Demertzis, Maria and Van Els, Peter and Peeters, H.M.M. (2002): EUROMON: De Nederlandsche Bank's multi-country model.
Download (13MB) | Preview
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).
|Item Type:||MPRA Paper|
|Original Title:||EUROMON: De Nederlandsche Bank's multi-country model|
|Keywords:||econometric model building; EMU; policy analysis;|
|Subjects:||E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E24 - Employment ; Unemployment ; Wages ; Intergenerational Income Distribution ; Aggregate Human Capital ; Aggregate Labor Productivity
E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
|Depositing User:||Marga (H.M.M.) Peeters|
|Date Deposited:||21 Mar 2011 12:40|
|Last Modified:||03 Jun 2016 19:57|
Bolt, Wilko, and Peter van Els, 2000, Output Gap and Inflation in the EU, DNB Staff Reports, No. 44, Amsterdam: De Nederlandsche Bank.
Broer, D.P., D.A.G. Draper and F.H. Huizinga, 2000, The equilibrium rate of unemployment in the Netherlands, De Economist 148, No. 3, pp. 345-371.
Coenen, Günter and Juan-Luis Vega, 1999, The determinants for M3 in the euro area, ECB Working Paper, No. 6, Frankfurt am Main: European Central Bank.
Elmeskov, J., 1993, High and persistent unemployment: assessment of the problem and its causes, OECD Economics Department Working Papers 132.
Els, Peter van, Alberto Locarno, Julian Morgan and Jean-Pierre Villetelle, 2003a, The effects of monetary policy in the Euro Area: evidence from structural macroeconomic models, in Angeloni, Kashyap en Mojon (eds.), Monetary Policy Transmission in the Euro Area, Cambridge University Press, pp. 91-106.
Fair, Ray, 1984, Specification, estimation and analysis of macroeconometric models, Cambridge MA/London: Harvard University Press.
Fase, Martin M.G., 1998, On Money and Credit in Europe, Cheltenham, UK: Edward Elgar.
Jeanfils, Philippe, 2000, A model with explicit expectations for Belgium, BNB Working Paper - Research Series, No. 4, March, Brussels: National Bank of Belgium.
Laxton, Douglas, Peter Isard, Hamid Faruqee, Eswar Prasad and Bart Turtelboom, 1998, MUTIMOD Mark III: The Core Dynamic and Steady-State Models, Occassional Paper 164, Washington DC: International Monetary Fund.
Layard, Richard, Stephen Nickell and Richard Jackman, 1992, Unemployment: Macroeconomic Performance and the Labour Market, Oxford: Oxford University Press.
Nickell, S.J. and M. Andrews, 1983, Unions, Real Wages and Employment in Britain 1951-79, Oxford Economic Papers, 35, pp. 183-206.
National Institute Economic and Social Research, 2005, NiGEM model description, London, National Institute for Economic and Social Research.
Peeters, H.M.M., and A.H.J. den Reijer, 2002, On Wage formation, wage development and unemployment flexibility: a comparison between European countries and the United States, WO Research Memorandum, No. 712, Amsterdam: De Nederlandsche Bank.
Torres, R. and J.P. Martin, 1990, Measuring potential output in the seven major OECD countries, OECD Economic Studies, 14, Paris.