Structural reforms and economic performance: the experience of advanced economies

Campos, Nauro F., De Grauwe, Paul ORCID: 0000-0001-5225-1301 and Ji, Yuemei (2025) Structural reforms and economic performance: the experience of advanced economies. Journal of Economic Literature, 63 (1). 111 - 163. ISSN 0022-0515

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Abstract

This article 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:	https://www.aeaweb.org/articles?id=10.1257/jel.202...
Divisions:	European Institute
Subjects:	H Social Sciences > HB Economic Theory
JEL classification:	D - Microeconomics > D4 - Market Structure and Pricing > D40 - General E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Employment, and Investment > E23 - Production E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Employment, and Investment > E24 - Macroeconomics: Employment; Unemployment; Wages; Intergenerational Income Distribution (includes wage indexation) E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Employment, and Investment > E25 - Aggregate Factor Income Distribution E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations; Cycles E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy P - Economic Systems > P1 - Capitalist Systems > P11 - Planning, Coordination, and Reform
Date Deposited:	27 Nov 2023 14:15
Last Modified:	21 Mar 2025 10:33
URI:	http://eprints.lse.ac.uk/id/eprint/120870

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