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The paper studies the impacts of wage moderation in the euro area. Simulation results show that if a single euro area crisis-hit economy undertakes wage moderation, the impact on output is positive for that economy and for the entire euro area. If all crisis-hit economies undertake wage moderation together, their output still expands, albeit to a lesser degree. If the wage moderation is accompanied by cuts in policy interest rates by the central bankâand by quantitative easing once interest rates hit the zero lower boundâthen output for the entire euro area expands as well.

Wage Moderation in Crises: Policy Considerations and Applications to the Euro Area