This report contains two simulation studies to quantify the direct economic effects of the Marshall aid on the Dutch economy. The first model is a general empirical model and the other the 1962 macro-economic policy model of the Dutch CPB.

This study has been prepared for the congress on 'Empirical Models and Policy Making', organised and hosted by the Tinbergen Institute, Amsterdam, 14-16 May, 1997. It offers an analysis of the interaction between model development and model use and policy making, with a special focus on the...

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...

This paper explores the importance of wealth effects for monetary policy in the context of the policy strategy of the European Central Bank (ECB). Causality tests indicate that nominal equity prices have predictive power for ECB policy indicators of real activity, while housing prices have...

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...

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

A majority of Dutch households fear that the conversion to the euro will be attended by extra price increases. Last March, the Bank initiated an investigation in order to assess whether this fear is justified. On the basis of an inventory of economic arguments and, to a certain degree,...

The paper presents a guide to the theoretical properties of EUROMON, the Nederlandsche Bank's multi-country model for implementing policy analysis. It is written with a view to expanding Chapter 2 of the DNB Monetary Monograph 19, which provides for a model description. EUROMON is an aggregate...

This report concentrates on the benefits of a common European currency; in particular those of the convergence to a lower inflation level, reduction of exchange rate uncertainty, lower transaction and information costs and reduced price discrimination. Calculations with the general equilibrium...

This paper reports on the findings of a survey among Dutch households (as part of the DNB Household Survey in 2003) about many aspects (expectations, concerns, attitude and preferences) of their pensions and the old-age-arrangements in the Netherlands. We explore whether the outcomes are related...