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April 21, 2021

The effect of the pandemic and Non-Pharmaceutical Interventions on household consumption

Most of the short-run decline in consumption during the first wave was a voluntary response to the health risks.

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December 10, 2019

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

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...

September 17, 2019

Fan Charts September 2019

The figures present fan charts around the MEV 2020 point forecasts for GDP growth, HICP inflation, unemployment and general government financial...

February 6, 2018

The effects of unconventional monetary policy in the euro area

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.

June 8, 2017

Back to normal monetary policy

The question is no longer if, but when and how unconventional monetary policy will be phased out. The undoing of the unconventional policies will affect European economies, just as their build up stimulated the euro area economy.