The quantification of structural reforms in OECD countries: A new framework:
This document describes and discusses a new supply side framework that quantifies the impact of structural reforms on per capita income in OECD countries. It obtains the overall macroeconomic reform impacts by aggregating over the effects on physical capital, employment and productivity through a pr...
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| Format: | Elektronisch Artikel |
| Sprache: | English |
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Paris
OECD Publishing
2017
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| Online-Zugang: | Volltext |
| Zusammenfassung: | This document describes and discusses a new supply side framework that quantifies the impact of structural reforms on per capita income in OECD countries. It obtains the overall macroeconomic reform impacts by aggregating over the effects on physical capital, employment and productivity through a production function. On the basis of reforms defined as observed changes in policies, the paper finds that product market regulation has the largest overall single policy impact five years after the reforms. But the combined impact of all labour market policies is considerably larger than that of product market regulation. The paper also shows that policy impacts can differ at different horizons. The overall long-term effects on GDP per capita of policies transiting through capital deepening can be considerably larger than the 5- to 10-year impacts. By contrast, the long-term impact of policies coming only via the employment rate channel materialises at shorter horizon. |
| Beschreibung: | 1 Online-Ressource (18 p.) 21 x 28cm. |
| DOI: | 10.1787/eco_studies-2016-5jg1lqspxtvk |
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| spelling | Égert, Balázs VerfasserIn aut The quantification of structural reforms in OECD countries: A new framework Balázs, Égert and Peter, Gal Paris OECD Publishing 2017 1 Online-Ressource (18 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This document describes and discusses a new supply side framework that quantifies the impact of structural reforms on per capita income in OECD countries. It obtains the overall macroeconomic reform impacts by aggregating over the effects on physical capital, employment and productivity through a production function. On the basis of reforms defined as observed changes in policies, the paper finds that product market regulation has the largest overall single policy impact five years after the reforms. But the combined impact of all labour market policies is considerably larger than that of product market regulation. The paper also shows that policy impacts can differ at different horizons. The overall long-term effects on GDP per capita of policies transiting through capital deepening can be considerably larger than the 5- to 10-year impacts. By contrast, the long-term impact of policies coming only via the employment rate channel materialises at shorter horizon. Economics Gal, Peter MitwirkendeR ctb Enthalten in OECD Journal: Economic Studies Vol. 2016, no. 1, p. 91-108 volume:2016 year:2016 number:1 pages:91-108 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/eco_studies-2016-5jg1lqspxtvk Volltext |
| spellingShingle | Égert, Balázs The quantification of structural reforms in OECD countries: A new framework Economics |
| title | The quantification of structural reforms in OECD countries: A new framework |
| title_auth | The quantification of structural reforms in OECD countries: A new framework |
| title_exact_search | The quantification of structural reforms in OECD countries: A new framework |
| title_full | The quantification of structural reforms in OECD countries: A new framework Balázs, Égert and Peter, Gal |
| title_fullStr | The quantification of structural reforms in OECD countries: A new framework Balázs, Égert and Peter, Gal |
| title_full_unstemmed | The quantification of structural reforms in OECD countries: A new framework Balázs, Égert and Peter, Gal |
| title_short | The quantification of structural reforms in OECD countries: A new framework |
| title_sort | quantification of structural reforms in oecd countries a new framework |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/eco_studies-2016-5jg1lqspxtvk |
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