CentER

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Center

Sylvester Eijffinger


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CURRICULUM VITAE

Name: Eijffinger, Sylvester Catharina Willem
Address: Faculty of Economics, P.O. Box 90153, 5000 LE Tilburg, The Netherlands
Telephone: +31 13 4662411 (Office)
Fax: +31 13 4663042
E-mail: s.c.w.eijffinger@uvt.nl

Education:

  • Master Degrees in Economics and Econometrics (Cum Laude) at the Free University of Amsterdam (1983)
  • Doctorate Degree in Economics and Econometrics at the Free University of Amsterdam (1986)

Previous positions:

  • Research Assistant at the Department of Economics of the Free University of Amsterdam (1980-1983)
  • Assistant Professor of Economics at the Department of Economics of the Free University of Amsterdam (1983-1986)
  • Assistant Professor of Monetary Economics at the Department of Economics of Tilburg University (1986-1991)
  • Associate Professor of Monetary Economics at the CentER for Economic Research and the Department of Economics of Tilburg University (1991-1998)
  • Professor of Monetary Economics (part-time) at the Department of European Economic Studies of the College of Europe (1994-2004)
  • Professor of Economic Policy (C4) at the Humboldt University of Berlin (1996-2000)
  • Chairman of the Educational Programme International Economics and Finance of Tilburg University (1998 - 2003)
  • Head of the Macro Research Group of CentER and permanent member of the Recruitment Committee for the Department of Economics, Econometrics and Operations Research, and Finance (2003-2008)
  • Professor of European Financial Integration (part-time) at the Rotterdam School of Management (RSM) of Erasmus University Rotterdam (2005-2008)

Current positions:

  • Full Professor of Financial Economics at the CentER for Economic Research and the Department of Economics of Tilburg University (since 2000)
  • Jean Monnet Professor of European Financial and Monetary Integration (chair sponsored by the European Commission) at Tilburg University (since 1998)
  • President of the Tilburg University Society, the relationship network of the Executive Board and the Faculties of Economics and Business Management, Law, Social Sciences, Arts and the TiasNimbas Business School (since 2009)

Other positions:

  • Research Fellow of the Centre for Economic Policy Research (CEPR) in London (since 1998)
  • Research Fellow of the CESifo Research Network in Munich (since 1999)

Other academic and professional activities:

  • Programme Director of the CEPR European Summer Institute Annual Conferences (a European forum for discussing central banking and related policy issues) sponsored by the Austrian National Bank, Banco de Portugal, Bank of Finland, Deutsche Bundesbank, National Bank of Belgium, National Bank of Hungary, De Nederlandsche Bank, and the European Central Bank
  • Chairman of the Monetaire Kring (Monetary Circle) in the Netherlands (a policy forum of university professors and senior officials at the central bank, ministry of Finance, banks, pension funds and other financial institutions)
  • Chairman of the Board of Editors of Financiele & Monetaire Studies (Financial & Monetary Studies) edited by the NIBE-SVV in Amsterdam (VSNU classification: C journal)
  • Chairman of the Governmental Committee (IBO) on Structural Policy in the Perspective of EU Enlargement (2000-2001) reporting to the Dutch cabinet
  • Chairman of the NWO Beoordelingscommissie Economie, Ronde 2001-2002 (Evaluation Committe Economics of the Dutch National Science Foundation)
  • Special Adviser on the Code of Good Practices on Transparency in Monetary and Financial Policies to the Monetary and Exchange Affairs Department of the International Monetary Fund
  • Special Adviser on monetary and fiscal policy of the Directorate-General for Economic and Financial Affairs of the European Commission in Brussels
  • Member of the Panel of Economic and Monetary Experts of the European Parliament for its Monetary Dialogue with the President of the European Central Bank by writing briefing papers and giving testimonies on a quarterly basis (legally based on Article 113(3) of the Treaty on European Union)
  • Member of the Raad van Economische Adviseurs (REA) (Council of Economic Advisers) of the Dutch Parliament (2005-2008)
  • Member of the Programme Committee of the 1999 Annual Meeting of the European Economic Association in Santiago de Compostela, Spain
  • Member of the Innovatieplatform Working Group Onconventionele Financieringsmethoden voor de Wetenschap (Onconventional Methods of Financing Science) chaired by Professor Peter Nijkamp (2004-2005)
  • Member of the Advisory Board of Intereconomics, Review of European Economic Policy of the Hamburg Institute of International Economics
  • Member of the Board of Editors of the European Journal of Political Economy edited by Elsevier Science (North-Holland), Amsterdam
  • Member of the Board of Editors of the North American Journal of Economics and Finance edited by Elsevier Science (North-Holland), Amsterdam
  • Member of the Board of Editors of the Journal of Economic and Financial Sciences, University of Johannesburg, Republic of South Africa
  • Member of the Board of Editors of Christen Democratische Verkenningen, a quarterly journal edited by the Scientific Institute of the Christian Democratic Party (CDA) in the Netherlands
  • Member of the Board of Governors of the Scientific Institute of the Christian Democratic Party (CDA) in the Netherlands
  • Member of the International Monetary Commission and Monetary Panel of the European League for Economic Cooperation organized by the Deutsche Bank in Frankfurt-am-Main
  • Member of the Political-Economic Council of the Europese Beweging in Nederland (European Movement in the Netherlands)
  • Member of the Studiegezelschap voor Economische Politiek (Dutch Society for Economic Policy, established by Professor Jan Tinbergen in 1931)
  • Member of the Board of the Kangaroo Group (The Movement for Free Movement) of the European Parliament in Brussels
  • Member of the Incentives for Research Committee of the Faculty of Economics and Business Administration of Tilburg University
  • Member of the Konstanz Seminar on Monetary Theory and Monetary Policy
  • Adviser in 1991 and Managing Editor in 2007of the Koninklijke Vereniging voor de Staathuishoudkunde (Royal Netherlands Economic Association)
  • Member of the Advisory Committee on the Future of Banks in the Netherlands (Maas Committee) that designed the Code Banking in the Netherlands (2008)

