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EUROMON: De Nederlandsche Bank's multi-country model

Demertzis, Maria and Van Els, Peter and Peeters, H.M.M. (2002): EUROMON: De Nederlandsche Bank's multi-country model.

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Abstract

This paper presents a guide to the theoretical properties of EUROMON, the Nederlandsche Bank's multi-country model for implementing policy analysis. It is written with a view to explanding chapter 2 of the DNB Monetary Monograph 19, which provides for a model description. EUROMON is an aggregate neo-Keynesian model where output is described in the long-run by a vertical supply curve, but is strongly affected by demand factors in the short run. At the same time, the model incorporates a wage bargaining framework which makes the long-run equilibrium unemployment rate dependent on real factors (for example tax policies and terms on trade).

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