Okunʹs law, asymmetries and jobless recoveries in the United States: A Markov-switching approach

Prevailing Markov regime-switching approaches to asymmetries in Okunʹs law assume either asymmetry between unemployment and output across regimes or asymmetry within a regime. We combine both approaches and give an insight into the 1991 and 2001 United States ‘jobless recoveries’