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Title page 1

Contents 5

Abstract/Résumé 4

Executive summary 7

1. Introduction 9

2. Background 13

3. Empirical strategy 16

4. Results 24

5. Conclusion 72

References 73

Annex A. Correlation of the policy shock with other contemporaneous policy shocks 80

Annex B. Technical Appendix 83

Annex C. Survey of the recent literature using local projections to estimate the impact of structural reforms 85

Tables 6

Table 1. Summary of main results 13

Table 2. Policy indicators 19

Table 3. Performance indicators 21

Figures 5

Figure 1. Reductions in the taxation of investment can boost capital deepening 26

Figure 2. The estimated impacts of corporate tax measures are robust to the implementation of restricted-sample LP-DiD 28

Figure 3. The impact of corporate taxation on investment is linear 29

Figure 4. Shocks to tax rates are not predetermined 30

Figure 5. The IRFs to corporate tax shocks stabilise once two to three lags of the reform shock are included 31

Figure 6. The effect of easing corporate taxation tends to be weaker in the richest countries 32

Figure 7. Reductions in marginal tax wedges can boost employment 34

Figure 8. The estimated impacts of reductions in marginal tax wedges are smaller when restricting the sample to clean controls 35

Figure 9. The impacts of changes in marginal tax wedges on employment are independent of size 36

Figure 10. Shocks to marginal tax wedges are not predetermined 37

Figure 11. Varying the lag depth does not materially alter the estimated impact of a reduction in marginal tax wedges on employment 37

Figure 12. The effect of easing marginal tax wedges tends to be weaker in higher-income countries 38

Figure 13. Active labour market policies can boost employment 39

Figure 14. The estimated impacts of active labour market policies are robust to the implementation of restricted-sample LP-DiD 40

Figure 15. The benefits of higher ALMP spending are relatively linear 41

Figure 16. Increases in ALMP expenditures tend to arise when employment grows relatively more 42

Figure 17. Varying the lag depth does not materially alter the estimated impact of active labour market policies on employment 43

Figure 18. The impact of active labour market policies is not particularly sensitive to sample robustness tests 44

Figure 19. Reducing the stringency of employment protection legislation can boost employment 45

Figure 20. The estimated impact of EPL is larger when tightening the selection criterion for the control group of observations 46

Figure 21. The impact of EPL reforms on employment is proportional to their size 47

Figure 22. Reforms easing EPL have tended to occur in times of relative employment growth 48

Figure 23. The impact of reductions in employment protection legislation seems to be stronger for comparatively lower-income countries 49

Figure 24. Easing rental market regulations supports labour productivity and employment 50

Figure 25. Bias due to dynamic treatment effects leads to underestimate the impact of rental market regulations on productivity and overestimate... 51

Figure 26. The impact of changes in rental market regulations is linear 52

Figure 27. Restrictive shocks to rental market regulations have happened in times of dynamic (relative) employment growth 53

Figure 28. The estimated impacts of rental market regulations stabilise when at least 3 lags of the policy shocks are included 54

Figure 29. The gradual impact of rental market regulations has the same shape across countries 56

Figure 30. Investing in rail has a positive effect on labour productivity and employment 58

Figure 31. Most of the baseline estimated impacts of rail infrastructure on economic growth are robust to the restricted-sample LP-DiD specification 59

Figure 32. The impact of rail infrastructure on economic growth is proportional to the level of investment 60

Figure 33. Increases in rail infrastructure investment have happened in periods of relative slowdowns in employment 60

Figure 34. Estimated coefficients are robust to including a varying number of lags of policy shock 61

Figure 35. The estimated impact of rail infrastructure on economic activity is not reliant on specific countries 62

Figure 36. Region-specific labour productivity estimates display robust coefficients across different subsamples 62

Figure 37. Increases in basic research expenditure can boost labour productivity 64

Figure 38. The restricted-sample LP-DiD estimates for basic research are imprecise because of the lack of observations 65

Figure 39. Relaxing the LP-DiD sample restrictions results in estimates that are more consistent with those from the baseline 66

Figure 40. The impact of basic research expenditure on labour productivity decreases with the size of investment 67

Figure 41. Increases in basic research expenditure are not predetermined 68

Figure 42. Estimated coefficients are robust to including a varying number of lags of the policy shock 69

Figure 43. The estimated impact of basic research expenditure on productivity is not driven by specific countries 70

Figure 44. Region-specific estimates suggest a large response of labour productivity to basic research expenditure in less-rich countries 71

Boxes 6

Box 1. How policy packages can support reform action 11

Annex Tables 6

Table A A.1. Correlation between policy shocks (in columns) with other contemporaneous policy shocks (in rows) is modest in most cases 81

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