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EUROMON: De Nederlandsche Bank's Multi-Country Model

  • M. Demertzis
  • P.J.A. van Els
  • H.M.M. Peeters

The 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 expanding 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 of trade).Our future use of the model will require further strengthening of internal theoretical consistencies, including the introduction of forward looking elements. We present four indicative simulations that summarise the properties of the model.

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Paper provided by Netherlands Central Bank, Research Department in its series WO Research Memoranda (discontinued) with number 718.

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Date of creation: 2002
Date of revision:
Handle: RePEc:dnb:wormem:718
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  1. Jeanfils, P., 2000. "A Model with Explicit Expectations for Belgium," Papers 4, Warwick - Development Economics Research Centre.
  2. Jørgen Elmeskov, 1993. "High and Persistent Unemployment: Assessment of the Problem and Its Causes," OECD Economics Department Working Papers 132, OECD Publishing.
  3. Martin M.G. Fase, 1998. "On Money and Credit in Europe," Books, Edward Elgar, number 1550, March.
  4. 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.
  5. W. Bolt & P.J.A. van Els, 2000. "Output Gap and Inflation in the EU," DNB Staff Reports (discontinued) 44, Netherlands Central Bank.
  6. Hamid Faruqee & Douglas Laxton & Bart Turtelboom & Peter Isard & Eswar Prasad, 1998. "Multimod Mark III: The Core Dynamic and Steady State Model," IMF Occasional Papers 164, International Monetary Fund.
  7. 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.
  8. Raymond Torres & John P. Martin, 1989. "Potential Output in the Seven Major OECD Countries," OECD Economics Department Working Papers 66, OECD Publishing.
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