My Research

Most recent work and work in progress

• Stock market fundamental valuation and the implied equity risk premium. August 2011.
• Long horizon inflation forecasts and the measurement of the ex ante long-term real interest rate. March 2011.
• Real Time Data, Regime Shifts, and a Simple But Effective Estimated Fed Policy Rule, 1969-2009. October 2010 (revised January 2011).
• Direct tests of the expectations theory of the term structure: Survey expectations, the term premium and coefficient biases. January 2010 (revised February 2011).

List of publications

Refereed journal articles and working/discussion papers

• "Credit rationing effects of Credit Value-at-Risk", Tinbergen Institute Discussion paper, Ti2004-032/2 March 2004 (with Jan Frederik Slijkerman, Casper G. de Vries)
• "Has the European Central Bank followed a Bundesbank policy? Evidence from the early years," Kredit und Kapital, vol.35 (3) 2002: 327-43.
• "Stabiliserende hypotheekrenteaftrek," Economisch Statistische Berichten, jrg.85 (4273) 29 september 2000: 763-5. (met Ivo Arnold)
• "The household balance sheet and durable consumer expenditure: An empirical investigation for the Netherlands, 1972-1993," Journal of Policy Modeling, vol.21 (2) March 1999: 243-74. (with Marcel de Ruiter).
• "Real business cycle theory and monetary policy: The multiplier approach," Applied Economics, vol.30 (8) August 1998: pp. 1037-53.
• "Modelling trends, expectations and the cyclical behaviour of prices," Economic Modelling, vol.15 (1) 1998: pp. 151-61.
• "Monetary and non-monetary analyses of inflation in a small open country," Kredit und Kapital, vol.30 (1) 1997: pp. 52-80. (with Jeroen Melger)
• "Re-examining the cyclical behaviour of prices and output," Weltwirtschaftliches Archiv, vol.132 (4) 1996: pp. 651-74.
• "The permanent income hypothesis, business cycles, and regime shifts: Evidence from eight countries," De Economist, vol.142 (3) 1994: pp. 307-25. (with Kees G. Koedijk)

Books, chapters, monographs

• "Credit Value-at-Risk Constraints, Credit Rationing and Monetary Policy," Chapter 12 in P. Minford (ed.) Money Matters: Essays in Honour of Alan Walters. Edward Elgar, 2004: 243-50. (with Jan-Frederik Slijkerman, Casper de Vries)
• Wisselkoersen en beleggen, Financiele en Monetaire Studies, jrg.21 no.1 2002-2003 (met Ivo Arnold, Casper de Vries).
• Sparen, lenen en beleggen: De vermogenspositie van Nederlandse gezinnen, Financiele en Monetaire Studies, jrg. 18 no.1 1999-2000.
• Credit rating en kapitaalmarkt: Feiten, verklaringen en ontwikkeling van rating in Europa, Rotterdamse Monetaire Studies, jrg.12 no.3 maart 1994 (met Jan-Paul van der Ent)

Opinions and editorials

• "De Nederlandsche Bank past bescheidenheid," NRC Handelsblad, 18 mei 2000. (met Ivo Arnold en Casper de Vries)

Book reviews

PhD Thesis

• Monetary policy, inflation, and economic activity. PhD Thesis Erasmus Universiteit Rotterdam, 1997.

Other unpublished manuscripts and work in progress

• Bank credit in the transmission of monetary policy: A critical review of the issues and evidence. Revised, shortened version excluding the empirical analysis March 2006.
• Bank credit in the transmission of monetary policy: A critical review of the issues and evidence. March 2002.
• The role of financial markets and reforms in the transition economies. April 1998.
• A short course in monetary economics. May 1996.
• Monetary policy in the United States: A review of developments in concepts, targets and instruments. September 1994
• Monetary policy in the United Kingdom: A review of developments in concepts, targets and instruments. October 1993