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The drivers of growth through structural policies: heterogeneous effects of labor and product market reforms
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This work project examines the macroeconomic effects of Product Market Regulation (PMR)
and Employment Protection Legislation (EPL) reforms across 26 OECD economies. Using
Local Projections, evidence suggests the benefits of PMR and EPL reforms vary by region
and degree of economic openness. Northern Europe experiences stronger positive impacts on
productivity, while Southern Europe sees better inflation slowdown and a trade-off between
employment and productivity. Open economies see greater positive outcomes. The findings
point to the importance of understanding contextual factors surrounding reform outcomes.
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Structural reforms Political economy Local projections Macroeconomic outcomes Institutions Comparative analysis