We investigate how non-specialists form inflation expectations by running an experiment using a basic Overlapping Generations (OLG) model. The participants of the experiment are students of the University of Amsterdam, who predict inflation during 50 successive periods and are rewarded based on...

Population aging and pension reform will have profound effects on international capital markets. First, demographic change alters the time path of aggregate savings within each country. Second, this process may be amplified when a pension reform shifts old-age provision towards more pre-funding....

We construct a new-Keynesian DSGE model tailored to the Netherlands and interpret it as a multivariate unobserved components model. We identify three major stochastic trends in the data—trends in general-purpose technology, investment-specific technology, and labor supply—and model them...

We carry out a number of policy simulations with DNB's multicountry model, EUROMON. With these simulations we aim to analyse the effectiveness of monetary and fiscal expansion in light of the current global downturn in the US and the Euro area. We thus run two types of simulations in which we...

This Occasional Study wraps up the modelling work that has been done in recent years regarding DNB's multi-country model EUROMON. It offers a description of the current version of the model and provides information about its simulation properties through the analysis of variety of standard...

The paper has been presented by the author at the Clingendael/DNB workshop 'The Netherlands' Polder model: does it offer any clues for the solution of Europe's socioeconomic flaws' (June 4th 1999). On the basis of a set of simulations with the Bank's multi-country model the paper discusses...

This report describes the macro-econometric model for the Republic of Macedonia MAKMODEL. It documents the main features of this model that was built by research teams of the Macedonian and Dutch central bank during July 1999 - June 2001 as one module of a large scale PHARE-project, funded by...

This paper presents a number of scenario analyses, based on simulating DNB's multi-country model EUROMON, for the euro area economy. The scenarios deal with monetary policy and budgetary policy actions, and with exogenous shocks such as changes in oil prices, asset prices and exchange rates. The...

We perform four simulations with the multi-countrymodel EUROMON illustrating both upwards and downward risks to future inflation in the Euro area. We examine how different sources of inflation can affect, first, the Euro area as a whole in comparison to the US, and second, compare the effects...

For Germany, Spain, France, the Netherlands and the US an Error Correction Model with a long-term non-linear wage equation is estimated by 3-SLS to obtain consistent estimates, accounting for endogeneity and common shocks. On the basis of the estimated parameter elasticities of wages with...