The impact of product and labour market reform on growth: Evidence for OECD countries based on local projections
研究了1985至2013年间25个OECD国家的产品与劳动力市场改革对经济增长的影响，发现改革效果取决于财政政策立场，扩张性财政政策下劳动力改革促进增长。
Summary We examine the impact of labour and product market reforms on economic growth in 25 OECD countries between 1985 and 2013, and tests whether this impact is conditioned by the fiscal policy stance. Our local projection results suggest that controlling for endogeneity of reforms (by the Augmented Inverse Probability Weighted estimator) and fiscal policy is crucial. Our results show that product market reforms mostly cause slight negative growth, except when implemented during periods of neutral fiscal policy. Labour market reforms hurt growth under tight and neutral fiscal policy, but are conducive to economic growth if introduced during periods of expansionary fiscal policy.