G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10982
DP10982 Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies
Fabio Ghironi; Romain Duval; Matteo Cacciatore
发表日期2015-12-13
出版年2015
语种英语
摘要This paper explores the effects of labor and product market reforms in a New Keynesian, small open economy model with labor market frictions and endogenous producer entry. We show that it takes time for reforms to pay off, typically at least a couple of years. This is partly because the benefits materialize through firm entry and increased hiring, both of which are gradual processes, while any reform-driven layoffs are immediate. Some reforms---such as reductions in employment protection---increase unemployment temporarily. Implementing a broad package of labor and product market reforms minimizes transition costs. Importantly, reforms do not have noticeable deflationary effects, suggesting that the inability of monetary policy to deliver large interest rate cuts in their aftermath---either because of the zero bound on policy rates or because of membership in a monetary union---may not be a relevant obstacle to reform. Alternative simple monetary policy rules do not have a large effect on transition costs.
主题International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词Employment protection Firm entry Product market regulation Structural reforms Unemployment benefits
URLhttps://cepr.org/publications/dp10982
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/539811
推荐引用方式
GB/T 7714
Fabio Ghironi,Romain Duval,Matteo Cacciatore. DP10982 Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies. 2015.
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