Therefore, better economic structures have importance also from the perspective of monetary policy. What is then meant by ‘better economic structures’? This phrase covers a wide range of policy agendas, but these are commonly understood as flexible product and labour markets. In addition, well-functioning and trustworthy public institutions lead to better economic outcomes. Figure 7.
Ease of doing business and GDP per capita (ppt slide) Due to their many faces, measuring the quality of economic structures is not straightforward. One common measure is the World Bank's ‘Doing Business’ indicator, which compares the ease of doing business across countries. From the graph we see correlation between the indicator and GDP per capita.