Data shows that countries with higher pre-pandemic debt levels implemented more discretionary fiscal policy measures in the Covid-19 pandemic than countries with lower debt levels. This contrasts with theories of fiscal... →
European companies heavily rely on bank credit to finance their operations and investments. Therefore, it is crucial for banks to take risks on corporate loans, although excessive risk-taking can have negative... →
We compare machine learning techniques to a large Bayesian VAR for nowcasting and forecasting world merchandise trade. We focus on how the predictive performance of the machine learning models changes when they have... →
This discussion paper presents further evidence that the most important published estimates of the effects of unconventional monetary policy are not reliable. It is a further elaboration of the ideas in the CPB... →
How effective are unconventional monetary policies? Through which mechanisms do they work? This discussion paper contains a detailed presentation of the new scientific evidence we reported in the policy brief, and adds to the relatively scarce literature in this field. →
