Journal Articles
"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", (2023), 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
September 2025: "To Bail-in or to Bailout: that's the (Macro) Question" (2025), with Matthijs Katz.
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. Bailouts also mitigate the contraction of credit in financial crises (with respect to bail-ins), but simultaneously lead to deeper recessions. Finally, higher leverage under the bailout regime substantially increases the fraction of banks that need to be recapitalized.
August 2025: "Monetary financing produces neither high inflation nor miraculous fiscal multipliers" (2025).
Abstract: I investigate the macroeconomic impact of money-financed fiscal stimuli when the central bank pays interest on reserves. I do so in New Keynesian models where government bonds and reserves are imperfect substitutes. Despite reducing funding costs for the consolidated government, I analytically show for several models that there is zero impact from money-financed fiscal stimuli on inflation and the real economy (relative to debt-financed stimuli). Afterwards, I relax the conditions behind this `irrelevance result', and show that money-financed fiscal stimuli barely increase inflation and output.
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.