期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2011
出版社：European Central Bank
摘要：We quantitatively assess the macroeconomic e®ects of country-speci¯c supply-side reforms in the euro area by simulating EAGLE, a multi-country dynamic general equilibrium model. We consider reforms in the labor and services markets of Germany (or, alternatively, Portugal) and the rest of the euro area. Our main results are as follows. First, there are bene¯ts from im- plementing unilateral structural reforms. A reduction of markup by 15 percentage points in the German (Portuguese) labor and services market would induce an increase in the long-run German (Portuguese) output equal to 8.8 (7.8) percent. As reforms are implemented gradually over a period of ¯ve years, output would smoothly reach its new long-run level in seven years. Second, cross-country coordination of reforms would add extra bene¯ts to each region in the euro area, by limiting the deterioration of relative prices and purchasing power that a country faces when implementing reforms unilaterally. This is true in particular for a small and open economy such as Portugal. Speci¯cally, in the long run German output would increase by 9.2 percent, Portuguese output by 8.6 percent. Third, cross-country coordination would make the macroe- conomic performance of the di®erent regions belonging to the euro area more homogeneous, both in terms of price competitiveness and real activity. Overall, our results suggest that re- forms implemented apart by each country in the euro area produce positive e®ects, cross-country coordination produces larger and more evenly distributed (positive) e®ects.
