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Reforming in a Difficult Macroeconomic Context: A Review of Issues and Recent Literature

Aida Caldera Sánchez (), Alain de Serres () and Naomitsu Yashiro
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Aida Caldera Sánchez: Economics Department of the Organisation of Economic Cooperation and Development, 2 Rue Andre Pascal, 75775 Paris, Cedex 16, France

Journal of International Commerce, Economics and Policy (JICEP), 2017, vol. 08, issue 01, 1-41

Abstract: 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 — defined as 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.

Keywords: Structural reforms; zero-lower bounds; reform packaging; reform sequencing (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1142/S1793993317500028

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