This paper investigates the role of bank lending in the monetary transmission process in the Netherlands. We observe significant differences between the responses of corporate and household lending following a monetary shock. We also find that banks hold a buffer stock of securities which they...

This paper investigates asymmetric effects of monetary policy over the business cycle. A two-state Markov Switching Model is employed to model both recessions and expansions. For the United States and Germany, strong evidence is found that monetary policy is more effective in a recession than...

Little attention has been paid in most economic studies on political businesscycles to separate the effects of fiscal and monetary policy. We attempt to as-sess the effect of monetary policy in a panel model for 16 OECD countries.To answer the question whether central banks actively create...

The paper considers a (static) portfolio system that satisfies adding-up contraints and the gross substitution theorem. The paper shows the relationship of the two conditions to the weak dominant diagonal property of the matrix of interest rate elasticities. This enables to investigate the...

We use real-time annual data on the fiscal balance, government current spending, current revenues and net capital outlays as published at a half yearly frequency in the OECD Economic Outlook for 25 OECD countries. For each fiscal year t we have a number of forecasts, a first release, and...

This paper examines how the analysis of inflation targeting (IT) adoption is affected by the choice of the analyzed period. We test whether country characteristics influence the decision to apply IT differently before and after its adoption, using panel probit models for 60 countries over the...

In a previous paper we developed a non-standard two-stage recourse model for the dynamic day-ahead paratransit planning problem. Two heuristics, which are frequently applied in the recourse model, contain many details which leads to large CPU times to solve instances of relatively small size. In...

To stimulate sales of sustainable products, retailers need to know whether their in-store instruments effectively influence their market shares. This study uses actual sales data and a multilevel modeling approach to describe the market shares of sustainable brands according to price level,...

We provide a literature overview of the linkages between Poverty Reduction Strategy Papers (PRSPs) and the Millenium Development Goals (MDGs) and use novel data to examine their relation. We find that introduction of a PRSP is associated with progress in four of the nine MDG indicators we study....