The article investigates the possible labour market and fiscal impacts of labour tax reductions within a macroeconometric model that allows for various wage responses to tax policies and to policy-induced price changes. As such, the model captures different institutional settings of wage...

We construct a dynamic error correction model of the Australian labour market using a macroeconomic panel across seven states from 1972:3 to 1999:1. Long run equilibrium estimates support a real wage-productivity gap and an unemployment gap. The dynamic short-run estimates support...

This paper describes a small macro-model for the euro area. It has been built using Eurostat quarterly data and is aimed at improving the current tools used for forecasting and analysing the economy of the area. Some key data, such as capital stock or households disposable income, have been...

In this paper, we examine the macroeconomic impact of the high oil price era between 2003 and mid-2008 on the Swiss economy. Using a medium-scale disequilibrium macroeconometric model, we focus not only on the effects of oil prices on the real GDP growth but also on their effects on demand-side...

This paper presents a quarterly estimated structural macroeconomic model for the euro area, denoted area-wide model (AWM). This model has been developed with four uses in mind: the assessment of economic conditions in the area, macroeconomic forecasting, policy analysis and deepening...

This paper presents a quarterly estimated structural macroeconomic model for the euro area, denoted area-wide model (AWM). This model has been developed with four uses in mind: the assessment of economic conditions in the area, macroeconomic forecasting, policy analysis and deepening...

We build a compact global macroeconometric model capable of generating point and density forecasts for a core set of macroeconomic factors using recent advances in the analysis of cointegrating systems. We do so for a set of countries/regions and explicitly allow for interdependencies that exist...

This paper argues that probability forecasts convey information on the uncertainties that surround macroeconomic forecasts in a manner which is straightforward and which is preferable to other alternatives, including the use of confidence intervals. Probability forecasts relating to UK output...

German unifikation hit the West German economy in a prosperous and appeared as a huge demand shock at least for the first few quarters. This combination resulted in a major increase of imports from the main trading partners of West Germany, which may have helped to cushion recessionary trends...