Assessing the Macroeconomic Impact of Structural Reforms The Case of Italy

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 st...

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Bibliographic Details
Main Author: Lusinyan, Lusine
Other Authors: Muir, Dirk
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2013
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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651 4 |a Italy 
653 |a Finance 
653 |a Labor Economics Policies 
653 |a Labour; income economics 
653 |a Cross-Country Output Convergence 
653 |a Aggregate Productivity 
653 |a Fiscal Policy 
653 |a Labor markets 
653 |a Labor 
653 |a Financial markets 
653 |a Policy Coordination 
653 |a Policy Objectives 
653 |a Forecasting and Other Model Applications 
653 |a Macroeconomics 
653 |a Measurement of Economic Growth 
653 |a Institutions and Growth 
653 |a Fiscal Policies and Behavior of Economic Agents: Household 
653 |a Forecasting and Simulation: Models and Applications 
653 |a Keynesian 
653 |a Policy Designs and Consistency 
653 |a Wages, Compensation, and Labor Costs: General 
653 |a Labor market reforms 
653 |a Fiscal Policies and Behavior of Economic Agents: Firm 
653 |a Commodity exchanges 
653 |a General Aggregative Models: Keynes 
653 |a General Financial Markets: General (includes Measurement and Data) 
653 |a Demand and Supply of Labor: General 
653 |a Manpower policy 
653 |a Labor Economics: General 
653 |a Labor market 
653 |a Post-Keynesian 
653 |a Wages 
653 |a Commodity markets 
653 |a Finance: General 
653 |a Labor economics 
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520 |a 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