Publications

December 10, 2019

SVARs, the central bank balance sheet and the effects of unconventional monetary policy in the euro area

This discussion paper presents further evidence that the most important published estimates of the effects of unconventional monetary policy are not reliable. It is a further elaboration of the ideas in the CPB...

February 6, 2018

The effects of unconventional monetary policy in the euro area

How effective are unconventional monetary policies? Through which mechanisms do they work? This discussion paper contains a detailed presentation of the new scientific evidence we reported in the policy brief, and adds to the relatively scarce literature in this field.

December 27, 2016

Accounting for the Business Cycle Reduces the Estimated Losses from Systemic Banking Crises

We re-estimate the e ffects of systemic banking crises in industrialised countries reported by Cerra and Saxena with a model that includes transitory business cycle shocks.

January 12, 2016

Credit Supply Shocks in the Netherlands

This study looks at the effects of credit supply shocks in the Netherlands and provides estimates of how important credit supply disturbances have been for explaining the recent disappointing economic growth.

Image for Credit Supply Shocks in the Netherlands
April 24, 2014

Follow the leader? Public and private wages in the Netherlands

This study investigates wage leadership in the Netherlands. We empirically examine public and private wages using several wage definitions for the period 1980-2012.

Image for Follow the leader? Public and private wages in the Netherlands