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Welcome to my home page. I am a senior economist at the European Central Bank in the Directorate General Research (in the Monetary Policy Research Division). I started working there in 1999 after my Ph.D. at Stanford University. On this site you will find my recent research. I am an applied economist with a broad interest.  I am interested in, among other things,  firm decisions on investment, the economics of the household, wealth,  prices and price setting.  I have published papers on topics as investment and financing constraints, investment and uncertainty, markups, pricing, the wealth distribution.  I am a member of the Household Finance and Consumption Network (HFCN) which was set up to collect and investigate household finance and consumption data.  I was a member of a Task Force of the Monetary Policy Committee of the European System of Central Banks to investigate the distributive trade sector.  I also was a member of some past research networks, the Monetary Transmission Network, the Inflation Persistence Network and the Wage Dynamics Network.  

 

From time to time I will update this page so you want might to come back to find new material.

 
Here is a link to my REPEC page: http://ideas.repec.org/e/pve48.html
Here is a link to my working papers at the ECB.   https://www.ecb.europa.eu/pub/research/authors/profiles/philip-vermeulen.en.html  
Here is a link to my google scholar page: http://scholar.google.com/citations?user=QjP4uv8AAAAJ&hl=en
 
Recent work 
 
I am currently working on  a number of  topics: investment and monetary policy, the duration dependence of business cycles and the co-movement of  top income and wealth shares. I recently published work on the effects of the banking crisis on firm investment and on the top of the wealth distribution. I also continue to work on prices and price indices. 
 

Publications in refereed journals


Elementary Index Bias: Evidence for the Euro Area from a large scanner dataset, joint with Gábor-Tóth E., German Economic Review, Vol 20(4), 2019. 

Is the Top Tail of the Wealth Distribution the Missing Link between the Household Finance and Consumption Survey and National Accounts?, joint with Chakraborty R., Kavonius I.K, Pérez-Duarte, S., Journal of Official Statistics, Vol 35, 1, 2019. 

How fat is the top tail of the wealth distribution,  Review of Income and Wealth, Vol 64 (2) , 2018.

Lenders on the storm of wholesale funding shocks: saved by the central bank?, joint with Leo de Haan and Jan Willem van den End, Applied Economics, Vol 49, 2017.

Corporate investment and bank-dependent borrowers during the recent financial crisis, joint with Andra Buca. Journal of Banking and Finance, Vol 78, May, 2017
 
Estimating the Top Tail of the Wealth Distribution, American Economic Review, vol 106(5), 2016.

How do households allocate their assets? Stylized facts from the Eurosystem Household Finance and Consumption Survey. joint with nine co-authors. International Journal of Central Banking, Vol 12(2), 2016.

An evaluation of business survey indices for short-term forecasting: balance method versus Carlson-Parkin method, International Journal of Forecasting, Vol 30 (4) October-December 2014.  
 

Price setting in the euro area: some stylised facts from individual producer price data, joint with  Dias D., Dossche M., Gautier E.,  Hernando I.,  Sabbatini R. and H. Stahl, Journal of Money Credit and Banking, 44(8), December,  2012.

 

Markups in the Euro area and the US over the period 1981-2004: a comparison of 50 sectors, joint with R. Christopoulou,  Empirical Economics, 2012, 42, February.

 

Firms' investment decisions in response to demand and price uncertainty, joint with Fuss C., Applied Economics, 2008, 40, August-September.

 

The response of firms‘ investment and financing to adverse cash flow shocks: the role of bank relationships, joint with Fuss C., Review of Business and Economic Literature, 2008, 53(1), January-March.

 

Sticky prices in the euro area: a summary of new micro evidence, joint with  Álvarez L.J., Dhyne E., Hoeberichts M., Kwapil C.,  Le Bihan H., Lünnemann P., Martins F., Sabbatini R.,  Stahl H., Vilmunen J.,  Journal of the European Economic Association,2006, 4, (2-3), April-May .

 

Factor content, size, and export propensity at the firm level, Economics letters, 82, 2004.

 

Monetary policy transmission in the euro area: new evidence from micro data on firms and banks, joint with Châtelain J-B., Ehrmann M., Generale A., Martínez-Pagés and Worms A., Journal of the European Economic Association, 2003, 1 (2-3), April-May.

   

New findings on firm investment and monetary transmission in the euro area, joint with Châtelain J-B, Generale A., Hernando I. and von Kalckreuth U., Oxford Review of Economic Policy, 2003, 19 (1), Spring.

   

The interest rate and credit channel in Belgium: an investigation with micro-level firm data, joint with Butzen P. and Fuss C., Cahiers Économiques de Bruxelles, 2002, 45 (3), Autumn.

   

Investment and monetary policy in the euro area, joint with Mojon B. and Smets F., Journal of Banking and Finance, 2002, 26 (11), November.

   

Business fixed investment: evidence of a financial accelerator in Europe, Oxford Bulletin of Economics and Statistics, 2002, 64 (3), July.

 

Employment growth in the service sector and increasing inequality (in Dutch), Tijdschrift voor Sociale wetenschappen, 2, 1997.

 

 

Publications in books

 

What quantitative micro data reveal about price setting behavior, joint with Sabbatini R., Álvarez L., Dhyne E., Hoeberichts M., Le Bihan H., Lünnemann P., Martins F., Rumler F., Stahl H., Veronese G. and Vilmunen J., Pricing Decisions in the Euro Area: How Firms Set Prices and Why, 2007, Oxford University Press, Fabiani S., Loupias C., Martins F., and Sabbatini R.(eds).

