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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.

February 6, 2018

The effects of unconventional monetary policy in the euro area

Publication

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 19, 2014

Overheidslonen volgen marktlonen

Publication (in Dutch only)

De ontwikkeling van lonen in de publieke sector wijkt alleen tijdelijk af van die in de marktsector. Op termijn volgen de overheidslonen de marktlonen.

April 24, 2014

Follow the leader? Public and private wages in the Netherlands

Publication

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

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