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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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    References listed on IDEAS

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    1. Martin Neil Baily & Robert M. Solow, 2001. "International Productivity Comparisons Built from the Firm Level," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 151-172, Summer.
    2. Baumol, William J, 1972. "Macroeconomics of Unbalanced Growth: Reply," American Economic Review, American Economic Association, vol. 62(1), pages 150-150, March.
    3. Philippe Aghion & Peter Howitt, 1994. "Growth and Unemployment," Review of Economic Studies, Oxford University Press, vol. 61(3), pages 477-494.
    4. Amable, Bruno & Gatti, Donatella, 2001. "The Impact of Product Market Competition on Employment and Wages," IZA Discussion Papers 276, Institute for the Study of Labor (IZA).
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    Cited by:

    1. Olivier Blanchard, 2004. "The Economic Future of Europe," Journal of Economic Perspectives, American Economic Association, vol. 18(4), pages 3-26, Fall.
    2. Bennett W Sutton & Tamim Bayoumi & Andrew J Swiston, 2006. "Shocking Aspects of Canadian Labor Markets," IMF Working Papers 06/83, International Monetary Fund.

    More about this item

    Keywords

    awareness of general equilibrium effects; product market reforms; sectoral wage bargaining; unemployment; uneven technological progress;

    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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