Speed of Adjustment to Selected Labour Market and Tax Reforms:
This paper examines the nature and the length of economic adjustments to selected structural reforms, drawing on a variety of approaches: descriptive analysis and simulations using Dynamic General Equilibrium and macro-economic neo-Keynesian models. The descriptive analysis suggests that the correla...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2008
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| Schriftenreihe: | OECD Economics Department Working Papers
no.647 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper examines the nature and the length of economic adjustments to selected structural reforms, drawing on a variety of approaches: descriptive analysis and simulations using Dynamic General Equilibrium and macro-economic neo-Keynesian models. The descriptive analysis suggests that the correlation between reforms, including a change in the tax wedge, the replacement ratio or anti-competitive product market regulation and the structural unemployment rate peaks only after 5 to 10 years. Lowering employment and price adjustment costs in the euro area to their respective US levels would only have a relatively limited effect on the speed of adjustment to labour market and tax reforms. Monetary policy reaction can speed up the adjustment to a new equilibrium, though to a varying degree in the different OECD countries or regions. In particular, reforms in individual euro area countries are likely to trigger only little or no policy reaction, unless there is an area-wide effort to implement reforms. |
| Beschreibung: | 1 Online-Ressource (50 p.) 21 x 29.7cm. |
| DOI: | 10.1787/234217500715 |
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| spelling | Mourougane, Annabelle VerfasserIn aut Speed of Adjustment to Selected Labour Market and Tax Reforms Annabelle, Mourougane and Lukas, Vogel = Vitesse d'ajustement à des réformes sur le marché du travail et de la fiscalité / Annabelle, Mourougane et Lukas, Vogel Vitesse d'ajustement à des réformes sur le marché du travail et de la fiscalité Paris OECD Publishing 2008 1 Online-Ressource (50 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.647 This paper examines the nature and the length of economic adjustments to selected structural reforms, drawing on a variety of approaches: descriptive analysis and simulations using Dynamic General Equilibrium and macro-economic neo-Keynesian models. The descriptive analysis suggests that the correlation between reforms, including a change in the tax wedge, the replacement ratio or anti-competitive product market regulation and the structural unemployment rate peaks only after 5 to 10 years. Lowering employment and price adjustment costs in the euro area to their respective US levels would only have a relatively limited effect on the speed of adjustment to labour market and tax reforms. Monetary policy reaction can speed up the adjustment to a new equilibrium, though to a varying degree in the different OECD countries or regions. In particular, reforms in individual euro area countries are likely to trigger only little or no policy reaction, unless there is an area-wide effort to implement reforms. Economics Vogel, Lukas MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/234217500715 Volltext |
| spellingShingle | Mourougane, Annabelle Speed of Adjustment to Selected Labour Market and Tax Reforms Economics |
| title | Speed of Adjustment to Selected Labour Market and Tax Reforms |
| title_alt | Vitesse d'ajustement à des réformes sur le marché du travail et de la fiscalité |
| title_auth | Speed of Adjustment to Selected Labour Market and Tax Reforms |
| title_exact_search | Speed of Adjustment to Selected Labour Market and Tax Reforms |
| title_full | Speed of Adjustment to Selected Labour Market and Tax Reforms Annabelle, Mourougane and Lukas, Vogel = Vitesse d'ajustement à des réformes sur le marché du travail et de la fiscalité / Annabelle, Mourougane et Lukas, Vogel |
| title_fullStr | Speed of Adjustment to Selected Labour Market and Tax Reforms Annabelle, Mourougane and Lukas, Vogel = Vitesse d'ajustement à des réformes sur le marché du travail et de la fiscalité / Annabelle, Mourougane et Lukas, Vogel |
| title_full_unstemmed | Speed of Adjustment to Selected Labour Market and Tax Reforms Annabelle, Mourougane and Lukas, Vogel = Vitesse d'ajustement à des réformes sur le marché du travail et de la fiscalité / Annabelle, Mourougane et Lukas, Vogel |
| title_short | Speed of Adjustment to Selected Labour Market and Tax Reforms |
| title_sort | speed of adjustment to selected labour market and tax reforms |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/234217500715 |
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