Visiting Professorships:

  • Visiting Professor at the Joint Vienna Institute, sponsored by the BIS, EBRD, European Commission, IMF, OECD and the World Bank, Vienna (1992)
  • Visiting Professor at the Rand Afrikaans University, University of Stellenbosch and University of Witwatersrand, Republic of South Africa (1996)
  • Visiting Professor at the Universidade Catolica Portuguesa and Universidade Nova, Lisbon (1998)
  • Visiting Professor at the CESifo Research Network of the University of Munich (1999)
  • Visiting Professor at the Department of Economics of Harvard University, Cambridge MA (2003 and 2008)

Visiting Scholarships and Guest Lectures:

  • Visiting Scholar at the Deutsche Bundesbank (1988)
  • Visiting Scholar at the Bank of Japan (1989)
  • Visiting Scholar at the Banque de France (1990)
  • Visiting Scholar at the Bank of England (1991)
  • Visiting Scholar at the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York (1992)
  • Visiting scholar at the National Bureau of Economic Research, Cambridge MA (2003 and 2008)
  • Wim Duisenberg Senior Research Fellow at the European Central Bank (2008)
  • Guest Lectures and Seminars at the European Central Bank, European Commission, European Monetary Institute, European Parliament and the International Monetary Fund
  • Guest Lectures and Seminars at many national central banks (Bank of England, Bank of Estonia, Bank of Finland, Banca d'Italia, Bank of Japan, Banco de Portugal, Board of Governors of the Federal Reserve System, Deutsche Bundesbank, De Nederlandsche Bank, National Bank of Belgium, National Bank of Hungary, National Bank of Poland, Österreichische Nationalbank and the South African Reserve Bank)

Books, Monographs and Edited Volumes

  • Over de beheersbaarheid van de geldhoeveelheid: Een macro-economische analyse voor Nederland (On the controllability of the money supply: A macro-economic analysis for the Netherlands), Free University Press, 1986, Amsterdam.
  • Financiële markten en monetair beleid - Ervaringen in zeven landen (Financial markets and monetary policy - Experiences in seven countries), Nederlands Instituut voor het Bank- en Effectenbedrijf (NIBE), Amsterdam, 1990.*
  • European Monetary Integration and the Financial Sector, Netherlands Institute for Banking and Stockbroking (NIBE), Amsterdam, 1993.*
  • A Framework for Monetary Stability, Papers and Proceedings of an International Conference organized by De Nederlandsche Bank and the CentER for Economic Research of Tilburg University, held at Amsterdam on October 21-22, 1993, Kluwer Academic Publishers, Dordrecht/Boston/London, 1994.*
  • De politieke economie van centrale bank onafhankelijkheid (The political economy of central bank independence), Rotterdamse Monetaire Studies, 13(2), Wolters-Noordhoff, Groningen, 1994.*
  • The Political Economy of Central-Bank Independence, Princeton Special Papers in International Economics, No. 19, May 1996, International Finance Section, Princeton University, Princeton, New Jersey.*
  • Future European Monetary Policy, Inaugural Lecture on the occasion of the inauguration on the Stiftungsprofessur Allgemeine Wirtschaftspolitik of the Stifterverband für die Deutsche Wissenschaft at the Faculty of Economics of the Humboldt University of Berlin, Berlin, 31 May 1996.
  • Independent Central Banks and Economic Performance, The International Library of Critical Writings in Economics, Edward Elgar Publishing Ltd., Cheltenham, 1997.
  • Banks, Financial Markets and Monetary Policy, Netherlands Institute for Banking and Stockbroking (NIBE), Amsterdam, 1997.*
  • Positive Political Economy: Theory and Evidence, Papers and Proceedings of an International Conference organized the CentER for Economic Research of Tilburg University, held at Tilburg on January 23-24, 1995, Cambridge University Press, Cambridge, 1998.*
  • Foreign Exchange Intervention: Objectives and Effectiveness, The International Library of Critical Writings in Economics, Edward Elgar Publishing Ltd., Cheltenham, 1998
  • European Monetary and Fiscal Policy, Oxford University Press, Oxford, First Edition, 2000.*
  • Centrale banken: van monopolisten tot concurrenten (Central banks: from monopolists to competitors), Inaugural Lecture on the occasion of the inauguration of Professor of European Financial Economics at the Faculty of Economics Business Administration of Tilburg University, Tilburg, 29 January 2001.
  • International Financial Integration, Volume I and II, Library of Critical Writings in Economics, Edward Elgar Publishing Ltd., Cheltenham, 2003.*
  • European Monetary and Fiscal Policy (Chinese translation), Renmin University Press, Peking, 2003.*
  • EU Economic Governance and Globalization, Edward Elgar Publishing Ltd., Cheltenham, 2003.*
  • Intermediaiar tussen Wetenschap en Onderwijs (Intermediary between Science and Education), Liber Amicorum for Professor Jacques Sijben, Gianotten Publishers, Tilburg, 2004.*
  • The European Central Bank: Credibility, Transparency, and Centralization, The MIT Press, Cambridge, Massachusetts, 2005.*
  • Private Equity en Aandeelhoudersactivisme, (Private Equity and Shareholder Activism), Preadviezen 2007 van de Koninklijke Vereniging voor de Staathuishoudkunde (Preadvices 2007 of the Royal Dutch Association for Economics), Amsterdam, 2007.*
  • Zal Men Het Ooit Leren? (Will They Ever Learn?), De Ongezouten Columns van Prof. Dr. Sylvester C.W. Eijffinger, Brussels, 2007.
  • Frontiers in Pension Finance, Edward Elgar Publishing Ltd., Cheltenham, UK & Northampton, MA, USA, 2008.*
  • Een Klassiek Econoom met een Brede Blik (A Classical Economist with a Wide View), Liber Amicorum for Professor Hans Visser, Sdu publishers, The Hague, 2008.*
  • Restoring Trust, Report of the Advisory Committee on the Future of Banks in the Netherlands (Maas Committee), Netherlands' Bankers Association, Amsterdam, April 2009.*

