1 “... sheds light on the impact of reforms over time, identifies the horizon over which their full effects...”

2 “.../pricesetting models, are estimated using cross-country/time-series data from 21 OECD countries over the period...”

3 “...Cyclical fluctuations in economic activity have moderated over time but the extent and dynamics...”

4 “...Cyclical fluctuations in economic activity have moderated over time but the extent and dynamics...”

5

6 “..., it takes time for reforms to pay off, typically at least a couple of years. This is partly because...”

7 “.... Based on pooled cross-country/time series Probit regressions covering 21 countries and the period 1985...”