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EUROMON: the multi-country model of De Nederlandsche Bank

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Author Info

  • Maria Demertzis
  • Peter van Els
  • Sybille Grob
  • Marga Peeters

Abstract

This Occasional Study wraps up the modelling work that has been done in recent years regarding DNB's multi-country model EUROMON. It offers a description of the current version of the model and provides information about its simulation properties through the analysis of variety of standard scenarios. EUROMON is an estimated multi-country model. The current version includes 13 individual country models plus a trade block providing the international linkages between these countries. The 13 countries are the EMU-participants Germany, France, Italy, Spain, the Netherlands, Belgium, Austria and Finland, the EU-countries of the United Kingdom, Sweden and Denmark, plus the United States and Japan. The country models all share the same basis structure. Differences mainly relate to distinct values of model parameters and speeds of adjustment, and in some cases to slightly different specifications of equations in order to allow for specific institutional features of individual countries. EUROMON is a neo-Keynesian model in spirit, combining a vertical supply curve in the long run with an important role for demand factors in the short-run determination of output. The model incorporates a wage bargaining framework which makes the long-run supply curve dependent on real factors, such as tax policies. EUROMON is an aggregate model, with no further breakdown in sectors or categories of goods and services. The current version of the model is backward-looking. The study concludes by addressing the main shortcomings and strong features of the model that require further attention.

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File URL: http://www.dnb.nl/en/binaries/DNB%20Occstud%204%20Nr1_tcm47-146646.pdf
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Bibliographic Info

Paper provided by Netherlands Central Bank, Research Department in its series DNB Occasional Studies with number 401.

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Date of creation: Feb 2006
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Handle: RePEc:dnb:dnbocs:401

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Web page: http://www.dnb.nl/en/
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Keywords: structual macroeconomic modelling; model simulations; scenario analysis;

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References

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  1. W. Bolt & P.J.A. van Els, 2000. "Output Gap and Inflation in the EU," DNB Staff Reports (discontinued) 44, Netherlands Central Bank.
  2. Frank Smets & Raf Wouters, 2002. "An estimated dynamic stochastic general equilibrium model of the euro area," Working Paper Research 35, National Bank of Belgium.
  3. Hamid Faruqee & Douglas Laxton & Bart Turtelboom & Peter Isard & Eswar Prasad, 1998. "Multimod Mark III," IMF Occasional Papers 164, International Monetary Fund.
  4. Fagan, Gabriel & Henry, Jerome & Mestre, Ricardo, 2005. "An area-wide model for the euro area," Economic Modelling, Elsevier, vol. 22(1), pages 39-59, January.
  5. Jørgen Elmeskov, 1993. "High and Persistent Unemployment: Assessment of the Problem and Its Causes," OECD Economics Department Working Papers 132, OECD Publishing.
  6. Layard, Richard & Nickell, Stephen & Jackman, Richard, 2005. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780199279173.
  7. Philippe Jeanfils, 2000. "A model with explicit expectations for Belgium," Working Paper Research 04, National Bank of Belgium.
  8. Raymond Torres & John P. Martin, 1989. "Potential Output in the Seven Major OECD Countries," OECD Economics Department Working Papers 66, OECD Publishing.
  9. Peter van Els & Alberto Locarno & Beno�t Mojon & Julian Morgan, 2003. "New Macroeconomic Evidence on Monetary Policy Transmission in the Euro Area," Journal of the European Economic Association, MIT Press, vol. 1(2-3), pages 720-730, 04/05.
  10. M. Demertzis & P.J.A. van Els & H.M.M. Peeters, 2002. "EUROMON: De Nederlandsche Bank's Multi-Country Model," WO Research Memoranda (discontinued) 718, Netherlands Central Bank, Research Department.
  11. Broer, D.P. & Draper, D.A.G. & Huizinga, F.H., 2000. "The equilibrium rate of unemployment in the Netherlands," Open Access publications from Tilburg University urn:nbn:nl:ui:12-383721, Tilburg University.
  12. H.M.M. Peeters & A.H.J. den Reijer, 2001. "On Wage Formation, Wage Development and Unemployment," WO Research Memoranda (discontinued) 677, Netherlands Central Bank, Research Department.
  13. H.M.M. Peeters & 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 Memoranda (discontinued) 712, Netherlands Central Bank, Research Department.
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Citations

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Cited by:
  1. Marga Peeters, 2011. "Modelling unemployment in the presence of excess labour supply," Journal of Economics and Econometrics, Economics and Econometrics Research Institute (EERI), Brussels, vol. 54(2), pages 58-92.
  2. Peeters, Marga, 2011. "Demographic pressure, excess labour supply and public-private sector employment in Egypt - Modelling labour supply to analyse the response of unemployment, public finances and welfare," MPRA Paper 31101, University Library of Munich, Germany.
  3. Peeters, Marga & Den Reijer, Ard, 2011. "On wage formation, wage flexibility and wage coordination : A focus on the wage impact of productivity in Germany, Greece, Ireland, Portugal, Spain and the United States," MPRA Paper 31102, University Library of Munich, Germany.

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