全球智库信息集成服务系统(G2TT): Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21784
来源ID	Working Paper 21784
	Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies
	Matteo Cacciatore; Romain Duval; Giuseppe Fiori; Fabio Ghironi
发表日期	2015-12-14
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	Macroeconomics ; Consumption and Investment ; Business Cycles ; Monetary Policy ; International Economics ; International Macroeconomics ; Labor Economics ; Unemployment and Immigration ; Industrial Organization ; Regulatory Economics
URL	https://www.nber.org/papers/w21784
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/579458
推荐引用方式 GB/T 7714	Matteo Cacciatore,Romain Duval,Giuseppe Fiori,et al. Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies. 2015.