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December 19, 2019
Limitation of holding structures for intra-EU dividends: A blow to tax avoidance?
Publication
December 10, 2019
SVARs, the central bank balance sheet and the effects of unconventional monetary policy in the euro area
PublicationThis 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. →
Authors
- Arjan Lejour (16)
- Hugo Rojas-Romagosa (11)
- Maarten van 't Riet (11)
- Adam Elbourne (8)
- Gerdien Meijerink (8)
- Wim Suyker (6)
- Bert Smid (5)
- Johannes Bollen (5)
- Benedikt Vogt (4)
- Gijsbert Zwart (4)
- Leon Bettendorf (4)
- Sander van Veldhuizen (4)
- Bas Straathof (3)
- Beau Soederhuizen (3)
- Kan Ji (3)
- Katarzyna Grabska (3)
- Maurits van Kempen (3)
- Michiel Bijlsma (3)
- Albert van der Horst (2)
- Bram Hendriks (2)
- Cees Jansen (2)
- Daan Freeman (2)
- Douwe Kingma (2)
- Eugene Verkade (2)
- Fien van Solinge (2)
- Harro van Heuvelen (2)
- Jan Möhlmann (2)
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