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When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies
Structural reforms are expected to lift growth and employment, but their effects are surprisingly difficult to pin down empirically. One reason is their potential endogeneity to the economic environment in which they are conducted. For example, the impact of a reform implemented shortly before a cyclical upswing is difficult to distinguish from the recovery itself. Similarly, macroeconomic policies conducted along a structural reform could affect the estimated impact. Exploring various options, this paper develops robust estimates of the impact of labor and product market reforms by using local projection techniques while controlling for endogeneity of reforms and other biases. The results suggest that labor and product market reforms have a lagged but positive impact on employment creation, and the positive effect remains even after controlling for the endogeneity of the decision to reform. Supportive macroeconomic policies are found to increase the effect of labor and product market reforms, consistent with the view that some structural reforms are best initiated in conjunction with supportive fiscal or monetary policy.
The Forbidden Zone
Disturbed by the brutality of World War I, the world's first mechanized war, Mary Borden wrote The Forbidden Zone, a memoir of 17 fragmented vignettes capturing the chaos, alienation, and dehumanization of the battle between 1914 and 1918.
The Chautauquan
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Index; 1945
This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Official Register
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The Horn and Horn-playing
Fitzpatrick plays examples of horn music by Handel, Bach, Fux, Haydn, Mozart, Danzi, Beethoven and Weber. Eash example on recording consists of a few bars only from the work ilsted. Instruments used include Baroque horns, valve horns, 1770 hand horns, 1795 hand horns, 1811 orchestral hand horns and 1827orchestral hand horns.
The Fourth Church
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Botticelli to Titian
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