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June 2, 2020

Risicorapportage Financiële markten 2020

Publication (in Dutch only)

Coronacrisis legt kwetsbaarheden financiële systeem bloot.

April 14, 2020

De effecten van macroprudentieel beleid op de woningmarkt

Publication (in Dutch only)

Deze notitie verkent de economische effecten van een verdere aanscherping van twee leennormen voor hypotheken: loan-to-value (LTV) en loan-to-income (LTI). Deze leennormen zijn onderdeel van macroprudentieel beleid, dat zich richt op het beperken van systeemrisico’s in de financiële sector.

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.

September 17, 2019

Fan Charts September 2019

Page

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

June 19, 2019

Fan Charts June 2019

Page

The figures present fan charts around the June 2019 point forecasts for GDP growth, HICP inflation,unemployment and general government financial balance.

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.

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

June 14, 2017

Fan Charts June 2017

Page

The figures present fan charts around the KMEV 2018 point forecasts for GDP growth, HICP inflation, unemployment and general government financial balance.

June 8, 2017

Back to normal monetary policy

Publication

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.

March 9, 2017

Productivity Slowdown - Evidence for the Netherlands

Publication

This paper analyses how The Netherlands compares to other countries in terms of the productivity slowdown. It also includes a comparison of different sectors and tests possible explanatory variables.