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Income mobility prospects affect individuals’ willingness to pay higher taxes, or give part of their income, to improve the public healthcare and public education systems. In line with the prospects of the upward mobility hypothesis, risk‐willing individuals who expect to move far up the socio‐economic ladder are less willing to pay compared with individuals who expect no upward transition. Consistent...
We examine 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. Our local projection results suggest that controlling for endogeneity of reforms (by the Augmented Inverse Probability Weighted estimator) and fiscal policy is crucial. Our results show that product market...