TY - BOOK ID - 84658436 TI - Fiscal Consolidation in the Euro Area : How Much Can Structural Reforms Ease the Pain? AU - Anderson, Derek. AU - Hunt, Benjamin. AU - Snudden, Stephen. AU - International Monetary Fund. PY - 2013 SN - 1484332288 1484318196 1475535473 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Structural adjustment (Economic policy) KW - Economic stabilization KW - Adjustment, Economic KW - Business stabilization KW - Economic adjustment KW - Stabilization, Economic KW - Economic policy KW - Labor KW - Macroeconomics KW - Public Finance KW - Employment KW - Unemployment KW - Wages KW - Intergenerational Income Distribution KW - Aggregate Human Capital KW - Aggregate Labor Productivity KW - Forecasting and Simulation: Models and Applications KW - Fiscal Policy KW - Open Economy Macroeconomics KW - International Policy Coordination and Transmission KW - Demand and Supply of Labor: General KW - Institutions and the Macroeconomy KW - Labor Economics Policies KW - Debt KW - Debt Management KW - Sovereign Debt KW - National Government Expenditures and Related Policies: General KW - Labour KW - income economics KW - Public finance & taxation KW - Labor supply KW - Structural reforms KW - Labor market reforms KW - Public debt KW - Expenditure KW - Macrostructural analysis KW - Labor market KW - Manpower policy KW - Debts, Public KW - Expenditures, Public KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84658436 AB - The IMF’s Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to put public debt back on a sustainable path. The results suggest that structural reforms in core countries could quite reasonably be expected to offset the near term negative impact on activity arising from the required fiscal consolidation that uses a plausible mix of instruments to achieve the permanent improvement in the deficit. However, for the periphery, where the required consolidation is roughly twice as large as that required in the core, the results suggest that it would take several years before structural reforms could return the level of output back to its pre-consolidation path. ER -