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Business and Economics > Finance: General

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • General Aggregative Models: Keynes; Keynesian; Post-Keynesian x
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Cover IMF Working Papers
Assessing the Macroeconomic Impact of Structural Reforms The Case of Italy
Ms. Lusine Lusinyan
and
Mr. Dirk V Muir
Wide-ranging structural reforms are underway in Italy, aimed at addressing key bottlenecks in the product and labor markets. Our analysis, based on the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), attempts to quantify the potential gains to the economy from a comprehensive package of structural reforms. We find that these gains can be sizeable. While in most cases, the reforms go in the right direction, their impact would depend on effective and timely implementation. In some areas, especially in the labor market, reforms would benefit from further strengthening. The priorities should be to strengthen competition in the non-tradable sector and make the labor market more efficient and inclusive, supported by growth-friendly fiscal reforms.
Keywords:
WP; labor market reform; labor market; product market; firm; product market reform; Growth; structural reforms; product market competition; labor market reforms; fiscal policy; macroeconomic policy coordination; dynamic stochastic general equilibrium models; Italy; reform measure; expenditure switching; reforms in Italy; wage markup; labor market reform bill; labor market rigidity; unit labor cost; regulation indicator; B. labor market; A. product markets; price markup; labor market reform measure; Commodity markets; Labor markets; Wages; Global; Europe
Cover IMF Working Papers
After the Crisis: Lower Consumption Growth But Narrower Global Imbalances?
Ms. Franziska L Ohnsorge
and
Mr. Ashoka Mody
We estimate consumption dynamics in the G-7 economies, paying particular attention to the possibility of precautionary behavior in the face of uncertainty. We find that in the short run, continued income uncertainty will significantly dampen consumption growth. As such, consumption in the G-7 economies is unlikely to be the engine that revives global growth. Differences in the pace and timing of consumption moderation have implications for the evolution of global imbalances. With the U.S. experiencing a sharper rise in unemployment and, perhaps, more widespread loss of financial wealth than elsewhere in the G-7, the relative rise of the U.S. savings rate is helping narrow global imbalances. But with a likely earlier recovery in the U.S., this narrowing could be short-lived. Moreover, long-term differences- in economic and financial volatility and in demographic structures-have been an important source of the imbalances and could soon reassert their prominence.
Keywords:
WP; consumption growth; stock market volatility; growth function; Lagged consumption; savings rate; consumption; savings; business cycles; current account adjustment; consumption behavior; consumption response; Disposable income; Stock markets; Income; Stocks; Global