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Why It Pays to Synchronize Structural Reforms in the Euro Area Across Markets and Countries

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  • Luc Everaert
  • Werner Schule
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    Abstract

    Simulations with the IMF's Global Economy Model, calibrated to the European Union, suggest that there are sizable long-term gains in output and employment from boosting competition in product and labor markets. Coordinating reforms across these markets in a given country is found to be beneficial: it reduces transition costs in the short run and generates synergies in the long run. However, to prevent a temporary fall in euro area consumption, synchronization across countries is needed if they are to benefit from a monetary policy reaction. IMF Staff Papers (2008) 55, 356–366. doi:10.1057/imfsp.2008.6; published online 8 April 2008

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

    Volume (Year): 55 (2008)
    Issue (Month): 2 (June)
    Pages: 356-366

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    Handle: RePEc:pal:imfstp:v:55:y:2008:i:2:p:356-366

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    Cited by:
    1. Sandra Gomes & P. Jacquinot & M. Pisani, 2010. "The EAGLE. A model for policy analysis of macroeconomic interdependence in the euro area," Working Papers w201006, Banco de Portugal, Economics and Research Department.
    2. Fève, Patrick & Sahuc, Jean-Guillaume, 2013. "On the Size of the Government Spending Multiplier in the Euro Area," IDEI Working Papers 776, Institut d'Économie Industrielle (IDEI), Toulouse, revised Nov 2013.
    3. Tyrowicz, Joanna, 2009. "When Eastern Labour Markets Enter Western Europe CEECs. Labour Market Institutions upon Euro Zone Accession," MPRA Paper 15045, University Library of Munich, Germany.
    4. Sandra Gomes & Pascal Jacquinot & Matthias Mohr & Massimiliano Pisani, 2013. "Structural Reforms and Macroeconomic Performance in the Euro Area Countries: A Model-Based Assessment," International Finance, Wiley Blackwell, vol. 16(1), pages 23-44, 02.

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