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Assessment and Policy Options
The COVID-19 pandemic has increased insolvency risks, especially among small and medium enterprises (SMEs), which are vastly overrepresented in hard-h...
Two years after the onset of the COVID-19 pandemic, a puzzle has emerged in several advanced economies: unfilled job vacancies have increased sharply ...
New Country-Industry-Level Evidence
The paper investigates the economic effects of major product market reforms in some of the historically most protected non-manufacturing industries. I...
We study the role of financial frictions in explaining the sharp and persistent productivity growth slowdown in advanced economies after the 2008 glob...
The “middle-income trap” is the phenomenon of hitherto rapidly growing economies stagnating at middle-income levels and failing to graduate into t...
Three years after the COVID-19 crisis, employment and total hours worked in Europe fully recovered, but average hours per worker did not. We analyze t...
Fiscal Costs, Gains, and Support
Product and labor market reforms are needed to lift persistently sluggish growth in advanced economies. But reforms have progressed slowly because of ...
A Reappraisal with Focus on Asia
This paper reexamines the relationship between trade integration and business cycle synchronization (BCS) using new value-added trade data for 63 adva...
This paper describes a new database of major labor and product market reforms covering 26 advanced economies over the period 1970-2013. The focus is o...
The Role of National Structural Reforms in Building Resilience
Cross-country differences in economic resilience—in an economy’s ability to withstand and adjust to shocks—remain significant in the euro area. ...
Many emerging market and developing economies face a difficult trade-off between economic support and fiscal sustainability. Market-oriented structura...
A number of advanced economies carried out a sequence of extensive reforms of their labor and product markets in the 1990s and early 2000s. Using the ...
Labor market deregulation, intended to boost productivity and employment, is one plausible, yet little studied, driver of the decline in labor shares ...
Productivity Gains, Job Losses
We analyze the impact on productivity in advanced economies of fast-growing trade with China between the mid-1990s and late-2000s, separately identify...
Following the 2022 energy crisis, this paper investigates whether Europe’s ongoing efforts to cut greenhouse gas emissions can also enhance its ener...
This paper reassesses the impact of trade liberalization on productivity. We build a new, unique database of effective tariff rates at the country-ind...
A Comprehensive, Consistent and Coordinated Approach to Economic Policy
The recovery in GDP growth since the global financial crisis has been halting and weak. Concern is widespread that countercyclical policies have run o...
This paper studies the impact of product and labor market reforms when the economy faces major slack and a binding constraint on monetary policy easin...
Are preferences for reforms driven by individuals’ own endowments or beliefs? To address this question, we conducted a cross-country survey on peopl...
The political economy literature has put forward a multitude of hypotheses regarding the drivers of structural reforms, but few, if any, empirically r...
In 2021-22, inflation in Europe soared to multidecade highs, consistently exceeding policymakers’ forecasts and surprising with its wide cross-count...