Whereas an Okun’s coefficient value (i.e. the ratio of the percentage-point increase in the unemployment rate to the percentage decrease in real GDP) of one-half to two-thirds is often considered to be typical during a recession, this value exceeded 1.0 in Spain, the United States and four other countries where the downturn in output was quite mild. While these six countries are located above and to the left of the 45° line in Figure 1.3, Panel A, most OECD countries are to be found below and to the right of that line, indicating various degrees of labour hoarding. For example, the Okun’s coefficient value was below 0.2 in Japan and 0.1 in Germany.