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Do Structural Policies Affect Macroeconomic Stability?

Do Structural Policies Affect Macroeconomic Stability? RÉSUMÉ Do structural policies affect macroeconomic stability? Using a panel of OECD countries, this study assesses the linkages between structural policies and macroeconomic stability. Business cycle and time-series characteristics of GDP and its components are employed to define various measures for economic instability and for the persistence of adverse shocks. The results suggest that some growth-enhancing policies such as ering employment protection also reduce macroeconomic fluctuations, while others may generate trade-offs between growth and stability. A pro-cyclical tax structure seems to help alleviating the persistence of adverse macroeconomic shocks. JEL classification: E32; E61; F41; G38; H21; I31; J51; J68; L51 Keywords: structural policies, macroeconomic stability, business cycles ***** Les politiques structurelles affectent-elles la stabilité macroéconomique ? À partir d'un panel de pays de l'OCDE, cette étude évalue les liens entre les politiques structurelles et la stabilité macroéconomique. Les caractéristiques du cycle économique et des séries temporelles du PIB et de ses composantes sont utilisées pour définir divers indicateurs de mesure de la stabilité économique et de la persistance de chocs néfastes. Les résultats donnent à penser que certaines mesures en faveur de la croissance, telles que l'allégement des dispositions de protection de l'emploi, peuvent aussi avoir pour effet http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png OECD Economics Department Working Papers The Organisation for Economic Co-operation and Development (OECD)

Do Structural Policies Affect Macroeconomic Stability?

Ziemann, Volker
The Organisation for Economic Co-operation and Development (OECD) — Jul 3, 2013
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The Organisation for Economic Co-operation and Development (OECD)
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Abstract

RÉSUMÉ Do structural policies affect macroeconomic stability? Using a panel of OECD countries, this study assesses the linkages between structural policies and macroeconomic stability. Business cycle and time-series characteristics of GDP and its components are employed to define various measures for economic instability and for the persistence of adverse shocks. The results suggest that some growth-enhancing policies such as ering employment protection also reduce macroeconomic fluctuations, while others may generate trade-offs between growth and stability. A pro-cyclical tax structure seems to help alleviating the persistence of adverse macroeconomic shocks. JEL classification: E32; E61; F41; G38; H21; I31; J51; J68; L51 Keywords: structural policies, macroeconomic stability, business cycles ***** Les politiques structurelles affectent-elles la stabilité macroéconomique ? À partir d'un panel de pays de l'OCDE, cette étude évalue les liens entre les politiques structurelles et la stabilité macroéconomique. Les caractéristiques du cycle économique et des séries temporelles du PIB et de ses composantes sont utilisées pour définir divers indicateurs de mesure de la stabilité économique et de la persistance de chocs néfastes. Les résultats donnent à penser que certaines mesures en faveur de la croissance, telles que l'allégement des dispositions de protection de l'emploi, peuvent aussi avoir pour effet

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OECD Economics Department Working Papers – The Organisation for Economic Co-operation and Development (OECD)

Published: Jul 3, 2013

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