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This paper studies the macroeconomic effects and sequencing of (LMRs) and product (PMRs) market reforms in Morocco. It finds that introducing LMRs and PMRs simultaneously would add about 2.5 percentage points (pp) of GDP growth and reduce unemployment by about 2.2 pp after five years. If sequencing is required, starting with PMRs would be more effective in boosting output, while starting with LMRs would reduce unemployment faster. Finally, increasing unemployment benefits would be more effective if this reform takes place after the implementation of LMRs and PMRs.

Labor --- Public Finance --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Informal Economy --- Underground Econom --- Open Economy Macroeconomics --- Labor Economics Policies --- Unemployment Insurance --- Severance Pay --- Plant Closings --- Unemployment: Models, Duration, Incidence, and Job Search --- Demand and Supply of Labor: General --- Labour --- income economics --- Public finance & taxation --- Labor markets --- Unemployment benefits --- Labor market reforms --- Expenditure --- Labor market --- Economic theory --- Unemployment insurance --- Manpower policy --- Morocco --- Income economics

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The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual adoption of a full-fledged inflation-targeting (IT) regime. At the center of the FPAS is a quarterly projection model that was tailored for two different types of exchange rate regimes. Presently, the fixed exchange rate model version is to be used during the pre-IT period, while the flexible exchange rate model version is to be used to prepare alternative scenarios for monetary policy decision makers to discuss the potential policy implications of shocks under an IT regime.

Foreign Exchange --- Inflation --- Monetary Policy --- Money and Interest Rates: Forecasting and Simulation --- Model Construction and Estimation --- Price Level --- Deflation --- Currency --- Foreign exchange --- Macroeconomics --- Conventional peg --- Exchange rate arrangements --- Exchange rate flexibility --- Exchange rates --- Prices --- Morocco

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This chapter investigates the link between informality and growth in Madagascar and aims for a better understanding of the informal sector. It provides an analysis of the characteristics of informal production units and informal employment. Findings suggest that informality is a key feature of economic activity in Madagascar, and that informal production units are the main driver of employment with a deep concentration around self-employment. Overall, informality is associated with a lack of awareness of administrative procedures and the complexity and cost of tax and regulatory measures. The informal sector’s Total Factor Productivity (TFP) growth is more stable and higher on average than the formal sector TFP.

Madagascar, Republic of