Wage Levels and Employment — On Economic Policy Advice Using the Multi-Country Model NiGEM
Abstract The restrictions of the NiGEM initial model and their relevance over the last decade and a half have produced oft-cited economic policy advice that can hardly be justified empirically: Wage increases will result in significant employment losses. But with statistically validated modification...
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| Format: | Article |
| Language: | deu |
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Sciendo
2020-10-01
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| Series: | Wirtschaftsdienst |
| Online Access: | https://doi.org/10.1007/s10273-020-2767-3 |
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| _version_ | 1832574086543310848 |
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| author | Thomas Theobald Rudolf Zwiener Camille Logeay |
| author_facet | Thomas Theobald Rudolf Zwiener Camille Logeay |
| author_sort | Thomas Theobald |
| collection | DOAJ |
| description | Abstract The restrictions of the NiGEM initial model and their relevance over the last decade and a half have produced oft-cited economic policy advice that can hardly be justified empirically: Wage increases will result in significant employment losses. But with statistically validated modifications, the results and the economic policy statements of the simulations by the German Council of Economic Experts and the Deutsche Bundesbank find that a higher wage path now stimulates domestic demand more strongly because the set employment losses do not materialise. There are no noticeable losses in growth and employment for the German economy. |
| format | Article |
| id | doaj-art-2e37cc4087754a7f9912fcd41f92021a |
| institution | Kabale University |
| issn | 0043-6275 1613-978X |
| language | deu |
| publishDate | 2020-10-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Wirtschaftsdienst |
| spelling | doaj-art-2e37cc4087754a7f9912fcd41f92021a2025-02-02T01:04:36ZdeuSciendoWirtschaftsdienst0043-62751613-978X2020-10-011001080381010.1007/s10273-020-2767-3Wage Levels and Employment — On Economic Policy Advice Using the Multi-Country Model NiGEMThomas Theobald0Rudolf Zwiener1Camille Logeay2Finanzmärkte und Konjunktur, IMK der Hans-Böckler-StiftungIMK der Hans-Böckler-StiftungCampus Treskowallee, Gebäude C, Hochschule für Technik und Wirtschaft BerlinAbstract The restrictions of the NiGEM initial model and their relevance over the last decade and a half have produced oft-cited economic policy advice that can hardly be justified empirically: Wage increases will result in significant employment losses. But with statistically validated modifications, the results and the economic policy statements of the simulations by the German Council of Economic Experts and the Deutsche Bundesbank find that a higher wage path now stimulates domestic demand more strongly because the set employment losses do not materialise. There are no noticeable losses in growth and employment for the German economy.https://doi.org/10.1007/s10273-020-2767-3 |
| spellingShingle | Thomas Theobald Rudolf Zwiener Camille Logeay Wage Levels and Employment — On Economic Policy Advice Using the Multi-Country Model NiGEM Wirtschaftsdienst |
| title | Wage Levels and Employment — On Economic Policy Advice Using the Multi-Country Model NiGEM |
| title_full | Wage Levels and Employment — On Economic Policy Advice Using the Multi-Country Model NiGEM |
| title_fullStr | Wage Levels and Employment — On Economic Policy Advice Using the Multi-Country Model NiGEM |
| title_full_unstemmed | Wage Levels and Employment — On Economic Policy Advice Using the Multi-Country Model NiGEM |
| title_short | Wage Levels and Employment — On Economic Policy Advice Using the Multi-Country Model NiGEM |
| title_sort | wage levels and employment on economic policy advice using the multi country model nigem |
| url | https://doi.org/10.1007/s10273-020-2767-3 |
| work_keys_str_mv | AT thomastheobald wagelevelsandemploymentoneconomicpolicyadviceusingthemulticountrymodelnigem AT rudolfzwiener wagelevelsandemploymentoneconomicpolicyadviceusingthemulticountrymodelnigem AT camillelogeay wagelevelsandemploymentoneconomicpolicyadviceusingthemulticountrymodelnigem |