Macroeconometric models and European Monetary Union

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This volume features contributions from a conference focused on the implications of the European Monetary Union for macroeconometric modeling in the Euro area, held in Essen in 2000. Participants concluded that the discussions, which encompassed a wide range of theoretical, methodological, and factual aspects from both producers' and consumers' perspectives, would significantly influence the future of macroeconometric modeling in the Euro area. However, it was evident that a definitive solution to the challenges remains elusive. The future will likely see a variety of approaches and models, reflecting ongoing trends that have shaped the modeling landscape since the monetarist revolution, rational expectations, and real business cycle models. We are still in the early stages of exploring the macroeconomic development of the Euro area, with the distinction between transitory and permanent factors often unclear. This uncertainty should encourage the integration of the experiences and findings shared during the conference. The event was inspired by the Project LINK, and a highlight was the participation of Nobel Prize winner Professor Dr. Lawrence Klein, a pioneer in macroeconometric modeling, who critically observes the evolution of the European Monetary Union.