This paper reports on a study conducted on behalf of the Task Force on Electronic Money of the EMI Working Group on EU Payment Systems. For different scenarios the effects of electronic money on seigniorage income of central banks in the EU are calculated. It is shown that the consequences of...

An updated version of the Nederlandsche Bank's generational accounting model is used to assess fiscal sustainability. The model gives net lifetime taxes for current and future generations. In addition, the same model is applied to make forecasts of budget deficit and debt in percentage of gdp....

This report addresses the question whether economic theory can explain the choice of payment media for over-the-counter payments. A survey of the literature reveals that most of the existing microeconomic models are limited to the explanation of the size of cash balance. Only two models describe...

This report discusses two types of active labour market policy in The Netherlands, wage subsidies and direct job creation. The options for evaluation of these programs are analyzed. It is difficult to assess the effectiveness of this type of policy in a general sense. Separate evaluations of...

This report presents an overview of the theory of regulation in general, with special attention for the regulation of banks. Two theories of government regulation are described. The first, normative, theory uses market failures as the justification of government regulation. The second, positive,...

In this paper an earlier study is extended in order to reflect insights of the endogenous growth theory. Labour productivity is not constant any more but reacts on public investment and the government deficit. The results of this research show that the current fiscal policy puts a much higher...