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Market reforms in the time of imbalance

机译：失衡时期的市场改革

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We study the consequences of product and labor market reforms in a two-country model with endogenous producer entry and labor market frictions. We focus on the role of business cycle conditions and external constraints at the time of reform implementation (or of a credible commitment to it) in shaping the dynamic effects of such policies. Product market reform is modeled as a reduction in entry costs and takes place in a non-traded sector that produces services used as input in manufacturing production. Labor market reform is modeled as a reduction in firing costs and/or unemployment benefits. We find that business cycle conditions at the time of deregulation significantly affect adjustment. A reduction of firing costs entails larger and more persistent adverse short-run effects on employment and output when implemented in a recession. By contrast, a reduction in unemployment benefits boosts employment and output by more in a recession compared to normal times. The impact of product market reforms is less sensitive to business cycle conditions. Credible announcements about future reforms induce sizable short-run dynamics, regardless of whether the announcement takes place in normal times or during an economic downturn. Whether the immediate effect is expansionary or contractionary varies across reforms. Finally, lack of access to international lending in the wake of reform can amplify the costs of adjustment. (C) 2016 Elsevier B.V. All rights reserved.
机译：我们在具有内生性生产者进入和劳动力市场摩擦的两国模型中研究产品和劳动力市场改革的后果。我们将重点放在改革实施时（或对此做出的可靠承诺）商业周期条件和外部约束在塑造此类政策的动态效果方面的作用。产品市场改革的模型是降低进入成本，并且发生在非贸易部门，该部门生产用作制造业生产投入的服务。劳动力市场改革的模型是减少解雇成本和/或失业救济金。我们发现放松管制时的商业周期状况会显着影响调整。如果在经济衰退中实施，减少射击成本将对就业和产出产生更大，更持久的不利短期影响。相比之下，与正常时期相比，失业救济金的减少在经济衰退时期增加了就业和产出。产品市场改革的影响对商业周期状况不太敏感。不论公告是在正常时间还是在经济低迷时期，有关未来改革的可靠公告都会引发相当大的短期动态。在所有改革中，即时效果是扩张性的还是收缩性的都各不相同。最后，改革后缺乏获得国际贷款的机会会放大调整的成本。 （C）2016 Elsevier B.V.保留所有权利。

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