Structural Reforms and the Macroeconomy: The Role of General Equilibrium Effects

Hans Gersbach

No 4043, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We examine the macroeconomic consequences of industry wage-bargaining and product market reforms. We suggest that general equilibrium effects may be important for the evaluation of industry-specific regulations. In particular, we suggest that the European unemployment problem can be traced back partially to insufficient recognition of general equilibrium effects. Moreover, unawareness of general equilibrium effects may be an explanation of why regulations are introduced and why structural reforms are (not) undertaken.

Keywords: Awareness of general equilibrium effects; Unemployment; Uneven technological progress; Product market reforms; Sectoral wage bargaining (search for similar items in EconPapers)
JEL-codes: D58 E24 J50 L50 (search for similar items in EconPapers)
Date: 2003-09
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Citations: View citations in EconPapers (5)

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Related works:
Chapter: Structural Reforms and the Macroeconomy: The Role of General Equilibrium Effects (2004)
Working Paper: Structural Reforms and the Macroeconomy: The Role of General Equilibrium Effects (2003)
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