CEPR European Summer Institute Conference Volumes (since 1997)

  • The German Economy and the European Union, Papers and Lectures of the First CEPR European Summer Institute Annual Conference on 10-13 September 1997 at the Radisson SAS HotelBerlin, Berlin/Maastricht, 1998.*
  • The Changing European Financial Landscape, Papers and Lectures of the Second CEPR European Summer Institute Annual Conference on 24-26 September 1998 at the National Bank of Belgium in Brussels, Centre for Economic Policy Research, London, 1999.*
  • Fiscal Policy Imbalances, the Monetary Transmission Mechanism and Prudential Supervision: Issues facing Europe's Central Bankers, Papers and Lectures of the Third CEPR European Summer Institute Annual Conference on 17-18 September 1999 at the Banco de Portugal in Lisbon, Centre for Economic Policy Research, London, 2000.*
  • Vivent les Différences? - Heterogeneous Europe, Papers and Lectures of the Fourth CEPR European Summer Institute Annual Conference on 15-16 September 2000at De Nederlandsche Bank in Amsterdam, Centre for Economic Policy Research, London, 2001.*
  • Old Age, New Economy and Central Banking, Papers and Lectures of the Fifth CEPR European Summer Institute Annual Conference on 14-15 September 2001 at Bank of Finland in Helsinki, Centre for Economic Policy Research, London, 2002.*
  • Regulatory Challenges for European Financial Markets, Papers and Lectures of the Sixth CEPR European Summer Institute Annual Conference on 20-21 September 2002 at Oesterreichische Nationalbank in Vienna, Centre for Economic Policy Research, London, 2003.*
  • The Euro Area as an Economic Entity, Papers and Lectures of the Seventh CEPR European Summer Institute Annual Conference on 12-13 September 2003 at the Deutsche Bundesbank in Eltville (Frankfurt-am-Main), Centre for Economic Policy Research, London, 2004.*
  • EMU Enlargement to the East and the West, Papers and Lectures of the Eighth CEPR European Summer Institute Annual Conference on 24-25 September 2004 at the Magyar Nemzeti Bank (National Bank of Hungary) in Budapest, Centre for Economic Policy Research, London, 2005.*
  • Structural Reforms and Economic Growth in Europe, Papers and Lectures of the Ninth CEPR European Summer Institute Annual Conference on 9-10 September 2005 at the European Central Bank in Frankfurt-am-Main, Centre for Economic Policy Research, London, 2006.*
  • Globalisation and Monetary Policy, Papers and Lectures of the Tenth CEPR European Summer Institute Annual Conference on 1-2 September 2006 at the National Bank of Poland in Warsaw, Centre for Economic Policy Research, London, 2007.*
  • Global Imbalances, Competitiveness and Emerging Markets, Papers and Lectures of the Eleventh CEPR European Summer Institute Annual Conference on 28-29 September 2007 at the South African Reserve Bank in Pretoria, Centre for Economic Policy Research, London, 2008.*
  • The Evolving Financial System and the Transmission Mechanism of Monetary Policy, Papers and Lectures of the Twelfth CEPR European Summer Institute Annual Conference on 25-26 September 2008 at the Bank for International Settlements in Basel, Centre for Economic Policy Research, London, 2009.*

Articles in Refereed Academic Journals (since 1990)

