Campos, Nauro F;
De Grauwe, Paul;
Ji, Yuemei;
(2025)
Structural Reforms and Economic Performance: The Experience of Advanced Economies.
Journal of Economic Literature
, 63
(1)
pp. 111-163.
10.1257/jel.20231527.
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Abstract
This article provides a comprehensive assessment of the theoretical and empirical literature on structural reforms in advanced economies. Structural reforms matter because they entail profound and systematic changes that affect economic welfare, productivity, growth, unemployment, macroeconomic stability, and income inequality. Here we focus on structural reforms in product, labor, and financial markets. After putting forward a set of stylized facts, we take stock of the literature on each of these three key structural reforms, and then assess their business cycle and political economy implications. We underscore various gaps in the literature and articulate a future research agenda that highlights four main areas: measurement, interactions among reforms, political economy considerations, and the timing of the implementation of reforms. (JEL D40, E23, E24, E25, E32, E44, P11)
| Type: | Article |
|---|---|
| Title: | Structural Reforms and Economic Performance: The Experience of Advanced Economies |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1257/jel.20231527 |
| Publisher version: | https://doi.org/10.1257/jel.20231527 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Arts and Humanities |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10206844 |
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