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December 19, 2019

Limitation of holding structures for intra-EU dividends: A blow to tax avoidance?

Publication

This article analyses the recent rulings from the European Court of Justice in two Danish cases and examines their possible impact on international tax avoidance.

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December 10, 2019

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

Publication

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 discussion paper "Do zero and sign restricted SVARs identify unconventional monetary policy shocks in the euro area?". Previous empirical studies seem to show that the unconventional monetary policy of the ECB, also known as balance sheet policy, has a positive effect on growth and inflation. However, this conclusion is unfounded, because institutional features of monetary policy in the euro area make it impossible to identify unexpectedly exogenous variation in monetary policy.

June 4, 2019

Risicorapportage Financiële markten 2019

Publication (in Dutch only)

Er kan nog meer worden gedaan om de risico’s van centrale tegenpartijen (CCP's), omvangrijke Europese financiële instellingen, te verkleinen.

May 27, 2019

A budgetary stabilisation function

Publication

Een schokfonds in de eurozone is niet noodzakelijk voor het voortbestaan van de euro, maar kan de welvaart in Europa wel verhogen.

February 19, 2019

Do zero and sign restricted SVARs identify unconventional monetary policy shocks in the euro area?

Publication

This research re-examines the findings of the existing literature on the effects of unconventional monetary policy.

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January 24, 2019

Conduit country the Netherlands in the spotlight

Publication

The Netherlands is an important link in the chain of diverting income flows: broader use of withholding taxes is necessary to combat international tax avoidance.

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October 19, 2018

Estimating migration changes from the EU’s free movement of people principle

Publication

We estimate the impact of the free movement of people (FMP) principle on bilateral intra-EU migration stocks using a gravity model. Employing a combination of the World Bank and the UN’s global migration databases, with observations between 1960 and 2015, allows us to analyse the impact of the FMP for most EU member states.

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October 16, 2018

The effects of globalisation in the Netherlands: A theoretical and empirical survey

Publication

The purpose of this document is to put the developments of globalisation into perspective for the Dutch labour market.

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July 6, 2018

Trade Wars: Economic impacts of US tariff increases and retaliations, an international perspective

Publication

"Effect trade conflict limited, escalation only has losers". This background document provides information on the economic consequences of the current trade dispute between the US and several countries that announced retaliatory packages or filed them already with the WTO.

July 2, 2018

Frontier firms and followers in the Netherlands: estimating productivity and identifying the frontier

Publication

This study shows that constructing a large dataset, which sufficiently covers all firm sizes, is a prerequisite for studying the divergence hypothesis. We merge datasets of individual firm and employee data in the years 20062015 for the Netherlands, resulting in a representative sample of corporations. We find no evidence of diverging productivity between firms on the national frontier and laggard firms.