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Speed of Adjustment to Selected Labour Market and Tax Reforms

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  • Annabelle Mourougane

    (OECD Economics Department, 2 rue Andr� Pascal, 75775, Paris CEDEX 16, France)

  • Lukas Vogel

    (DG Economic and Financial Affairs, European Commission, 1049 Brussels, Belgium)

Abstract

This paper examines the length of economic adjustments to selected structural reforms, drawing on simulations with dynamic general equilibrium and macro-economic neo-Keynesian models. Employment adjustment costs appear to have only a limited effect on the pace of adjustment to reforms and the influence of price adjustment costs on output dynamics is found to be marginal. Accommodative monetary policy can speed up the adjustment to a new equilibrium, though to a varying degree in the different OECD countries or regions. In particular, reforms in individual euro area countries are likely to trigger only little or no policy reaction, unless there is an area-wide effort to implement structural reforms.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Comparative Economic Studies.

Volume (Year): 51 (2009)
Issue (Month): 4 (December)
Pages: 500-519

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Handle: RePEc:pal:compes:v:51:y:2009:i:4:p:500-519

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Cited by:
  1. Zuzana Brixiova & Balazs Egert, 2012. "Labour Market Reforms and Outcomes in Estonia," CESifo Working Paper Series 3756, CESifo Group Munich.
  2. Davide Furceri & Annabelle Mourougane, 2012. "How Do Institutions Affect Structural Unemployment in Times of Crises?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(4), pages 393-419, September.
  3. Zuzana Brixiova, 2009. "Labour Market Flexibility in Estonia: What more Can be Done?," OECD Economics Department Working Papers 697, OECD Publishing.
  4. Romain Bouis & Romain Duval, 2011. "Raising Potential Growth After the Crisis: A Quantitative Assessment of the Potential Gains from Various Structural Reforms in the OECD Area and Beyond," OECD Economics Department Working Papers 835, OECD Publishing.
  5. Martin Schindler, 2009. "The Italian Labor Market," IMF Working Papers 09/47, International Monetary Fund.

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