Are the regressions above empirically consistent with the claims in the WSJ article about how Okun's law has changed {does unemployment become more or less sensitive to output)? This version of Okun's law relates the unemployment gap to the output gap. What is the theoretical value of #1 (consider how the output gap is related to the unemployment gap in lecture)? What is estimates of 1? Is the estimate significame significant? How can you tell? The output gap in the second quarter of 2020 was 40.42%. Calculate the estimated unemployment gap for each of the two regressions above. Show your work. Go to the FREE) website and find the June values of the unemployment rates (code : UNFIATE} and the natural rate of unemployment [code : NFtOUSTl. Fteport the values. Use these to calculate the unemployment gap tor June. How does this compare to your regression predictions in F' above