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EUROMON: De Nederlandsche Bank's multi-country model

Author

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  • Demertzis, Maria
  • Van Els, Peter
  • Peeters, H.M.M.

Abstract

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).

Suggested Citation

  • Demertzis, Maria & Van Els, Peter & Peeters, H.M.M., 2002. "EUROMON: De Nederlandsche Bank's multi-country model," MPRA Paper 29634, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:29634
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    References listed on IDEAS

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    1. Jeanfils, P., 2000. "A Model with Explicit Expectations for Belgium," Papers 4, Warwick - Development Economics Research Centre.
    2. Hamid Faruqee & Douglas Laxton & Bart Turtelboom & Peter Isard & Eswar S Prasad, 1998. "Multimod Mark III; The Core Dynamic and Steady State Model," IMF Occasional Papers 164, International Monetary Fund.
    3. 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.
    4. Martin M.G. Fase, 1998. "On Money and Credit in Europe," Books, Edward Elgar Publishing, number 1550, April.
    5. Raymond Torres & John P. Martin, 1989. "Potential Output in the Seven Major OECD Countries," OECD Economics Department Working Papers 66, OECD Publishing.
    6. 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.
    7. Jørgen Elmeskov, 1993. "High and Persistent Unemployment: Assessment of the Problem and Its Causes," OECD Economics Department Working Papers 132, OECD Publishing.
    8. W. Bolt & P.J.A. van Els, 1998. "Output gap and inflation in the EU," WO Research Memoranda (discontinued) 550, Netherlands Central Bank, Research Department.
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    Cited by:

    1. Demertzis, Maria & Van Els, Peter & Grob, Sybille & Peeters, Marga, 2006. "EUROMON: The multi-country model of De Nederlandsche Bank," MPRA Paper 28512, University Library of Munich, Germany.

    More about this item

    Keywords

    econometric model building; EMU; policy analysis;

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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