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Asymmetry in the Okun Coefficient in Romanian Economy

Petre Caraiani

Any recession is characterized by social costs.The loss of jobs, the specter of unemployment, and the decrease of earnings are all negative phenomena that produce during the recessions. During the ngoing financial crisis, unemployment rose quickly in Romanian economy. From a very low unemployment rate, at about 3.5 % before the trigger of the recession, in less than a year, the unemployment more than doubled. Coupled with the loss of budgetary revenues and the increasing public debt, this put further constraints on the optimal decisions of policy makers.
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