Assessing the Macroeconomic Impact of Structural Reforms The Case of Italy
IMF Working Papers, January 24, 2013
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Bibliographic details
- Authors: Lusine Lusinyan, Dirk V Muir
- Published: January 24, 2013
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781475530865.001
Summary: main findings
- Wide-ranging structural reforms are underway in Italy, aimed at addressing key bottlenecks in the product and labor markets.
- Analysis uses the IMF‘s Global Integrated Monetary and Fiscal model (GIMF) to quantify potential gains from a comprehensive package of structural reforms.
- The analysis finds that these gains can be sizeable.
- In most cases, the reforms go in the right direction, but their impact would depend on effective and timely implementation.
- Some areas, especially in the labor market, would benefit from further strengthening.
- Priorities identified: strengthen competition in the non-tradable sector and make the labor market more efficient and inclusive, supported by growth-friendly fiscal reforms.
Model, scope, and approach
- Empirical framework: IMF‘s Global Integrated Monetary and Fiscal model (GIMF).
- Focus: macroeconomic impact of a comprehensive package of structural reforms in Italy.
- Objective: quantify potential gains to the economy from reforms in product and labor markets.
Policy implications and recommendations
- Strengthen competition in the non-tradable sector.
- Make the labor market more efficient and inclusive, with further strengthening where needed.
- Support structural reforms with growth-friendly fiscal reforms.
- Emphasize effective and timely implementation to realize sizeable gains.
Metadata, subjects, and keywords
- Authors: Lusine Lusinyan, Dirk V Muir
- Publication date: January 24, 2013
- Publication type: IMF Working Papers
- Pages: 59
- Volume: 2013
- Issue: 022
- Series: Working Paper No. 2013/022
- DOI: https://doi.org/10.5089/9781475530865.001
- Stock No: WPIEA2013022
- ISBN: 9781475530865
- ISSN: 1018-5941
- Subjects: Commodity markets, Financial markets, Labor, Labor market reforms, Labor markets, Wages
- Keywords: A. product markets, B. labor market, Commodity markets, dynamic stochastic general equilibrium models, Europe, expenditure switching, firm, fiscal policy, Global, Growth, Italy, labor market, labor market reform, labor market reform bill, labor market reform measure, labor market reforms, labor market rigidity, Labor markets, macroeconomic policy coordination, price markup, product market, product market competition, product market reform, reform measure, reforms in Italy, regulation indicator, structural reforms, unit labor cost, wage markup, Wages, WP
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