The continuum spectrum of OJ 287, like most other BL Lac objects, is f
eatureless- no emission or absorption lines are observed. However, OJ
287 shows variations at different timescales in flux and polarization
at various wavelength bands. Using the available variability data one
can estimate the sizes of the emission regions in the source from ligh
t travel time arguments. We assume the emission mechanism to be synchr
otron radiation by high energy electrons with single power law energy
distribution. Theoretical synchrotron spectrum in the frequency range
10(11) - 10(17) H-z is compared with the observed spectral shape, obta
ined from new multifrequency quasi-simultaneous observations, to estim
ate the lower and upper cut off frequencies. These frequencies are use
d to obtain theoretical values of the variability timescales and magne
tic field in the emission region. We obtain a value of 0.93 G for the
magnetic field and 5.184 x 10(4) sec for the cooling time from the qui
escent continuum spectrum. The shock-in-jet model explains the spectru
m where shocks accelerate the particles and amplify the magnetic field
in the jet. This timescale is compared with the one obtained from obs
erved short timescale variability (20 minutes) with proper beaming cor
rection. The short timescale variations (200 minutes in the source fra
me), possibly caused by an additional, 'flaring', component of the sou
rce, are also used to calculate compressed magnetic field. The observe
d and theoretically estimated variability timescales and the shape of
the spectrum suggest that there are more than one emission components
in OJ 287.