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When do structural reforms work? : on the role of the business cycle and macroeconomic policies

Author: Anna Rose Bordon; Christian Ebeke; Kazuko Shirono; International Monetary Fund. European Department,
Publisher: [Washington, D.C.] : International Monetary Fund, 2016. ©2016
Series: IMF working paper, WP/16/62.
Edition/Format:   eBook : Document : International government publication : English
Summary:
Structural reforms are expected to lift growth and employment, but their effects are surprisingly difficult to pin down empirically. One reason is their potential endogeneity to the economic environment in which they are conducted. For example, the impact of a reform implemented shortly before a cyclical upswing is difficult to distinguish from the recovery itself. Similarly, macroeconomic policies conducted along a  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Bordon, Anna Rose
When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies
Washington, D. C. : International Monetary Fund,c2016
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Anna Rose Bordon; Christian Ebeke; Kazuko Shirono; International Monetary Fund. European Department,
ISBN: 9781513591711 1513591711
OCLC Number: 944952050
Notes: "March 2016."
"European Department."
Description: 1 online resource (28 pages) : illustrations.
Series Title: IMF working paper, WP/16/62.
Responsibility: prepared by Anna Rose Bordon, Christian Ebeke, and Kazuko Shirono.

Abstract:

Structural reforms are expected to lift growth and employment, but their effects are surprisingly difficult to pin down empirically. One reason is their potential endogeneity to the economic environment in which they are conducted. For example, the impact of a reform implemented shortly before a cyclical upswing is difficult to distinguish from the recovery itself. Similarly, macroeconomic policies conducted along a structural reform could affect the estimated impact. Exploring various options, this paper develops robust estimates of the impact of labor and product market reforms by using local projection techniques while controlling for endogeneity of reforms and other biases. The results suggest that labor and product market reforms have a lagged but positive impact on employment creation, and the positive effect remains even after controlling for the endogeneity of the decision to reform. Supportive macroeconomic policies are found to increase the effect of labor and product market reforms, consistent with the view that some structural reforms are best initiated in conjunction with supportive fiscal or monetary policy.--Abstract.

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