Research

My research fields are monetary economics, monetary policy, oil market dynamics and macroeconometrics

Link to my RePEc/IDEAS research page that also contains an overview of my research papers, including abstracts and citations

Please send me an e-mail if you want the computer code of one of my papers

Recent (working) papers

"The U.S. dollar exchange rate and the demand for oil" (with Selien De Schryder)

• December 2012

• Abstract

• Presentation

• CESifo Working Paper No. 4126 version (February 2013)

"Effectiveness of unconventional monetary policy at the zero lower bound: a cross-country analysis" (with Leo Gambacorta and Boris Hofmann), revise and resubmit for Journal of Money, Credit and Banking

• December 2011; revised June 2012

• Abstract

• Presentation

• BIS Working Paper No. 384 version (August 2012)

"Bank lending shocks and the euro area business cycle", revise and resubmit for Journal of Money, Credit and Banking

• November 2011; revised February 2012

• Abstract

• Presentation

"Macroeconomic effects of unconventional monetary policy in the Euro area"

• December 2010; revised November 2011

• Abstract

• Presentation

• CEPR Working Paper No. 8348 version (April 2011)

   

(forthcoming) Publications

"Time-varying effects of oil supply shocks on the U.S. economy" (with Christiane Baumeister), forthcoming in American Economic Journal: Macroeconomics

• November 2007; revised December 2012

• Abstract

• Not-for-publication on-line appendix

• Presentation

"Dissecting the Dynamics of the US Trade Balance in an Estimated Equilibrium Model" (with Punnoose Jacob), forthcoming in Journal of International Economics

• November 2008; revised May 2012

• Abstract

"Time variation in U.S. wage dynamics" (with Boris Hofmann and Roland Straub), Journal of Monetary Economics, 2012, Vol. 59(8), p 769-783.

• April 2010; revised March 2012

• Abstract

• Presentation

"Cross-country differences in the effects of oil shocks" (with Ine Van Robays), Energy Economics, 2012, Vol. 34(5), p 1532-1547.

• Abstract

• Presentation

"The role of time-varying price elasticities in accounting for volatility changes in the crude oil market" (with Christiane Baumeister), forthcoming in Journal of Applied Econometrics

• Abstract

• Not-for-publication on-line appendix

• An older version circulated as "Sources of the volatility puzzle in the crude oil market"

"The relative importance of symmetric and asymmetric shocks: the case of United Kingdom and Euro area", Oxford Bulletin of Economics and Statistics, 2011, Vol. 73(1), p 101-118.

• Abstract

• An older version circulated as "The relative importance of symmetric and asymmetric shocks and the determination of the exchange rate"

"The economic consequences of oil shocks: differences across countries and time" (with Christiane Baumeister and Ine van Robays), In Fry, Jones and Kent (eds), Inflation in an era of relative price shocks, Reserve Bank of Australia, 2010, p 91-128.

• Abstract

• Presentation

"Oil and the Euro area economy" (with Ine Van Robays), Economic Policy, 2009, Vol. 24(Oct), p 603-651.

• Abstract

• Presentation

"Technology shocks and robust sign restrictions in a Euro area SVAR" (with Roland Straub), International Economic Review, 2009, Vol. 50(3), p 727-750.

• Abstract

• European Central Bank Working Paper No. 373 version (with more identified shocks)

"Business cycle fluctuations and excess sensitivity of private consumption" (with Lorenzo Pozzi), Economica, 2008, Vol. 75, p 514-523.

• Abstract

• An older version circulated as "Determinants of consumption smoothing"

"Is the exhange rate a shock absorber or source of shocks? New empirical evidence" (with Katie Farrant), Journal of Money, Credit and Banking, 2006, Vol. 38, p 939-962.

• Abstract

• Presentation

• A slightly different Bank of England Working Paper No. 269 version titled "Accounting for the source of exchange rate movements: New evidence"

"The industry effects of monetary policy in the Euro area" (with Frank Smets), Economic Journal, 2005, Vol. 115(April), p 319-342.

• Abstract

• A slightly different European Central Bank Working Paper No. 165 version

"What caused the early millennium slowdown? Evidence based on vector autoregressions", Journal of Applied Econometrics, 2005, Vol. 20, p 185-207.

• Abstract

• An older CEPR Working Paper No. 4087 version, which includes a more extensive discussion of the methodology and estimation results for industrialized world aggregates

• A summary of the paper published in Eijffinger and Koedijk (eds), The Euro area as an economic entity, CEPR, 2004, p 1-10.

"The transmission of monetary policy in the Euro area: Are the effects different across countries?", Oxford Bulletin of Economics and Statistics, 2004, Vol. 66(3), p 285-308.

• Abstract

"Investment under monetary uncertainty: a panel data investigation" (with Andrew Hughes Hallett and Laura Piscitelli), Empirica, 2004, Vol. 31(2), p 137-162.

• Abstract

"The monetary transmission mechanism in the Euro area: more evidence from VAR analysis" (with Frank Smets), In Angeloni, Kashyap and Mojon (eds), Monetary policy transmission in the Euro area, Cambridge University Press, 2003, chapter 2, p 36-55.

• Abstract

• European Central Bank Working Paper No. 91 version

"A VAR description of the effects of monetary policy in the individual countries of the Euro area" (with Benoit Mojon), In Angeloni, Kashyap and Mojon (eds), Monetary policy transmission in the Euro area, Cambridge University Press, 2003, chapter 3, p 56-74.

• Abstract

• European Central Bank Working Paper No. 92 version

"Are the effects of monetary policy in the Euro area greater in recessions than in booms?" (with Frank Smets), In Mahadeva and Sinclair (eds), Monetary transmission in diverse economies, Cambridge University Press, 2002, p 28-48.

• Abstract

• European Central Bank Working Paper No. 52 version

"Monetary policy and long term interest rates in Germany", Economics Letters, 2002, Vol 77(2), October, p 271-278.

• Abstract

"The Taylor rule: A useful monetary policy benchmark for the Euro area?" (with Frank Smets), International Finance, 1999, Vol. 2(1), p 85-116.

• Abstract

• An older version "Uncertainty and the Taylor rule in a simple model of the Euro area economy", which also includes estimation results for monetary policy reaction functions

Other (working) papers

"Liquidity, inflation and asset prices in a time-varying framework for the Euro area" (with Christiane Baumeister and Eveline Durinck), National Bank of Belgium Working Paper No. 142, October 2008

• Abstract

• Presentation

"Putting the New Keynesian model to a test" (with Roland Straub), International Monetary Fund Working Paper 06/135, May 2006

• Abstract

• Presentation