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Wage policy in the European Monetary Union

A simulation study

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Economic Bulletin

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References

  1. The following discussion is based on Gustav A. Horn, Wolfgang Scheremet, Rudolf Zwiener: Rahmenbedingungen für den Arbeitsmarkt in einer Wirtschafts- und Währungsunion der EU-Mitglied-staaten. Report commissioned by the Federal Ministry of Economics, Berlin 1997 (distributed as MS).

  2. Cf. Gustav A. Horn, Wolfgang Scheremet, Rudolf Zwiener, loc. cit., Rahmenbedingungen für den Arbeitsmarkt in einer Wirtschafts- und Währungsunion der EU-Mitglied-staaten. Report commissioned by the Federal Ministry of Economics, Berlin 1997 (distributed as MS). chapter 3.

  3. Cf. Horst Siebert: Kein degenerativer Prozeß. In: Wirtschaftswoche No. 24 of 4 June 1998. Also see the discussion of this thesis in: Economic Trend 1998/99. In:Economic Bulletin, no. 8, August 1998.

  4. Cf. Gustav A. Horn, Wolfgang Scheremet, Rudolf Zwiener, loc. cit., Rahmenbedingungen für den Arbeitsmarkt in einer Wirtschafts- und Währungsunion der EU-Mitglied-staaten. Report commissioned by the Federal Ministry of Economics, Berlin 1997 (distributed as MS). chapter 4, for a detailed description of the structure of the simulation. The simulations were carried out using the Oxford Economic Forecasting (OEF) model.

  5. The assumptions in the reference scenario are those considered to be the most probable for economic development in the EMU countries following the introduction of monetary union. Cf. Gustav A. Horn, Wolfgang Scheremet, Rudolf Zwiener, loc. cit., Rahmenbedingungen für den Arbeitsmarkt in einer Wirtschafts- und Währungsunion der EU-Mitglied-staaten. Report commissioned by the Federal Ministry of Economics, Berlin 1997 (distributed as MS)., chapter 4.

  6. Cf. European Commission (1996): Soziale Sicherheit in den Mitglied-staaten der Europäischen Union. Generaldirektion Beschäftigung, Arbeitsbeziehungen und Soziale Angelegenheiten, MISSOC (ed.), Luxembourg.

  7. The simulation findings for France show that the effects of the different strategies clearly depend on domestic circumstances. Compared to the effects for Germany, the price effects for France are significantly higher, while the gains in growth and employment are considerably lower.

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Authors
  1. Gustav A. Horn
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  2. Rudolf Zwiener
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Horn, G.A., Zwiener, R. Wage policy in the European Monetary Union. Economic Bulletin 35, 3–14 (1998). https://doi.org/10.1007/BF02677358

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  • DOI: https://doi.org/10.1007/BF02677358

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