Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets

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ID: 296880
2003
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Abstract
Product and labor market deregulation reduce and redistribute rents, leading economic players to adjust to this new distribution. It typically comes with distribution and dynamic effects. To study these effects, we build a macroeconomic model on two central assumptions: monopolistic competition in the goods market, which determines the size of rents; and bargaining in the labor market, which determines the distribution of rents. Product market regulation determines entry costs and the degree of competition. Labor market regulation determines the bargaining power of workers. We show the effects of deregulation. We then use our results to discuss the political economy of deregulation, and recent macroeconomic evolutions in Europe.
Reference Key
openalex_W3125732952 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Olivier Blanchard, Francesco Giavazzi
Journal the quarterly journal of economics
Year 2003
DOI
10.1162/00335530360698450
URL
https://doi.org/10.1162/00335530360698450
Keywords Keywords not found

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