04821oam 22012014 450 991095902920332120250426110031.0978661382831697814623518241462351824978145274913614527491329781283515863128351586597814519091661451909160(CKB)3360000000443759(EBL)3014503(SSID)ssj0000943263(PQKBManifestationID)11484316(PQKBTitleCode)TC0000943263(PQKBWorkID)10975477(PQKB)11553289(OCoLC)694141189(IMF)WPIEE2006137(MiAaPQ)EBC3014503(IMF)WPIEA2006137WPIEA2006137(EXLCZ)99336000000044375920020129d2006 uf 0engur|n|---|||||txtccrStructural Reforms in the Euro Area : Economic Impact and Role of Synchronization Across Markets and Countries /Luc Everaert, Werner Schule1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (32 p.)IMF Working Papers"June 2006".9781451863970 1451863977 ""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 Papers; Working Paper ;No. 2006/137Econometric modelsEuropean Economic Community countriesFiscal policyEuropean Economic Community countriesCommodity exchangesimfCommodity marketsimfConsumptionimfDemand and Supply of Labor: GeneralimfEconomicsimfFinanceimfFinance: GeneralimfGeneral Financial Markets: General (includes Measurement and Data)imfIncome economicsimfLabor Economics PoliciesimfLabor economicsimfLabor Economics: GeneralimfLabor market reformsimfLabor marketimfLabor marketsimfLaborimfLabourimfMacroeconomicsimfMacroeconomics: ConsumptionimfManpower policyimfSavingimfWealthimfFranceimfEconometric modelsFiscal policyCommodity exchangesCommodity marketsConsumptionDemand and Supply of Labor: GeneralEconomicsFinanceFinance: GeneralGeneral Financial Markets: General (includes Measurement and Data)Income economicsLabor Economics PoliciesLabor economicsLabor Economics: GeneralLabor market reformsLabor marketLabor marketsLaborLabourMacroeconomicsMacroeconomics: ConsumptionManpower policySavingWealthEveraert Luc1804344Schule Werner1815819International Monetary Fund.European Dept.DcWaIMFBOOK9910959029203321Structural Reforms in the Euro Area4371350UNINA