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The effects of alternative wage regimes in a monetary union: A multi-country agent based-stock flow consistent model

Alessandro Caiani, Ermanno Catullo and Mauro Gallegati ()

Journal of Economic Behavior & Organization, 2019, vol. 162, issue C, 389-416

Abstract: The Eurozone crisis has revitalized the debate between economists on the role played by wages in open economies. Salaries paid to workers are at the same time a fundamental source of aggregate demand and a determinant of firms’ international cost competitiveness. The paper investigates how alternative wage growth patterns impact on the economic dynamics of an artificial Monetary Union. For this sake, we perform several experiments employing the Agent Based-Stock Flow Consistent (AB-SFC) Multi-Country model first presented in Caiani et al. (2018a).

Keywords: Agent-based macroeconomics; Stock flow consistent models; European integration; Wages; Trade imbalances; Schumpeterian Competition (search for similar items in EconPapers)
JEL-codes: F15 F16 C63 (search for similar items in EconPapers)
Date: 2019
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Journal of Economic Behavior & Organization is currently edited by Houser, D. and Puzzello, D.

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