  • On the Short-Term Objectives of Daily Intervention by the Deutsche Bundesbank and the Federal Reserve System in the U.S. Dollar-Deutsche Mark Exchange Market, Kredit und Kapital, 24(1), 1991, 50-72.*
  • Objectives and Effectiveness of Foreign Exchange Market Intervention - A Survey of the Empirical Literature, Banca Nazionale del Lavoro Quarterly Review, No. 176, March 1991, 31-56.*
  • Empirical Evidence on Foreign Exchange Market Intervention: Where Do We Stand?, Weltwirtschaftliches Archiv (Review of World Economics), 127(4), 1991, 15-47.*
  • The Japanese Financial System and Monetary Policy: A Descriptive Review, Japan and the World Economy, International Journal of Theory and Policy, 4(4), 1992, 291-309.*
  • The Degree of Financial Integration in the European Community, De Economist, 141(2), 1993, 189-213.*
  • Central Bank Independence in Twelve Industrial Countries, Banca Nazionale del Lavoro Quarterly Review, No. 184, March 1993, 49-89.*
  • Indipendenza delle banche centrali in dodici paesi industrializzati, Moneta e Credito, XLVI, No. 181, 1993, 61-105.*
  • Daily Bundesbank and Federal Reserve Interventions - Do They Affect the Level and Unexpected Volatility of the DM/$-Rate?, Empirical Economics, 19(1), 1994, 111-130.*
  • Money Market Integration in Europe, Swiss Journal of Economics and Statistics, 131(1), 1995, 3-37.*
  • Central Bank Independence: Criteria and Indices, Kredit und Kapital, Special Issue No.13, 1995, 185-217.*
  • The Quantity Approach to Financial Integration: The Feldstein-Horioka Criterion Revisited, Open Economies Review, 6, 1995, 145-165.*
  • Central Bank Independence in Another Eleven Countries, Banca Nazionale del Lavoro Quarterly Review, No. 192, March 1995, 39-83.*
  • Central Bank Independence: A Paneldata Approach, Public Choice, 89, 1996, 163-182.*
  • A Friction Model of Daily Bundesbank and Federal Reserve Intervention, Journal of Banking and Finance, 20, 1996, 1365-1380.*
  • The Price Approach to Financial Integration: Decomposing European Money Market Interest Rate Differentials, Kredit und Kapital, 29(2), 1996, 189-223.*
  • The Fundamental Determinants of Financial Integration in the European Union, Weltwirtschaftliches Archiv (Review of World Economics) , 132(3), 1996, 432-456.*
  • Central Bank Independence - Only Part of the Inflation Story: A Comment, De Economist, 144(4), 1996, 658-666.*
  • The Advantage of Hiding Both Hands: Foreign Exchange Intervention, Ambiguity and Private Information, Journal of Banking and Finance, 22, 1998.*
  • Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique, Journal of Money, Credit, and Banking, 32(2), 2000, 218-235.*
  • Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes, Journal of Public Economics, 68(3), 1998, 309-334.*
  • Central Bank Independence: A Sensitivity Analysis, European Journal of Political Economy, 14(1), 1998, 73-88.*
  • The Trade-Off Between Central Bank Independence and Conservativeness, Oxford Economic Papers, 50(3), 1998, 397-411.*
  • Accountability of Central Banks: Aspects and Quantification, Banca Nazionale del Lavoro Quarterly Review, No. 209, June 1999, 169-193 (Also published in: The European Union and the Euro: Economic, Institutional and International Aspects, Papers of the Fourth ECSA-World Conference, European Commission, Luxembourg, 2000, 171-194).*
  • Is Europe Going Too Far?: A Comment, Carnegie-Rochester Conference Series on Public Policy, 51, 1999, 43-49.
  • Optimal Central Bank Conservativeness in an Open Economy, Public Choice, 105(3/4), 2000, 339-355.*
  • The Democratic Accountability of the European Central Bank: A Comment on Two Fairy-tales, Journal of Common Market Studies, 38(3), 2000, 393-407.*
  • Central Bank Independence: An Update of Theory and Evidence, Journal of Economic Surveys, 15(1), 2001, 3-40.*
  • Central Bank Accountability and Transparency: Theory and Some Evidence, International Finance, 5(1), Spring 2002, 73-96.*
  • Small is Beautiful: Measuring the Research Input and Output of European Central Banks, European Journal of Political Economy, 18, 2002, 365-374.*
  • Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique: Reply, Journal of Money, Credit, and Banking, 35(1), 2003, 129-139.*
  • The Federal Design of a Central Bank in a Monetary Union: The Case of the European System of Central Banks, International Journal of Finance and Economics, 8(4), 2003, 365-380.
  • Revisiting EMU's Stability Pact: A Pragmatic Way Forward, Oxford Review of Economic Policy, 19(1), 2003, 100-111.*
  • Small is Beautiful but Large is not to be Belittled: Reply, European Journal of Political Economy, 19(3), 2003, 905-907.*
  • How Can the Stability and Growth Pact be Improved to Achieve both Stronger Discipline and Higher Flexibility?, Intereconomics, Review of European Economic Policy, 38(1), 2003, 10-15.
  • Corporate Social Responsibility of Dutch Companies: Benchmarking, Transparency and Robustness, De Economist, 152(3), 2004, 403-426.*
  • The European Central Bank and Financial Supervision, Banking & Finance, 15(4), 2004, 52-62.
  • Benchmarking of Corporate Social Responsibility: Methodological Problems and Robustness, Journal of Business Ethics, 53, 2004, 137-152.*
  • An Assessment of the Effectiveness of the Monetary Dialogue on the ECB's Accountability and Transparency, Intereconomics, Review of European Economic Policy, 39(4), 2004, 190-203.*
  • The Effectiveness of Structural Policy in the European Union: An Empirical Analysis for the EU-15 during the Period 1995-2001, Journal of Common Market Studies, 43(1), 2005, 35-49.*
  • Reform of the Stability and Growth Pact: Evaluating the European Commission's Communication of September 2004, Intereconomics, Review of European Economic Policy, 40(1), 2005, 10-13.
  • How Transparent are Central Banks?, European Journal of Political Economy, 22(1), 2006, 1-21.*
  • Change at the ECB Executive Board, Intereconomics, Review of European Economic Policy, 41(2), 2006, 93-99.
  • Number and Prioritization of Central Bank Objectives, Banking & Finance, 17(6), 2007, 61-65.
  • Productivity, Growth Potential and Monetary Policy, Intereconomics, Review of European Economic Policy, 42(1), 2007, 19-24.
  • Central Bank Transparency and Central Bank Communication: Editorial Introduction, European Journal of Political Economy, 23(1), 2007, 1-9.*
  • Central Bank Forecasts and Disclosure policy: Why It Pays To Be Optimistic, European Journal of Political Economy, 23(1), 2007, 30-51.*
  • Interest Rate Stepping: Theory and Evidence, Journal of Economic and Financial Sciences, 1(1), 2007, 67-93.*
  • Treaty Reform: Consequences for Monetary Policy, Intereconomics, Review of European Economic Policy, 42(6), 2007, 311-316.
  • Supervision bancaire Europeenne: Un cadre en mutation, Revue Banque, 702, 2008, 34-36.
  • Private Equity and Shareholder Activism, De Economist, 156(1), 2008, 95-101.*
  • Central Bank Communication and Output Stabilization, Oxford Economic Papers, 60, 2008, 1-17.*
  • Efficiency of Capital Taxation in an Open Economy: Tax Competition versus Tax Exportation, International Tax and Public Finance, 15, December, 2008, 637-646.*
  • How Much Inevitable US-Euro Area Interdependence Is There in Monetary Policy?, Intereconomics, Review of European Economic Policy, 43(6), 2008, 341-348.
  • The Effect of Monetary Policy on Exchange Rates during Currency Crises: the Role of Debt, Institutions, and Financial Openness, Review of International Economics, 16(3), 2008, 559-575.*
  • The trade-off between Central Bank independence and conservatism in a new Keynesian framework, European Journal of Political Economy, 24(4), 2008, 742-747.*
  • Incentive problems and the pattern of international risk sharing, Journal of International Money and Finance, 29(7), 1206-1225.
  • From actual to perceived transparency: The case of the European Central Bank, Journal of Economic Psychology, Forthcoming, 2010.*

