TY  - RPRT
        AU  - Saint-Paul, Gilles
        TI  - Some Thoughts on Macroeconomic Fluctuations and the Timing of Labor Market Reform
        PY  - 2002/Oct/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 611
        UR  - https://www.iza.org/publications/dp611
        AB  - In this paper, I analyze the pros and cons of implementing structural reforms of the labor
market in booms vs. recessions, in light of considerations of social efficiency, political
viability, and macroeconomic fine tuning. While the optimal timing of a reform depends on the
relative importance of several conflicting effects, it seems clear that a reform should be
accompanied by an expansionary macroeconomic policy. This makes structural reform more
problematic in the context of the European Monetary Union.
        KW  - labour market reforms
KW  - unemployment
KW  - employment protection
KW  - monetary union
KW  - firing costs
KW  - political economy
        ER  -