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Wage moderation in the European Union: Experiments with the multi-country model EUROMON

Listed author(s):
  • A.C.J. Stokman

The 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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Paper provided by Netherlands Central Bank, Research Department in its series WO Research Memoranda (discontinued) with number 588.

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Date of creation: 1999
Handle: RePEc:dnb:wormem:588
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