Articles in Refereed and Non-refereed Professional Journals (since 1990)

  • De ontwikkeling van de rentetermijnstructuur in internationaal perspectief, Maandschrift Economie, 54(5), 1990, 364-385.*
  • De Duitse monetaire unie, Bank- en Effectenbedrijf, 39(4), April 1990, 4-6.
  • De Bank van Europa, Bank- en Effectenbedrijf, 40(1), January/February 1991, 4-6.
  • De evolutie van het Franse monetaire beleid, Bank- en Effectenbedrijf, 40(1), January/February 1991, 20-26.
  • Het Europese monetaire instrumentarium, Bank- en Effectenbedrijf, 41(5), May 1992, 4-6.
  • Hoe onafhankelijk is de Fed?, Bank- en Effectenbedrijf, 41(9), September 1992, 4-6.
  • Van financiële integratie naar monetaire convergentie, Bank- en Effectenbedrijf, 42(10), October 1993, 20-25.
  • A Framework for Monetary Stability, Bank- en Effectenbedrijf, 42(11), November 1993, 4-6.
  • Het Europees Monetair Instituut, Europa Periodiek, 11(1), January 1994, 14-15.
  • Het democratisch tekort van de Europese Centrale Bank, Economisch Statistische Berichten, 79(3975), 7 September 1994, 796-799.*
  • ECB tussen autonomie en democratische controle: Naschrift, Economisch Statistische Berichten, 79(3987), 30 November 1994, 1094-1095.*
  • Le défi européen, Bank- en Effectenbedrijf, 44(7/8), July/August 1995, 4-6.
  • Geldmarktintegratie, geloofwaardigheid van het monetaire beleid en wisselkoersstabiliteit in het EMS, Economisch en Sociaal Tijdschrift, 49(2), 1995, 255-278.*
  • Europees monetair beleid vergt institutionele convergentie, Bank- en Effectenbedrijf, 45(11), November 1996, 12-17.
  • Centrale bank onafhankelijkheid, Economisch Statistische Berichten, 81(4084), 4 December 1996, 996-998.*
  • Future European Monetary Policy, Die Union, Europäische Kommission, Vienna, 4. Quartal 1996/1. Quartal 1997, 46-64.
  • 'Ins, pre-ins & outs', Bank- en Effectenbedrijf, 46(1/2), January/February 1997, 4-6.
  • Bolkonomics, Economisch Statistische Berichten, 82(4094), 19 February 1997, 143.
  • De Eddie George Show, Economisch Statistische Berichten, 82(4106), 14 May 1997, 383.
  • ECB, EMU en Euro, Bedrijfskunde, Special 'De Euro en het bedrijfsleven', 69(3), 1997, 14-21.
  • Stabiliteit en groei, Bank- en Effectenbedrijf, 46(7/8), July/August 1997, 4-6.
  • Naar een Europese bronbelasting op rente, Economisch Statistische Berichten, 82(4127), 5 November 1997, 840-842.*
  • Franse hoogmoed, Economisch Statistische Berichten, 82(4131), 3 December 1997, 915.
  • Nederland ligt in Europa, Economisch Statistische Berichten, 83(4145), 27 March 1998, 248-249.*
  • Een contract voor schuldreductie, Economisch Statistische Berichten, 83(4146), 3 April 1998, 263.
  • Bedreigingen voor de ECB, Bank- en Effectenbedrijf, 47(5), May 1998, 4-6.
  • Strategisch stemgedrag en de ECB, Economisch Statistische Berichten, 83(4155), 5 June 1998, 456.
  • De introductie van deeuro is pas een eerste stap, Tijdschrift voor Corporate Finance, 3, Summer, 5-6.
  • Aan de vooravond van de euro, Banking Review, 9(6), December 1998, 26-28.
  • De frequentie van het monetaire beleid, Economisch Statistische Berichten, 84(4195), 19 March 1999, 209-211.*
  • Nobelprijs Economie voor Robert Mundell, Economenblad, 21(5), 1999, 3.
  • Het beleid van de Europese Centrale Bank: een commentaar, Tijdschrift voor Politieke Ekonomie, 21(4), 1999, 26-32.
  • Centrale banken: van monopolisten tot concurrenten, Economenblad, 24(1), 21 February 2001, 2.
  • Centrale banken: van monopolisten tot concurrenten, Banking Review, 12(1), 2001, 42-49.
  • De ECB is geen ivoren toren, EconomischStatistische Berichten, 88(4401), 2 May 2003, 199-202.*
  • Maatschappelijk meten met gewicht, Economisch Statistische Berichten, 88(4408), 11 July 2003, 324-327.*
  • Monetaire dialogen met de ECB: succesvol en ook dreigend, Economisch Statistische Berichten, 89(4433), 14 May 2004, 222-225.*
  • Het vingertje van Zalm is straks al genoeg, Banking Review, 15(8), 2004, 22-26.
  • Financieel-economisch beleid onder Balkenende, Christen Democratische Verkenningen, Winter 2004, 85-94.*
  • Over goede intenties en de harde wetten van de woningmarkt, Tijdschrift voor Politieke Ekonomie,27(6), 2006, 20-42.*
  • Vergrijzing is een verborgen zegen, Kwartaalschrift Economie, 4, December 2007, 421-436.*
  • Pleidooi voor herstructureren Europese financiele toezicht, Economisch Statistische Berichten, 93(4543S), 19 September 2008, 58-63.*
  • Eurozone groeit uit elkaar, Economisch Statistische Berichten, 95(4581), 2010, 182-185.*

Chapters in Refereed Books and Conference Volumes (since 1990)

