Speed of Adjustment to Selected Labour Market and Tax Reforms
AbstractThis 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 InfoArticle provided by Palgrave Macmillan in its journal Comparative Economic Studies.
Volume (Year): 51 (2009)
Issue (Month): 4 (December)
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Other versions of this item:
- Annabelle Mourougane & Lukas Vogel, 2008. "Speed of Adjustment to Selected Labour Market and Tax Reforms," OECD Economics Department Working Papers 647, OECD Publishing.
- C5 - Mathematical and Quantitative Methods - - Econometric Modeling
- E00 - Macroeconomics and Monetary Economics - - General - - - General
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
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