The relation between structural reform and macroeconomic policy underlies the widespread perception that the large European economies have under-performed in the past decade in comparison both with their own standards and with the contemporaneous performance of the United States. This book, edited and introduced by Noel Laureate Robert M. Solow, provides analyses of how these economies could take a co-ordinated and simultaneous approach to reform in labour and product markets and the demand side.

HANS GERBASCH Alfred-Weber Institut, Universität Heidelberg, Germany
TAKATOSHI ITO University of Tokyo, Japan
MARKUS KNELL Oesterreichische Nationalbank, Vienna, Austria
EDMOND MALINVAUD Collège de France and CREST, Paris, France
KARL PICHELMANN Directorate for Economic and Financial Affairs, European Commission, Brussels, Belgium
WERNER ROEGER Directorate for Economic and Financial Affairs, European Commission, Brussels, Belgium
GILLES SAINT-PAUL Université des Sciences Sociales, Toulouse, France

Introduction; R.M.Solow Structural Reforms and the Macroeconomy: The Role of General Equilibrium Effects; H.Gersbach Is Fiscal Policy Possible?; R.M.Solow Institutional Interactions in Open Economies: Implications for EMU; M.Knell Structural Reforms in Labour and Product Markets and Macroeconomic Performance in the European Union; K.Pichelmann & W.Roeger Structural Reforms Addressed to the Labour Market and Macroeconomic Policies; E.Malinvaud Some Thoughts on Macroeconomic Fluctuations and the Timing of Labour Market Reform; G.Saint-Paul Debt, Deflation and Declining Growth: New Challenges to the Japanese Economy; T.Ito