03025nam 2200601Ia 450 991082609430332120200520144314.01-4623-5182-41-4527-4913-21-283-51586-51-4519-0916-09786613828316(CKB)3360000000443759(EBL)3014503(SSID)ssj0000943263(PQKBManifestationID)11484316(PQKBTitleCode)TC0000943263(PQKBWorkID)10975477(PQKB)11553289(OCoLC)694141189(IMF)WPIEE2006137(MiAaPQ)EBC3014503(EXLCZ)99336000000044375920070319d2006 uf 0engur|n|---|||||txtccrStructural reforms in the Euro area economic impact and role of synchronization across markets and countries /Luc Everaert and Werner Schule1st ed.[Washington, D.C.] International Monetary Fund, European Dept.20061 online resource (32 p.)IMF working paper ;WP/06/137"June 2006".1-4518-6397-7 ""Contents""; ""I. INTRODUCTION""; ""II. GLOBAL ECONOMIC MODEL""; ""III. SIMULATION RESULTS""; ""IV. CONCLUSIONS""; ""REFERENCES""Using the IMF's Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most of these gains accrue to the reforming country regardless of whether reform takes place elsewhere; conversely, spillovers of reform elsewhere are limited. Labor and services market reforms have transitional costs as they induce a temporary decline in consumption, but raising competition in goods markets can mitigate some of these costs. Thus, coordinating the timing of reforms across markets is beneficial, and the more so the more open the reforming economy. In addition, synchronizing structural reforms across large countries of the euro area could eliminate transition costs. Increased supply would allow monetary policy to ease without jeopardizing price stability objectives, though in practice uncertainty may prevent full accommodation.IMF working paper ;WP/06/137.Econometric modelsEuropean Economic Community countriesFiscal policyEuropean Economic Community countriesEconometric modelsFiscal policyEveraert Luc1675624Schule Werner1673848International Monetary Fund.European Dept.MiAaPQMiAaPQMiAaPQBOOK9910826094303321Structural Reforms in the Euro Area4041260UNINA