This paper presents a guide to the theoretical properties of EUROMON, the Nederlandsche Bank's multi-country model for implementing policy analysis. It is written with a view to explanding chapter 2 of the DNB Monetary Monograph 19, which provides for a model description. EUROMON is an aggregate...

This Occasional Study wraps up the modelling work that has been done in recent years regarding DNB’s multi-country model EUROMON. It offers a description of the current version of the model and provides information about its simulation properties through the analysis of variety of standard...

We disentangle different driving factors of sovereign bond market integration by studying yield co-movements of EMU countries, the UK, the US and 16 German states (Länder) since 1992. At a low frequency bond market integration has increased gradually in the course of the last 15 years in EMU...

Conventional money demand specifications in the euro area have become unstable since 2001. We specify a money demand equation in deviations of individual euro area Member States variables from the euro area average and show that the income elasticity as well as the interest rate semi-elasticity...

Global and European trade balances have seen strong divergences combined with strong movements in the exchange rate. Trade balances and real effective exchange rates are related. Using different measures of the real effective exchange rate, we show that this long-run link hinges on the relative...