Journal Articles
"Monetary financing produces neither high inflation nor miraculous fiscal multipliers" (working paper version), forthcoming at The Economic Journal.
"Financial Fragility and the Fiscal Multiplier" (2025), with Sweder van Wijnbergen, forthcoming at the Journal of Money, Credit and Banking.
"Old-Keynesianism in the New Keynesian model" (2024), De Economist, 172, pp. 167-232.
"Unintended Consequences of Central Bank Lending in Financial Crises", (2024), The Economic Journal, 134, pp. 728 - 765.
"Some Unconventional Properties of New Keynesian DSGE Models" (2023), with Ben Heijdra, De Economist, 171, pp. 139-183.
"The long-run effects of risk: an equilibrium approach" (2023), with Joao Madeira and Nuno Palma, European Economic Review, 153, April 2023, 104375.
"Sovereign Debt and Bank Fragility in Spain" (2017), with Sweder van Wijnbergen, Review of World Economics, 153, pp. 511-543.
"Financial fragility, sovereign default risk and the limits to commercial bank bail-outs" (2014), with Sweder van Wijnbergen, Journal of Economic Dynamics and Control, 43, pp. 218-240.
"Utilizing redox-chemistry to elucidate the nature of exciton transitions in supramolecular dye nanotubes" (2012), with D.M. Eisele, C.W. Cone, E.A. Bloemsma, S.M. Vlaming, R.J. Silbey, M.G. Bawendi, J. Knoester, J.P. Rabe and D.A. Vanden Bout, Nature Chemistry 4, pp. 655-662
Working Papers
February 2026: "To Bail-in or to Bailout: that's the (Macro) Question", with Matthijs Katz. Revise & Resubmit at Review of Economic Dynamics.
Abstract: We construct a dynamic general equilibrium model with limited liability banks to compare macroeconomic outcomes under a regime in which insolvent banks are bailed out by the government with a regime where bank creditors are bailed in. We find that long-run investment, capital, output, and consumption are higher under the bailout regime. However, banks operate with higher leverage ratios, as a result of which the frequency of crises and the number of bank recapitalizations substantially increase with respect to the bail-in economy. Despite more financial fragility, welfare is higher in the bailout economy.
Work in progress
Unconventional monetary policy & bank risk taking, with Matthijs Katz.
Cost-push shocks & interest rates.
Working Papers (old)
"The Macroeconomic Consequences of Higher Capital Requirements" (2018), with Sweder van Wijnbergen.
Publications (non peer-reviewed):
"Eurozone-begrotingsunie zou duur uitpakken voor Nederland" (2022), with Lex Hoogduin, Economisch Statistische Berichten, 107 (4815), pp. 498-501.
"De eurozone werkt slechter dan de dollarzone door de Noord-Zuid-verschillen" (2022), with Levi Kuiper, Economisch Statistische Berichten, 107 (4812), pp. 350-353.
"Alleen giften lossen de fundamentele eurozone-problemen niet op" (2020), Economisch Statistische Berichten, 105 (4788), pp. 379.
"Nederland moet kiezen tussen eurobonds of euro-exit" (2018), Economisch Statistische Berichten, 103 (4764), pp. 344-347.
"Herkapitalisatie banken schept ruimte voor stimulering" (2013), with Timotej Homar and Sweder van Wijnbergen, Economisch Statistische Berichten, 98 (4664), pp. 422-425.