Country members of EMU as well as the United States have improved their fiscal positions during the course of the past decade. This article considers the impact of further government debt and deficit reductions in the EMU area. First the literature on government finance establishing the role of...

This study analyses Dutch employment growth and dynamics during the booming end 1990s. In this period many new jobs were created as employment growth was strongly positive. Next to these net flows of employment the gross flows of employment ­i.e. the numbers of jobs created and number of jobs...

This study focuses on Dutch shareholders' structures and the participation by funds and banks in particular. Statistics show that foreigners possess the main part of Dutch shares, funds a relatively large part and banks only a small part. In the Netherlands there has been an increasing interest...

In this paper a small econometric model with model-consistent expectations is adopted for the euro zone to study monetary and inflation targeting. Similation results show that the 'costs' in terms of inflation and economic growth volatility are by and large lowest in case of inflation targeting....

This report presents an updated version of the econometric model of the Bank that is used to forecast the bank note circulation and the number of returned and rejected bank notes. New elements in the model are the estimation of long-term relationships and the inclusion of the returns at point of...

For Germany, Spain, France, the Netherlands and the US an Error Correction Model with a long-term non-linear wage equation is estimated by 3-SLS to obtain consistent estimates, accounting for endogeneity and common shocks. On the basis of the estimated parameter elasticities of wages with...

The economic development in the United States has been very successful over the past decade, with high economic growth being accompanied by relatively low inflation. This article explores this development, comparing the economy of the United States with that of the EMU. In addition, it considers...

We study the capital structure dynamics of Central and Eastern European firms in order to get a better understanding of the quantitative and qualitative development of the financial systems in this region. The dynamic model we use endogenizes the target leverage as well as the adjustment speed...

Since the mid nineties unemployment has substantially decreased in some EMU-countries. One important factor underlying this development is wage moderation. This paper investigates wage formation and wage development. Using a theoretical wage bargaining model main determinants of formation are...

This report describes the macro-econometric model for the Republic of Macedonia MAKMODEL. It documents the main features of this model that was built by research teams of the Macedonian and Dutch central bank during July 1999 - June 2001 as one module of a large scale PHARE-project, funded by...