Table of contents Executive summary 6

The short- and medium-term effects of structural reforms: a reassessment 8

• 1.Introduction 8

• 2.Background 12

• 3.Empirical strategy 15

• 4.Results 23

• 5.Conclusion 71

References 72

Annex A. Correlation of the policy shock with other contemporaneous policy shocks 79

Annex B. Technical Appendix 82

Annex C. Survey of the recent literature using local projections to estimate the impact of structural reforms 84