  • EMS Exchange Rates: Discussion, In: P.C.Van Aalst et al. (Eds.), Finance and Investment, State of the Art 1990, ErasmusUniversity, Rotterdam, 1990, 276-279.
  • Financiële mar kten en monetair beleid in Japan, In: S.C.W.Eijffinger & J.L.Gerards (Eds.), Financiële markten en monetair beleid - Ervaringen inzeven landen, Nederlands Instituut voor hetBank- en Effectenbedrijf, Amsterdam, 1990,43-59.
  • Konvergenz in der Geldpolitik - das Beispiel Deutschland-Frankreich, In: M.Weber (Ed.), Europa auf dem Weg zur Währungsunion,Wissenschaftliche Buchgesellschaft, Darmstadt, 1991, 171-192.
  • Reële rente, rentetermijnstructuur en reputatie, In: A.Knoester & H.Visser (Eds.), De hoge reële rente en de Nederlandse economie, Pre-adviezen van de Koninklijke Vereniging voor de Staathuishoudkunde 1991, Stenfert Kroese Uitgevers, Leiden/Antwerpen, 1991, 83-118.
  • Stability, Credibility and Flexibility of European Monetary Integration, In: A.Pijpers (Ed.), The European Community at the Crossroads, Martinus Nijhoff Publishers, Dordrecht/Boston/London, 1992, 171-177.
  • Daily Bundesbank and FED Foreign Exchange Market Intervention: Tobit Analysis with a GARCH Application, In: P.C.Van Aalst et al. (Eds.), Finance and Investment: State of the Art 1992, Erasmus University, Rotterdam, 1992, 217-241.*
  • On the Effectiveness of Daily Interventions by the Deutsche Bundesbank and the Federal Reserve System, In: E.Baltensperger & H.W. Sinn (Eds.), Exchange-Rate Regimes and Currency Unions, Macmillan Publishers, London & Basingstoke, 1992, 131-156.*
  • Convergence of Monetary Policies in Europe: Concepts, Targets and Instruments, In: K.Gretschmann (Ed.), Economic and Monetary Union: Implications for National Policy-Makers, European Institute for Public Administration, Martinus Nijhoff Publishers, Dordrecht/Boston/ London, 1993, 125-149.
  • Central Bank Independence: Searching for the Philosophers' Stone, In: D.E.Fair & R.J.Raymond (Eds.), The New Europe: Evolving Economic and Financial Systems in East and West, Kluwer Academic Publishers, Dordrecht/Boston/London, 1993, 263-279.*
  • The Consequences of European Economic and Monetary Integration for the Financial Markets and Institutions, In: S.C.W.Eijffinger & J.L.Gerards (Eds.), European Monetary Integration and the Financial Sector, Netherlands Institute for Banking and Stockbroking (NIBE), Amsterdam, 1993, 11-21.*
  • Central Bank Independence: Theory and Evidence, In: S.C.W.Eijffinger (Ed.), Independent Central Banks and Economic Performance, Edward Elgar Publishing Ltd., Cheltenham, 1997, 384-415.*
  • A Framework for Monetary Stability - General Report, In: J.A.H.De Beaufort Wijnholds, S.C.W.Eijffinger & L.H.Hoogduin (Eds.), A Framework for Monetary Stability, Kluwer Academic Publishers, Dordrecht/Boston/London, 1994, 309-330.
  • Financial Integration and Monetary Convergence: The Main Challenges of EMU's Stage Two, In: Institutional Convergence: A Prerequisite for Monetary Union, Cahier Comte Boël, No. 3, European League for Economic Cooperation, Brussels, 1994, 7-22.
  • The Ineffectiveness of Central Bank Intervention, In: S.C.W.Eijffinger (Ed.), Foreign Exchange Intervention: Objectives and Effectiveness, Edward Elgar Publishing Ltd., Cheltenham, 1998, 401-420.*
  • The Trade-Off between the Degree and the Speed of Financial Integration, In: B.Green (Ed.), Risk Behaviour and Risk Management, Risk Research Group, School of Business, Stockholm University, Stockholm, 1995, 227-241.*
  • Optimal Commitment in an Open Economy: Credibility vs. Flexibility, In: S.C.W.Eijffinger (Ed.), Independent Central Banks and Economic Performance, Edward Elgar Publishing Ltd., Cheltenham, 1997, 594-637.*
  • Quis Custodiet Ipsos Custodes? - Necessary Conditions for Price Stability in Europe: A Comment, In: H.Siebert (Ed.), Monetary Policy in an Integrated World Economy, Papers and Proceedings of the 1995 Kiel Week Conference, Institut für Weltwirtschaft (Institute of World Economics), J.C.B.Mohr (Paul Siebeck), Tübingen, 1996, 161-166.
