Reforming in a difficult macroeconomic context: A review of the issues and recent literature
This paper reviews the main issues related to the short-term impact of structural reforms in different macroeconomic contexts and takes stock of existing theoretical and empirical studies. Taking reforms introduced in "normal" times as a benchmark, it reviews the available evidence on the...
Gespeichert in:
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2016
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1297 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper reviews the main issues related to the short-term impact of structural reforms in different macroeconomic contexts and takes stock of existing theoretical and empirical studies. Taking reforms introduced in "normal" times as a benchmark, it reviews the available evidence on the impact of reforms that are implemented in "bad" times - i.e. in the presence of a sizeable negative output gap and persistently weak demand - as well as under different assumptions regarding the availability or effectiveness of macroeconomic policies in supporting the reforms. In doing so the paper focuses on the key channels through which different reforms influence short-term activity via the main components of demand and discusses how these channels operate under different macro conditions. Overall, the evidence suggests that in a context of weak demand, structural reform strategies will have significantly better chances of being successful if they put more weight on measures that in addition to stimulate employment or productivity in the medium term can best support demand in the short term. |
| Beschreibung: | 1 Online-Ressource (50 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5jlzgj45b3q0-en |
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| spelling | Caldera Sánchez, Aida VerfasserIn aut Reforming in a difficult macroeconomic context A review of the issues and recent literature Aida, Caldera Sánchez, Alain, de Serres and Naomitsu, Yashiro = La mise en oeuvre de réformes structurelles en conjoncture défavorable : Une revue des enjeux et de la litérature récente / Aida, Caldera Sánchez, Alain, de Serres et Naomitsu, Yashiro La mise en oeuvre de réformes structurelles en conjoncture défavorable Paris OECD Publishing 2016 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.1297 This paper reviews the main issues related to the short-term impact of structural reforms in different macroeconomic contexts and takes stock of existing theoretical and empirical studies. Taking reforms introduced in "normal" times as a benchmark, it reviews the available evidence on the impact of reforms that are implemented in "bad" times - i.e. in the presence of a sizeable negative output gap and persistently weak demand - as well as under different assumptions regarding the availability or effectiveness of macroeconomic policies in supporting the reforms. In doing so the paper focuses on the key channels through which different reforms influence short-term activity via the main components of demand and discusses how these channels operate under different macro conditions. Overall, the evidence suggests that in a context of weak demand, structural reform strategies will have significantly better chances of being successful if they put more weight on measures that in addition to stimulate employment or productivity in the medium term can best support demand in the short term. Economics de Serres, Alain MitwirkendeR ctb Yashiro, Naomitsu MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5jlzgj45b3q0-en Volltext |
| spellingShingle | Caldera Sánchez, Aida Reforming in a difficult macroeconomic context A review of the issues and recent literature Economics |
| title | Reforming in a difficult macroeconomic context A review of the issues and recent literature |
| title_alt | La mise en oeuvre de réformes structurelles en conjoncture défavorable |
| title_auth | Reforming in a difficult macroeconomic context A review of the issues and recent literature |
| title_exact_search | Reforming in a difficult macroeconomic context A review of the issues and recent literature |
| title_full | Reforming in a difficult macroeconomic context A review of the issues and recent literature Aida, Caldera Sánchez, Alain, de Serres and Naomitsu, Yashiro = La mise en oeuvre de réformes structurelles en conjoncture défavorable : Une revue des enjeux et de la litérature récente / Aida, Caldera Sánchez, Alain, de Serres et Naomitsu, Yashiro |
| title_fullStr | Reforming in a difficult macroeconomic context A review of the issues and recent literature Aida, Caldera Sánchez, Alain, de Serres and Naomitsu, Yashiro = La mise en oeuvre de réformes structurelles en conjoncture défavorable : Une revue des enjeux et de la litérature récente / Aida, Caldera Sánchez, Alain, de Serres et Naomitsu, Yashiro |
| title_full_unstemmed | Reforming in a difficult macroeconomic context A review of the issues and recent literature Aida, Caldera Sánchez, Alain, de Serres and Naomitsu, Yashiro = La mise en oeuvre de réformes structurelles en conjoncture défavorable : Une revue des enjeux et de la litérature récente / Aida, Caldera Sánchez, Alain, de Serres et Naomitsu, Yashiro |
| title_short | Reforming in a difficult macroeconomic context |
| title_sort | reforming in a difficult macroeconomic context a review of the issues and recent literature |
| title_sub | A review of the issues and recent literature |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5jlzgj45b3q0-en |
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