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On the Strength of the US dollar: Can it be Explained by Output Growth?

Vlaar, P.J.G. - de Nederlandsche Bank - 2001

One popular view on the current strength of the US dollar is that the higher growth in the US compared to Europe has stimulated foreigners to buy American assets, thereby driving up the exchange rate. In this paper a modified portfolio balance model is presented, in which it is shown that the...

Persistent link: https://www.econbiz.de/10005021860

On the Strenght of the US Dollar: Can it be Explained by Output Growth?

Vlaar, P.J.G. - de Nederlandsche Bank - 2003

Persistent link: https://www.econbiz.de/10005021895

The NAIRU and Inflation: An empiral analyses for the Netherlands

Wanningen, G. H. - de Nederlandsche Bank - 1998

This study explores whether the NAIRU is a useful indicator of prospects for inflation in the Netherlands. Apart from … an empirical investigation, a review of the literature and various theories underlying the concept of the NAIRU are … presented. The empirical results show that it is difficult to obtain robust estimates of the NAIRU for the Netherlands. Moreover …

Persistent link: https://www.econbiz.de/10005101873

The Synchronisation of European Labour Markets: An Analysis Using Aggregate Philips Curves

Schermer, Nicolien - de Nederlandsche Bank - 2005

This paper investigates the position of the Phillips curve in a single currency area, when the countries have different levels of unemployment. We will use the aggregation hypothesis to show that allowing for the dispersion of unemployment is essential to quantifying the level of inflation...

Persistent link: https://www.econbiz.de/10005101847

Subjective Expectations and New Keynesian Phillips Curves in Europe

Gorter, Janko - de Nederlandsche Bank - 2005

This paper assesses the empirical performance of the forward-looking new Keynesian Phillips curve (NKPC) in France, Germany and Italy for the period 1991.3-2004.4. Instead of imposing rational expectations, I use direct measures of inflation expectations constructed from Consensus Economics...

Persistent link: https://www.econbiz.de/10005101810

Output Gap and Inflation in the EU

Bolt, W.; Els, P.J.A. van - de Nederlandsche Bank - 2000

Output gaps for 11 EU countries, the US and Japan are constructed based on measures of potential output derived from a CES production function. This production function accommodates differences in substitution elasticities between countries. Indeed, the empirical evidence shows that real wage...

Persistent link: https://www.econbiz.de/10005101957

Small and Medium-Sized Enterprises in the Netherlands: an Overview of the Statistics and the Literature (in Dutch)

Jonker, N. - de Nederlandsche Bank - 2002

Dutch media often pay a lot of attention to small and medium-sized enterprises (SMEs). They are considered to be the engine of the Dutch job industry and therefore deserve our attention. In this study we highlight the role the Dutch SMEs play in the Dutch economy. This study's first objective is...

Persistent link: https://www.econbiz.de/10005101895

Early warning for currency crises: what is the role of financial openness?

Frost, Jon; Saiki, Ayako - de Nederlandsche Bank - 2013

We explore the role of financial openness - capital account openness and gross capital inflows - and a newly constructed gravity-based contagion index to assess the importance of these factors in the run-up to currency crises. Using a quarterly data set of 46 advanced and emerging market...

Persistent link: https://www.econbiz.de/10010757284

Trade-volume hysteresis: an investigation using aggregate data

Agur, I. - de Nederlandsche Bank - 2003

Sunk costs of entry create a wedge between the real exchange rate for which a foreign exporter enters the domestic market, and that for which he exits. On the macroeconomic level, heterogeneous cost structures make the number of entry and exit thresholds approach a continuum: any movement of the...

Persistent link: https://www.econbiz.de/10005106714

External Wealth, the Trade Balance, and the Real Exchange Rate

Lane, Ph.R.; Milesi-Ferretti, G.M. - de Nederlandsche Bank - 2003

We examine the link between the net foreign asset position, the trade balance and the real exchange rate. In particular, we decompose the impact of a country's net foreign asset position ('external wealth') on its long-run real exchange rate into two mechanisms: the relation between external...

Persistent link: https://www.econbiz.de/10005106772

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