  • The Credibility of the European Central Bank, In: S.Collignon (Ed.), European Monetary Policy, Papers and Proceedings of an International Conference organized by the Association for the Monetary Union of Europe, Kronberg (Frankfurt), November 30/December 1, 1995, Pinter Publishers, London, 1997, 179-208.
  • Financial Markets and Monetary Policy: The Anglo-Saxon Perspective versus Continental-European Perspective, In: W.W.Boonstra & S.C.W.Eijffinger (Eds.), Banks, Financial Markets and Monetary Policy, Netherlands Institute for Banking and Stockbroking, Amsterdam, 1997, 9-26.*
  • Central Bank Independence in Practice: An International Comparison, In: Oesterreichische Nationalbank (Ed.), Die Bedeutung der Unabhängigheit der Notenbank für die Glaubwürdigkeit der europäischen Geldpolitik, Volkswirtschaftliche Tagung 1997, Vienna, 1997, 98-121.
  • Financial Integration in Europe: Evidence from Euler Equation Tests, In: J J.G. Lemmen (Ed.), Integrating Financial Markets in the European Union, Edward Elgar Publishing Ltd., Cheltenham, 1998. *
  • The Ultimate Determinants of Central Bank Independence, In: S.C.W.Eijffinger & H.P.Huizinga (Eds.), Positive Political Economy: Theory and Evidence, Cambridge University Press, Cambridge, 1998, 47-77.*
  • The Optimal Conservativeness ofthe European Central Bank, In: R.H.Hasse & W.Schäfer (Eds.), Die ökonomischen Aussenbeziehungen der EWU, Vandenhoeck & Ruprecht, Göttingen, 1998, 33-56.
  • Monetary Policy of the ECB: Strategy and Instruments, In: J.de Haan (Ed.), The History of the Bundesbank - Lessons for the European Central Bank, Routledge, London and New York, 2000, 125-142.
  • The New Political Economy of Central Banking, In: A.Leijonhufvud et al. (Eds.), Monetary Theory and Policy Experience, IEA Conference Volume, No. 132, Palgrave Publishers, London, 2001, 181-209
  • Does the Monetary Dialogue with the European Parliament Influence the European Central Bank?, In: M.L. Campanella & S.C.W. Eijffinger (Eds.), EU Economic Governance and Globalization, Edward Elgar Publishing Ltd., Cheltenham, 2003, 142-170.*
  • De democratische verantwoording en transparantie van het Europese monetaire beleid (The democratic accountability and transparency of European monetary policy), In: S.C.W. Eijffinger, H.G. van Gemert & G.P.L.van Roij (Eds.), Intermediair tussen Wetenschap en Onderwijs (Intermediary between Science and Education), Liber Amicorum for Professor Jacques Sijben, Gianotten Publishers, Tilburg, 2004.*
  • Accession Countries and ERM II, In: F. Breuss & E. Hochreiter (Eds.), Challenges for Central Banks in an Enlarged EMU, Springer, Vienna/New York, 2005, 29-43.
  • Macroeconomic Adjustment in the New EU Member States: Comment, In: C. Detken, V. Gaspar & G. Noblet (Eds.), The New EU Member States: Convergence and Stability, European Central Bank, Frankfurt-am-Main, 2005, 175-187.
  • Reforming EMU's Fiscal Rules, In: M. Buti & D. Franco (Eds.), Fiscal Policy in Economic and Monetary Union: Theory, Evidence and Institutions, Edward Elgar Publishing, Cheltenham, 2005, 195-210.*
  • The European Central Bank and Financial Supervision, In: D. Masciandaro (Ed.), Handbook of Central Banking and Financial Authorities in Europe, Edward Elgar Publishing, Cheltenham, 2005, 457-484.
  • Der Stabilitäts- und Wachstumspakt unter der Lupe: Neugestaltung oder interne Anpassung? (The Stability and Growth Pact: Grand Design or Internal Adjustment?), Das öffentliche Haushaltwesen in Österreich, 48 (3-4), Vienna, 2007, 203-236.*
  • Central Bank Transparency: Does It Really Matter?, In: W.W. Boonstra & S.C.W. Eijffinger (Eds.), Een Klassiek Econoom met een Brede Blik (A Classical Economist with a Wide View), Liber Amicorum for Professor Hans Visser, Sdu publishers, The Hague, 2008.*
  • The Stability Pact Pains: A Forward-Looking Assessment of the Reform Debate, In: R. Neck & J.E. Sturm (Eds.), Sustainability of Public Debt, The MIT Press, Cambridge, MA, 2008, 131-160.*

