(2013), “Asymmetric Labor Market Institutions in the EMU and the Volatility of Inflation  and Unemployment Differentials,” Journal of Money, Credit and Banking, Vol. 45(6), pp. 1165-1186. 6 See Blanchard, O. and Giavazzi, F. (2003), “The Macroeconomic Effects of Regulation and Deregulation in  Goods and Labor Markets”, The Quarterly Journal of Economics, Vol. 118, August, pp. 879-907. 7 Banerji, A. et al.
(2017), “Labor and Product Market Reforms in Advanced Economies: Fiscal Costs, Gains, and  Support”, IMF Staff Discussion Note, March. 8 Simulations based on ECB staff research (Masuch, K., Moshammer, E. and Pierluigi, B.