) allowed many workers to maintain their jobs. From the productive point of view, the law remained in effect in the regions, showing a strong relationship between idle labour resources and economic activity, and from the social point of view, the apparent breakdown of the law can be interpreted as the implementation of a policy that mitigated the dramatic impact of the economic crisis.
Keywords: Okun’s law, ERTE, expanded unemployment rate.
Resumen: Las estadísticas oficiales indicaban una ruptura de la ley de Okun en todas las CCAA por la pandemia del COVID-19, sin embargo, aquí se muestra evidencia sobre la vigencia de la ley. Los ERTE permitieron el mantenimiento del vínculo laboral de muchos trabajadores. Desde el punto de vista productivo se observa que la ley continuó vigente mostrando una fuerte relación entre los recursos laborales ociosos y la actividad económica, y, desde el punto de vista social, la aparente ruptura de la ley puede interpretarse como la implementación de una política que mitigó el dramático impacto de la crisis económica.
Palabras clave: Ley de Okun, ERTE, tasa de desempleo ampliado.
Carátula del artículo
Articles
Okun’s Law: the effects of the COVID-19 pandemic and the temporary layoffs procedures (ERTEs) on Spanish regions
M. Sylvina Porras-Arena sylvina.porras@fcea.edu.uy
Universidad de Valladolid (España) / Universidad de la República (Uruguay) , España
Ángel L. Martín-Román almartin@uva.es
Facultad de CC. Sociales, Jurídicas y de la Comunicación., España
Diego Dueñas Fernández diego.duenas@uah.es
Universidad de Alcalá (UAH). Alcalá de Henares., España
Raquel Llorente Heras raquel.llorente@uam.es
Universidad Autónoma de Madrid, España
Investigaciones Regionales - Journal of Regional Research, núm. 59, pp. 105-125, 2024
Asociación Española de Ciencia Regional
Asociación Española de Ciencia Regional
Esta obra está bajo una Licencia Creative Commons Atribución-NoComercial 4.0 Internacional.
Recepción: 12 Mayo 2022
Aprobación: 24 Enero 2024
[Para la comprensión de este artículo es necesario consultar la versión en PDF por la inclusión de símbolos matemáticos en la explicación que no son reproducibles aquí.]
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Información adicional
JEL Classification: E23; E24; J64
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