Spanish economists see short-run benefits in structural reforms
Researchers model the impact of reforms on eurozone periphery
Structural reforms in the eurozone could stimulate output and employment "even in the short run", according to a working paper published by the Bank of Spain today.
In Structural Reforms in a Debt Overhang, Javier Andrés, Óscar Arce and Carlos Thomas model the effects of reforms in product and labour markets on the European periphery countries.
Their model therefore features a widespread tightening of the financing conditions faced by households and firms, and a "slow and protracted process of
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