Proceedings from the ECFIN Workshop "The budgetary implications of structural reforms" - Brussels, 2 December 2005



NOTHING VENTURED, NOTHING GAINED:

THE LONG-RUN FISCAL REWARD OF STRUCTURAL REFORM

Introduction...................................................................................................................................................44

Linking reforms and the budget ....................................................................................................................45

The UK budget: a role model? ...............................................................................................................45

Quantifying the cost of inaction.............................................................................................................47

Quantifying the impact of regulatory reform.........................................................................................51

“Big bangs” and gradualism: the experiences of New Zealand and Australia.......................................51

Structural reform in an empirical expenditure rule .......................................................................................53

Linking structural reform and fiscal performance: what can a macro-model tell?........................................57

Effects of coordinated reform in monetary union..................................................................................57

Structural reform in a single country in monetary union .......................................................................61

Effects of a decline in structural unemployment with a more active fiscal policy.................................65

Some policy implications ..............................................................................................................................65

Bibliography..................................................................................................................................................68

43



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