Publications

February 17, 2020

Estimation of the Financial Cycle with a Rank-Reduced Multivariate State-Space Model

We propose a model-based method to estimate a unique financial cycle based on a rank-restricted multivariate state-space model. This permits us to use mixed-frequency data, allowing for longer sample periods....

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February 13, 2020

Are the savings of Dutch households optimal?

Dutch households (implicitly) have an unusual mix of assets. Particularly their high level of mortgage debts and pension entitlements stand out in an international context. In this paper we examine how Dutch household...

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June 7, 2019

Estimates of the Financial Cycle for Advanced Economies

Until recently, macroeconomic theory provided at most a small role for the financial system to influence the real economy. This changed with the collapse of Lehman Brothers in 2008 and the financial crisis which...

June 7, 2019

Estimating the Impact of the Financial Cycle on Fiscal Policy

We investigate the impact of the financial cycle on the effectiveness of fiscal policy.

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March 9, 2017

Productivity Slowdown - Evidence for the Netherlands

This paper analyses how The Netherlands compares to other countries in terms of the productivity slowdown. It also includes a comparison of different sectors and tests possible explanatory variables.

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.

June 11, 2015

Are the Long-Run Unemployed on the Margins of the Dutch Labor Market?

Since the Great Recessions many countries have seen an increase in the number of long-run unemployed.

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