This paper examines the impact of labour and product market reforms on economic growth in 25 OECD countries between 1985 and 2013, and tests whether this impact is conditioned by the fiscal policy stance, i.e. whether there are fiscal expansions or adjustments. Our local projection results...

Success and failure of monetary policy since the 1950s / David Laidler -- What have economists learned over the past 50 years? / Lars E.O. Svensson -- Will monetary policy become more of a science? / Frederic S Mishkin -- Monetary policy, labour markets and fiscal policy / Olivier Blanchard.