This paper assesses the transmission of fiscal policy shocks in a New Keynesian framework where government expenditures contribute to aggregate production. It is shown that even if the impact of government expenditures on production is small, this assumption helps to reconcile the models'...

We study the consequences of non-neutrality of government debt for macroeconomic stabilization policy in an environment where prices are sticky. Assuming transaction services of government bonds, Ricardian equivalence fails because public debt has a negative impact on its marginal rate of return...

Regions vary strongly according to the participation of firms in R&Dactivity.By linking data on R&D activity at thefirm level with GIS based data on economic, and other locationfeatures of zoneswe are able to investigate the impactof local factors on R&D involvement for various types of...

Institutional barriers to entry were removed to a considerable extent in 1996 in the Dutch retail sector. Three years before that the regulator decided to not take legal actions anymore against entrants violating institutional requirements. In the current analysis we investigate the effects of...

A major aim of recent empirical modelling of the business cycle isto identify the relative importance of aggregate supply and demandshocks. Supply or technology shocks are associated with permanent(structural) effects on economic activity whereas demand shocks arerelated to temporary (cyclical)...

In the Netherlands, the average exit rate out of welfare is dramatically low. Most welfare recipients have to comply with guidelines on job search effort that are imposed by the welfare agency. If they do not, then a sanction in the form of a temporary benefit reduction can be imposed. This...

Although the primary goals of post war housing policy in The Netherlands have beenaccomplished, the Dutch housing market remains highly regulated. This paper develops a staticpartial equilibrium model to investigate the effects of deregulation on the private marketprices and the allocation of...

In the Netherlands, students who want to become a medical specialist have toenrol in a training program which is in limited supply. During the search for aposition as trainee (or junior medical specialist), they may accept atemporary job as a medical assistant. We use a micro data set to...

The location behaviour of modern multinational multi-plant firms appears to exhibitincreasingly a flexible mobility pattern with a strong tendency towards footlooseness. Thespatial-economic dynamics - often across the border - of such firms is sometimesencapsulated in the term 'nomadic firms'....

According to basic models of sequential private value auctions of identical objects, consecutive prices are on average constant or rising. In empirical studies, prices are often found to decline. Several explanations have been put forward for this declining price anomaly. In this paper we...