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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. →

The release of the next monthly CPB World Trade Monitor is scheduled for Wednesday 25 September 2019, 15:00 hours. →

The CPB World Trade Monitor shows that the volume of world trade decreased 1.4% in June, having increased 0.6% in May (initial estimate 0.3%) and growth in 2019Q2 was -0.7%, (-0.3% in 2019Q1). →

The CPB World Trade Monitor shows that the volume of world trade decreased 0.7% in April, having increased 0.8% in March (initial estimate: 0.5%). →

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