Structural Reforms in the Euro Area: Economic Impact and Role of Synchronization Across Markets and Countries
Using the IMF''s Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment....
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2006
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 06/137 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Using the IMF''s Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most of these gains accrue to the reforming country regardless of whether reform takes place elsewhere; conversely, spillovers of reform elsewhere are limited. Labor and services market reforms have transitional costs as they induce a temporary decline in consumption, but raising competition in goods markets can mitigate some of these costs. Thus, coordinating the timing of reforms across markets is beneficial, and the more so the more open the reforming economy. In addition, synchronizing structural reforms across large countries of the euro area could eliminate transition costs. Increased supply would allow monetary policy to ease without jeopardizing price stability objectives, though in practice uncertainty may prevent full accommodation |
| Beschreibung: | 1 Online-Ressource (32 p) |
| ISBN: | 1451863977 9781451863970 |
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| index_date | 2024-07-03T20:13:27Z |
| indexdate | 2024-07-10T09:35:36Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Everaert, Luc Verfasser aut Structural Reforms in the Euro Area Economic Impact and Role of Synchronization Across Markets and Countries Everaert, Luc Washington, D.C International Monetary Fund 2006 1 Online-Ressource (32 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 06/137 Using the IMF''s Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most of these gains accrue to the reforming country regardless of whether reform takes place elsewhere; conversely, spillovers of reform elsewhere are limited. Labor and services market reforms have transitional costs as they induce a temporary decline in consumption, but raising competition in goods markets can mitigate some of these costs. Thus, coordinating the timing of reforms across markets is beneficial, and the more so the more open the reforming economy. In addition, synchronizing structural reforms across large countries of the euro area could eliminate transition costs. Increased supply would allow monetary policy to ease without jeopardizing price stability objectives, though in practice uncertainty may prevent full accommodation Online-Ausg Schule, Werner Sonstige oth http://elibrary.imf.org/view/IMF001/06543-9781451863970/06543-9781451863970/06543-9781451863970.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Everaert, Luc Structural Reforms in the Euro Area Economic Impact and Role of Synchronization Across Markets and Countries |
| title | Structural Reforms in the Euro Area Economic Impact and Role of Synchronization Across Markets and Countries |
| title_auth | Structural Reforms in the Euro Area Economic Impact and Role of Synchronization Across Markets and Countries |
| title_exact_search | Structural Reforms in the Euro Area Economic Impact and Role of Synchronization Across Markets and Countries |
| title_exact_search_txtP | Structural Reforms in the Euro Area Economic Impact and Role of Synchronization Across Markets and Countries |
| title_full | Structural Reforms in the Euro Area Economic Impact and Role of Synchronization Across Markets and Countries Everaert, Luc |
| title_fullStr | Structural Reforms in the Euro Area Economic Impact and Role of Synchronization Across Markets and Countries Everaert, Luc |
| title_full_unstemmed | Structural Reforms in the Euro Area Economic Impact and Role of Synchronization Across Markets and Countries Everaert, Luc |
| title_short | Structural Reforms in the Euro Area |
| title_sort | structural reforms in the euro area economic impact and role of synchronization across markets and countries |
| title_sub | Economic Impact and Role of Synchronization Across Markets and Countries |
| url | http://elibrary.imf.org/view/IMF001/06543-9781451863970/06543-9781451863970/06543-9781451863970.xml |
| work_keys_str_mv | AT everaertluc structuralreformsintheeuroareaeconomicimpactandroleofsynchronizationacrossmarketsandcountries AT schulewerner structuralreformsintheeuroareaeconomicimpactandroleofsynchronizationacrossmarketsandcountries |