Access the full text.
Sign up today, get DeepDyve free for 14 days.
Bruno Jérôme, N. Vaillant (2005)
The French rejection of the European constitution: An empirical analysisEuropean Journal of Political Economy, 21
PhilippineCour-Thimann (2013)
CESifo Forum Special Issue April 2013: Target Balances and the Crisis in the Euro Area
C. Bean (1998)
The interaction of aggregate-demand policies and labour market reform
J. Felipe, U. Kumar (2011)
Unit Labor Costs in the Eurozone: The Competitiveness Debate AgainMacroeconomics: Employment
(2007)
Private Credit in 129 Countries.
J. Elmeskov, John Martin, John Martin, S. Scarpetta (1999)
Key Lessons For Labour Market Reforms: Evidence From OECD Countries' Experience
F. Holm-Hadulla, K. Kamath, Ana Lamo, Javier Pérez, Ludger Schuknecht (2010)
Public Wages in the Euro Area: Towards Securing Stability and CompetitivenessERN: Wages; Intergenerational Income Distribution (Topic)
Simeon Djankov, Tim Ganser, Caralee McLiesh, Rita Ramalho, Andrei Shleifer (2008)
The Effect of Corporate Taxes on Investment and EntrepreneurshipERPN: Aggregate (Topic)
G. Saint‐Paul, S. Bentolila (2000)
Will EMU increase eurosclerosis
Mmc Cini (2001)
From Cooperation to Integration: policy co-ordination in the European Union
C. Mulhearn (2016)
The Euro: The Battle for the New Global CurrencyThe European Legacy, 21
J. Felipe, U. Kumar (2011)
Unit labor costs in the eurozone
(2002)
Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth.
B. Palier, Claude Martin (2007)
Editorial Introduction From ‘a Frozen Landscape’ to Structural Reforms: The Sequential Transformation of Bismarckian Welfare SystemsSocial Policy & Administration, 41
(2008)
The Law and Economics of Self-dealing.
O. Blanchard, F. Giavazzi (2000)
Macroeconomic Effects of Regulation and Deregulation in Goods and Labor MarketsMacroeconomics eJournal
(2012)
Speech by Federal Chancellor Angela Merkel in the European Parliament in Brussels
(2004)
Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development.
Lars Calmfors (2001)
Unemployment, Labor Market Reform, and Monetary UnionJournal of Labor Economics, 19
B. Olivier (1994)
Florencio Lopez-de-Silanes, and Andrei Shleifer., 36
R. Duval, J. Elmeskov (2006)
The Effects of Emu on Structural Reforms in Labour and Product MarketsERN: Political Economy (Topic)
J. Orszag (1998)
Anatomy of Policy ComplementaritiesMacroeconomics eJournal
(2005)
Accounting for CrossCountry Income Differences.
Nadine Leiner-Killinger, Victor Lopez, Roger Stiegert, G. Vitale (2007)
Structural Reforms in EMU and the Role of Monetary Policy - A Survey of the LiteratureMonetary Economics eJournal
B. Palier, Claude Martin (2009)
From ‘a Frozen Landscape’ to Structural Reforms: The Sequential Transformation of Bismarckian Welfare Systems
(2004)
Structural Reforms and Growth, as Highlighted by the Irish Case.
J. Habermas (2012)
The Crisis of the European Union in the Light of a Constitutionalization of International LawEuropean Journal of International Law, 23
(2014)
The Euro Trap: On the Bursting of Budgets, Bubbles and Beliefs
Christophe Blot, Marion Cochard, J. Creel, Bruno Ducoudré, Danielle Schweisguth, Xavier Timbeau (2014)
Fiscal consolidation, public debt and output dynamics in the euro area: lessons from a simple model with time-varying fiscal multipliersRevue D Economie Politique, 124
I. Begg, D. Hodson, I. Maher (2003)
Economic Policy Coordination in the European UnionNational Institute Economic Review, 183
Paul Krugman (1994)
Competitiveness: A Dangerous ObsessionForeign Affairs, 73
Ana Lamo, Javier Pe�?rez, Ludger Schuknecht (2008)
Public and Private Sector Wages: Co-Movement and CausalityMacroeconomics: Employment
(2012)
The Second Economic Adjustment Program for Greece
(1986)
Institutional Equilibrium and Equilibrium Institutions.
Gauti Eggertsson, A. ferrero, Andrea Raffo (2013)
Can Structural Reforms Help Europe?Comparative Political Economy: Monetary Policy eJournal
(2011)
The Euro and Structural Reforms.
(2004)
Straight Talk: Why Are Structural Reforms So Difficult? The Benefits of Structural Reforms Aren’t Always as Obvious as the Smaller, Shorter-Term Costs.
(2002)
“ Moderne Dienstleistungen am Arbeitsmarkt . ” Bericht der Hartz - Kommission ( “ Modern Services on the Labor Market . ” Report of the Hartz Commission ) , Berlin , October 2002
(2013)
Euro Area Economic Situation and the Foundations for Growth.
(2013)
Political Credit Cycles: The Case of the Eurozone.
A. Bénassy-Quéré, Maylis Coupet, T. Mayer (2007)
Institutional Determinants of Foreign Direct InvestmentWiley-Blackwell: World Economy
A. Gillerson (1968)
[Regulation of labor].Akusherstvo i ginekologiia, 44 10
G. Fiori, G. Nicoletti, S. Scarpetta, F. Schiantarelli (2007)
Employment Outcomes and the Interaction between Product and Labor Market Deregulation: Are They Substitutes or Complements?Macroeconomics: Employment
Abstract The academic and policy debate about the crisis in Europe's single currency area is usually dominated by macroeconomic and public sector considerations. The microeconomic dimensions of the crisis and the private-sector issues typically get much less attention. However, it is the private sector hiring choices of domestic and foreign firms that will ultimately be decisive. This paper argues there are two main problems holding back private sector employment creation in the stressed eurozone countries. First, there is a persistent competitiveness problem in some of the eurozone countries due to high labor costs relative to underlying productivity. Second, widespread structural barriers make job creation in these countries far more arduous than in many other advanced economies, and even more arduous than in some key emerging economies and formerly planned economies. Structural barriers to private sector development are particularly widespread in the areas of labor market functioning, goods market functioning, and government regulation. Evidence from the World Economic Forum's Global Competitiveness Index and the World Bank's Doing Business dataset confirms the immense size and persistence of these barriers, despite improvements in some countries in recent years. The paper also presents a novel explanation for the difficulty of structural reforms in the eurozone, tracing the challenge to the current trend to “Europeanize” and “politicize” economic reform discussions in national policy fields where “Europe” is not a legitimate actor and the European political level is not effective.
Journal of Economic Perspectives – American Economic Association
Published: Aug 1, 2015
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.