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Reforming in a Difficult Macroeconomic Context: A Review of Issues and Recent Literature

Author

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  • Aida Caldera Sánchez

    (Economics Department of the Organisation of Economic Cooperation and Development, 2 Rue Andre Pascal, 75775 Paris, Cedex 16, France)

  • Alain de Serres

    (Economics Department of the Organisation of Economic Cooperation and Development, 2 Rue Andre Pascal, 75775 Paris, Cedex 16, France)

  • Naomitsu Yashiro

    (Economics Department of the Organisation of Economic Cooperation and Development, 2 Rue Andre Pascal, 75775 Paris, Cedex 16, France)

Abstract

This paper reviews the main issues related to the short-term impact of structural reforms in different macroeconomic contexts and takes stock of existing theoretical and empirical studies. Taking reforms introduced in “normal” times as a benchmark, it reviews the available evidence on the impact of reforms that are implemented in “bad” times — defined as the presence of a sizeable negative output gap and persistently weak demand — as well as under different assumptions regarding the availability or effectiveness of macroeconomic policies in supporting the reforms. In doing so, the paper focuses on the key channels through which different reforms influence short-term activity via the main components of demand and discusses how these channels operate under different macro conditions.

Suggested Citation

  • Aida Caldera Sánchez & Alain de Serres & Naomitsu Yashiro, 2017. "Reforming in a Difficult Macroeconomic Context: A Review of Issues and Recent Literature," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 8(01), pages 1-41, February.
    • Handle: RePEc:wsi:jicepx:v:08:y:2017:i:01:n:s1793993317500028
    DOI: 10.1142/S1793993317500028
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    Cited by:

    1. Jan Stráský, 2016. "Priorities for completing the European Union's Single Market," OECD Economics Department Working Papers 1315, OECD Publishing.
    2. Ramos, Raul & Sanromá, Esteban & Simón, Hipólito, 2022. "Collective bargaining levels, employment and wage inequality in Spain," Journal of Policy Modeling, Elsevier, vol. 44(2), pages 375-395.
    3. Michael Mitsopoulos, 2017. "Overtaxation of Private Sector Salaried Employment as a Key Impediment to the Recovery of Greece," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Dimitrios D. Thomakos & Konstantinos I. Nikolopoulos (ed.), Taxation in Crisis, chapter 12, pages 289-336, Palgrave Macmillan.
    4. Thommen, Yann, 2022. "Reforms of collective bargaining institutions in European Union countries: Bad timing, bad outcomes?," European Journal of Political Economy, Elsevier, vol. 71(C).

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    Keywords

    Structural reforms; zero-lower bounds; reform packaging; reform sequencing;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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