Publications

June 7, 2019

Estimates of the Financial Cycle for Advanced Economies

Estimates of the Financial Cycle for Advanced Economies, Pdf, 1.5 MB

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

Estimating the Impact of the Financial Cycle on Fiscal Policy, Pdf, 391.8 KB

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

Productivity Slowdown - Evidence for the Netherlands, English, Pdf, 2.5 MB

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

Accounting for the Business Cycle Reduces the Estimated Losses from Systemic Banking Crises, English, Pdf, 1.4 MB

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

November 2, 2015