Institutions and Wage Formation in the New Europe addresses the role played by institutions in European wage formation with a focus on EMU and institutional change in labour markets. Under this general heading there are three broad but distinct themes. The first emphasises the role of institutions in affecting the dispersion of wages across occupational, age, skill, and industry and employment contract categories. The contributors make clear the profound effect that European institutions can have in influencing, and in most cases compressing, such pay differentials with consequent implications for the employment prospects of certain segments of the labour force. The second theme is the explanation for recent wage moderation in Europe. The contributions under this theme stress the role of developments in the bargaining systems of European countries and the presence of a number of temporary or specific factors, which have helped to bring about pay moderation. The final theme is the extent to which institutions are changing within Europe in the light of EMU and the adoption of new business practices. This book will appeal to academics with an interest in labour markets and EMU issues, and also industrial relations specialists with an interest in institutional topics.

This book provides a description of the main macroeconomic models used by the European Central Bank and the euro area national central banks (Eurosystem). These models are used to help prepare economic projections and scenario analysis for individual countries and the euro area as a whole. The volume takes stock of the current macroeconometric modelling infrastructure available within the Eurosystem, highlighting not only the structures and main features of the models used but also their purposes and underlying model-building philosophies. A 'bird's eye view' of the key details of the design, structure and characteristics of the models is provided, along with information on the responses of these models to a series of standard economic and policy shocks. This is the first time that a comprehensive description and systematic comparison of the main macroeconomic models has been published. This book will be of great interest to Central Bank and government economists, as well as academics, economists and students with an interest in central banking, econometric modelling, forecasting and macroeconomic policy.