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Structural reforms and economic performance: the experience of advanced economies

Campos, Nauro F., De Grauwe, Paul and Ji, Yuemei (2023) Structural reforms and economic performance: the experience of advanced economies. Journal of Economic Literature. ISSN 0022-0515 (In Press)

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This paper provides a comprehensive assessment of the theoretical and empirical literature on structural reforms in advanced economies. Structural reforms matter because they entail profound and systematic changes that affect economic welfare, productivity, growth, unemployment, macroeconomic stability, and income inequality. Here we focus on structural reforms in product, labor, and financial markets. After putting forward a set of stylized facts, we take stock of the literature on each of these three key structural reforms, and then assess their business cycle and political economy implications. We underscore various gaps in the literature and articulate a future research agenda that highlights four main areas: measurement, interactions among reforms, political economy considerations, and the timing of the implementation of reforms.

Item Type: Article
Official URL:
Additional Information: © 2023 American Economic Association
Divisions: European Institute
Subjects: H Social Sciences > HB Economic Theory
JEL classification: E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Employment, and Investment > E23 - Production
D - Microeconomics > D7 - Analysis of Collective Decision-Making > D72 - Economic Models of Political Processes: Rent-Seeking, Elections, Legislatures, and Voting Behavior
H - Public Economics > H2 - Taxation, Subsidies, and Revenue > H26 - Tax Evasion
O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O17 - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements: Legal, Social, Economic, and Political
Date Deposited: 27 Nov 2023 14:15
Last Modified: 16 May 2024 04:18

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