  

The impact of uncertainty on investment plans: a survey data approach, joint with Butzen P. and Fuss C., Firms’ investment and finance decisions, 2003, Edward Elgar, Butzen P. and Fuss C. (eds).

 

Firm investment and monetary transmission in the euro area, joint with Châtelain J-B, Generale A., Hernando  I. and von Kalckreuth U., Monetary policy transmission in the euro area, 2003, Cambridge University Press, Angeloni I., Kashyap A. and Mojon B. (eds).

 

Business investment and monetary transmission in Belgium, joint with Butzen P. and Fuss C., Monetary policy transmission in the euro area, 2003, Cambridge University Press, Angeloni I., Kashyap A. and Mojon B. (eds).
 

Other Publications


The Eurosystem household finance and consumption survey: Methodological Report for the second wave, by Eurosystem Household Finance and Consumption Network,  ECB Statistics Paper Series, no 17, December 2016.

The Eurosystem household finance and consumption survey: Results from the second wave,  by Eurosystem Household Finance and Consumption Network,  ECB Statistics Paper Series, no 18, December 2016.


 The recovery of investment in the euro area in the aftermath of the great recession: how does it compare historically?, ECB Research Bulletin, Vol.28,  2016.


The Eurosystem household finance and consumption survey  Methodological Report for the first wave, by Eurosystem Household Finance and Consumption Network,  ECB Statistics Paper Series, no 1, April 2013

 

The Eurosystem household finance and consumption survey Results from the first wave,  by Eurosystem Household Finance and Consumption Network,  ECB Statistics Paper Series, no 2, April 2013

 

Structural features of distributive trades and their impact on prices in the euro area, by Task Force of the Monetary Policy Committee of the European System of Central Banks, ECB Occasional Paper Series, no 128, September 2011.

 

Survey data on household finance and consumption: research summary and policy use, by Eurosystem Household Finance and Consumption Network, ECB Occasional Paper Series, no 100, January 2009.


Conference Presentations (selection)
6th IAAE Conference, Nicosia, 2019
3rd Meetings of the Society of Economics of the Household, Lisbon, 2019
Royal Economic Society Annual Conference, Warwick, 2019
The Society for Economic Measurement, Xiamen, 2018
European Economic Association meetings, Lisbon, 2017
AEA Meetings, San Francisco, 2016

World Congress of the Econometric Society, Montreal, 2015

2nd IAAE  conference, Tessaloniki, 2015
Ottawa Group Meeting Tokyo, 2015
Scanner data Workshop Statistics Austria, Vienna, 2014

1st IAAE conference, London, 2014

4th Seek conference: Public finance and income distribution, Mannheim, 2014

18th International Panel Data Conference, Paris, 2012

Society for Computational Economics - Computing in Economics and Finance, Prague  2012

Society of Economic Dynamics, Limassol, 2012



Some selected invited presentations

 LISER, Luxembourg, 2018

Wealth Inequalities: measurement and policy, OECD, Paris, 2018

Wealth Data Workshop, CUNY Graduate Center, 2016

Cresus Workshop on Inequality, University of Antwerp, 2016

Workshop European Commission, Dealing with excessive corporate indebtedness, Brussels, 2015

Workshop on Measuring Inequalities of Income and Wealth, Berlin, 2015

Household Wealth Conference, London, 2015

 


Dissertation Committee Membership

Zeynep Ozkok, 2013, “Essays on international finance and macroeconomics”, Carlos III de Madrid.

Klaas Mulier, 2013, “Investment, Growth and the Access to Finance of Firms: An Empirical Analysis”, Universiteit Gent.

Isabel Vansteenkiste, 2005, “Essays on non-linear modelling in international  macroeconomics”, Katholieke Universiteit Leuven. 

Cihan Yalcin, 2004, “External finance, and the credit channel of monetary policy in UK manufacturing industry”, The University of Nottingham.

Astrid Van Landschoot, 2003, “Empirical Credit Risk Analysis of Corporates, Sovereigns and Banks”, Universiteit Gent.


Refereeing


American Economic Review, Applied Economics, Applied Economics Quarterly, Bulletin of Economic Research, Economic Journal,  Economics and Business Letters, Emerging Markets Finance and Trade,  Empirica, European Economic Review, German Economic Review, IMF Staff Papers, International Economic Review, International Finance, International journal of central banking,  International Journal of Forecasting, IZA Journal of labor policy, Journal of Applied Econometrics, Journal of Banking and Finance, Journal of Economic Inequality,  Journal of financial intermediation, Journal of International Money and Finance, Journal of Monetary Economics, Journal of Money Credit and Banking, North American Journal of economics and finance,  Oxford Bulletin of Economics and Statistics, Small Business Economics, Review of Economics and Statistics, Review of Income and Wealth, Review of Industrial Organisation, Review of World Economics, The Economics of Transition, The Journal of International Trade & Economic Development,  The Manchester School,  The Quarterly review of Economics and Finance, The Scandinavian Journal of Economics, Quarterly Journal of Economics







 
Disclaimer: This is my private web page. The opinions expressed on this page are solely my own.   


Subpages (1): research papers