I propose a simple method to estimate a macro shock-specific Okun elasticity, which characterises by how much the unemployment rate falls when output increases by one percentage point because of a specific macroeconomic shock. Using data for the US, I consider government spending, tax, monetary policy, financial, technology, and oil shocks. I find the Okun elasticity is largely stable across shocks, but subtle differences emerge: (i) the elasticity is larger for financial shocks, (ii) the speed at which unemployment adjusts relative to output depends on the shock driving fluctuations.

中文翻译：

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宏观经济冲击和奥肯定律

我提出了一种简单的方法来估算特定于宏观冲击的奥肯弹性，其特征是当由于特定的宏观经济冲击而使产出增加一个百分点时，失业率下降多少。使用美国的数据，我考虑了政府支出，税收，货币政策，金融，技术和石油冲击。我发现Okun弹性在各种冲击下基本稳定，但存在细微的差异：（i）金融冲击的弹性更大；（ii）失业率相对于产出的调整速度取决于冲击驱动的波动。