Publications

Interest rates have been trending downward since at least 1980s in developed economies, including the euro area. In fact, real rates (the real rate is the interest rate adjusted for inflation) are now at historically low levels. →

This is apparent from a study by CPB and CBS on the economic interwovenness of the Netherlands and the European Union with China. The Netherlands and Europe benefit from trade with China, and vice versa. However, this trade also creates mutual economic dependence. →

Het effect van de huidige handelssancties tegen Rusland voor Nederlandse economie zijn op termijn beperkt. Bij een eventuele stop van de Russische energietoevoer kan Nederland indirect wel flink geraakt worden o.a. via internationale productieketens. →

The Dutch gross domestic product (GDP) is structurally 3.1% higher due to the trade benefits of the European Union. This makes the Netherlands one of the countries that will benefit most from the increased trade by the EU. →

In this CPB Background Document we investigate the use of the standard structural gravity model for trade policy analysis at the CPB. The model is intended for long term analyses of trade policy changes and is based on... →

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

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... →

We estimate the contemporaneous relationship between household debt and consumption for the period 2006 to 2015. Using Dutch administrative data, we find that the average consumption of households with high debt has... →

This publication discusses the need for an EMU banking union and describes three possible transition scenarios. This is a translation of chapter 4 of the Dutch publication. →

This CPB Background Document provides details of the simulations of shocks to the capital position of banks in the EMU that underpins the Financial Risk Report 2018 of the CPB. This involves investigating the potential impact of two legacy problems on the capital position of banks. These problems are the high amount of government debt, especially in Italy, and the high level of non-performing loans on banks’ balance sheets. →