Structural Reforms and the Macroeconomy: The Role of General Equilibrium Effects
AbstractWe examine the macroeconomic consequences of industry wage bargaining and product market reforms. We suggest that general equilibrium effects may be important for the evaluation of industry-specific regulations. In particular, we suggest that the European unemployment problem can be traced back partially to insufficient recognition of general equilibrium effects. Moreover, unawareness of general equilibrium effects may be an explanation of why regulations are introduced and why structural reforms are (not) undertaken.
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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 833.
Length: 20 pages
Date of creation: Jul 2003
Date of revision:
Publication status: published in: R. Solow (ed.), Macroeconomics and Structural Reform, Palgrave 2004
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Other versions of this item:
- Gersbach, Hans, 2003. "Structural Reforms and the Macroeconomy: The Role of General Equilibrium Effects," CEPR Discussion Papers 4043, C.E.P.R. Discussion Papers.
- D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General
- L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
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