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Structural Reforms and the Macroeconomy: The Role of General Equilibrium Effects

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  • Gersbach, Hans

Abstract

We 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.

Suggested Citation

  • Gersbach, Hans, 2003. "Structural Reforms and the Macroeconomy: The Role of General Equilibrium Effects," CEPR Discussion Papers 4043, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:4043
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    Cited by:

    1. Jo Seldeslachts, 2008. "Synchronising Deregulation In Product And Labour Markets," Scottish Journal of Political Economy, Scottish Economic Society, vol. 55(5), pages 591-617, November.
    2. Pfeiffer, Philipp & Varga, Janos & in 't Veld, Jan, 2024. "Unleashing potential: Model-based reform benchmarking for EU Member States," European Journal of Political Economy, Elsevier, vol. 83(C).
    3. Bayoumi, Tamim & Sutton, Bennett & Swiston, Andrew J., 2006. "Shocking Aspects of Canadian Labour Markets," CEPR Discussion Papers 5847, C.E.P.R. Discussion Papers.
    4. Zhiqi Chen & Bo Zhao, 2014. "Unemployment and product market competition in a Cournot model with efficiency wages," Canadian Journal of Economics, Canadian Economics Association, vol. 47(2), pages 555-579, May.
    5. Olivier Blanchard, 2004. "The Economic Future of Europe," Journal of Economic Perspectives, American Economic Association, vol. 18(4), pages 3-26, Fall.
    6. City Eldeep & Chahir Zaki, 2023. "On the unfinished business of stabilization programs: a CGE model of Egypt," Middle East Development Journal, Taylor & Francis Journals, vol. 15(1), pages 66-100, January.

    More about this item

    Keywords

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    JEL classification:

    • 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; Aggregate Human Capital; Aggregate Labor Productivity
    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General

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