How well has Okun’s Law held up in the 3 ½ years since Krugman wrote? The evidence for the period 1947 to the present is shown below. It is evident that, for the U.S., Okun’s Law has held up quite well, as I have noted before.
In a recent presentation at Oberlin College, I also looked at how well Okun’s Law holds across the world. If you don’t want to flip through the (fascinating) 100-slide presentation, I did a short summary this week for the IMF’s blog.