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The Macroeconomic Effects of Goods and Labor Marlet Deregulation

Author

Listed:
  • Matteo Cacciatore

    (HEC Montreal)

  • Giuseppe Fiori

    (North Carolina State University)

Abstract

We study the macroeconomic effects of deregulating the goods and labor markets. To this end, we introduce endogenous product creation and labor market frictions in an otherwise-standard real business cycle model. Regulation affects producer entry costs, firing restrictions, and unemployment benefits. We find that reforms can have short-run recessionary effects, despite being expansionary in the long run. Estimates from a panel VAR for OECD countries provide empirical support for this result. Moreover, market deregulation has sizable effects on the efficiency of business cycle fluctuations. Increased flexibility in both goods and labor markets lowers the level and volatility of the inefficiency wedges that distort agents' equilibrium decisions, leading to a substantial reduction in the welfare cost of business cycles. Nevertheless, individual reforms produce contrasting effects. (Copyright: Elsevier)

Suggested Citation

  • Matteo Cacciatore & Giuseppe Fiori, 2016. "The Macroeconomic Effects of Goods and Labor Marlet Deregulation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 20, pages 1-24, April.
  • Handle: RePEc:red:issued:14-313
    DOI: 10.1016/j.red.2015.10.002
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    More about this item

    Keywords

    Deregulation; Structural reforms; Endogenous entry; Search and matching frictions; Welfare cost of business cycles;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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