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

Hans Gersbach

No 833, IZA Discussion Papers from Institute of Labor Economics (IZA)

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: uneven technological progress; industry wage bargaining; unemployment; structural reforms; general equilibrium effects (search for similar items in EconPapers)
JEL-codes: D58 E24 J50 L50 O33 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2003-07
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (5)

Published - published in: R. Solow (ed.), Macroeconomics and Structural Reform, Palgrave 2004

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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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