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Okun’s law for Canada is given by ut-ut-1 = 0.33(gyt-3.7%) Required: a. What growth rate of output leads to an increase in the unemployment rate of 1 percent per year? How can the unemployment rate increase even though the growth rate of output is positive? b. What rate of growth of output do we need to decrease the unemployment by 1 percentage point over the next four years? c. Suppose that we experience a second baby boom. How do you expect Okun’s law to change if the rate of growth of the labour force increases by 2 percentage points?
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