Wage moderation in the European Union: Experiments with the multi-country model EUROMON
AbstractThe paper has been presented by the author at the Clingendael/DNB workshop `The Netherlands´ Polder model: does it offer any clues for the solution of Europe's socioeconomic flaws' (June 4th 1999). On the basis of a set of simulations with the Bank´s multi-country model the paper discusses whether wage moderation is a suitable remedy to tackle the unemployment problem in the European Union. The main findings are that individual countries may benefit from a restrained wage policy. This holds for small open economies like The Netherlands as well as for larger economies like Germany and France. Nominal wage moderation at a European scale, however, seems to be less effective, although some improvement in economic and labour market conditions turn up in the longer run.
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Bibliographic InfoPaper provided by Netherlands Central Bank, Research Department in its series WO Research Memoranda (discontinued) with number 588.
Date of creation: 1999
Date of revision:
Polder Model; wage moderation in EU; simulations with EUROMON;
Find related papers by JEL classification:
- E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
- J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
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