Unpublished Discussion and Working Papers (since 1990)

  • Incentive Contracts for Central Bankers under Uncertainty: Walsh-Svensson Non-equivalence Revisited, CentER Discussion Paper, No. 9811, Tilburg University, January 1998.*
  • The Term Structure of Interest Rates and Inflation Forecast Targeting, CentER Discussion Paper, No. 9885, Tilburg University, August 1998.*
  • Incentives Schemes for Central Bankers under Uncertainty: Inflation Targets versus Contracts, Bank of England Working Paper , No. 88, Bank of England, November 1998.*
  • Should Monetary Policy Be Adjusted Frequently?, CEPR Discussion Paper, No. 2074, London, February 1999.*
  • A Theory of Interest Rate Stepping: Inflation-Targeting in a Dynamic Menu Cost Model, CEPR Discussion Paper, No. 2168, London, June 1999.*
  • The Term Structure of Interest Rates and Inflation Forecast Targeting, CEPR Discussion Paper, No. 2375, London, February 2000.*
  • The Feasible Gains from International Risk Sharing, CEPR Discussion Paper , No. 2691, London, February 2001 and CESifo Working Paper, No. 472, Munich, May 2001. Revised and submitted to Journal of International Economics*
  • Flexible Inflation Targeting under a Non-Linear Phillipscurve, CEPR Discussion Paper, London, August 2001.*
  • Taxation if Capital is Not Perfectly Mobile: Tax Competition versus Tax Exportation, CEPR Discussion Paper, No. 3084, London, November 2001 and EPRU Working Paper, No. 2002-07, Copenhagen, 2002.*
  • Financial Crises, Monetary Policy and Financial Fragility; A Second-Generation Model of Currency Crises, CEPR Discussion Paper, No. 3637, London, November 2002.*
  • Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?, CEPR Discussion Paper, No.3692, London, January 2003 and Economic Paper of the European Commission, Directorate-General for Economic and Financial Affairs, No. 180, Brussels, January 2003 (http://europa.eu.int/comm/economy_finance).*
  • Monetary Policy and the Rule of Law, CEPR Discussion Paper, No. 3698, London, January 2003.*
  • Heterogenous Information About the Term Structure of Interest Rates, Least-Squares Learning and Optimal Interest Rate Rules, CEPR Discussion Paper, No. 4278, London, March 2004 and Bank of Finland Discussion Paper, 23/2004, Helsinki, 2004.*
  • Central Bank Communication and Output Stabilization, CEPR Discussion Paper, 4408, London, June 2004.*
  • Fiscal and Monetary Interaction: The Role of Asymmetries of the Stability and Growth Pact in EMU, CEPR Discussion Paper, No. 4647, London, September 2004 and CESifo Working Paper, No. 1354, Munich, 2004.*
  • Central Bank Forecasts and Disclosure Policy: Why it Pays to be Optimistic, CEPR Discussion Paper, No. 4854, London, January 2005.*
  • The Stability Pact Pains: A Forward-Looking Assessment of the Reform Debate, CEPR Discussion Paper, No. 5216, London, September 2005.*
  • Does Central Bank Transparency Reduce Interest Rates?, CEPR Discussion Paper, No. 5526, London, March 2006 and DNB Working Paper, No. 085/2006, Amsterdam, January 2006.*
  • Learning About the Term Structure and Optimal Rules for Inflation Targeting, CEPR Discussion Paper, No. 5896, London, October 2006.*
  • Structural Reforms and Growth: Product and Labor Market Deregulations, CEPR Discussion Paper, No. 5988, London, December 2006.*
  • The Economic Impact of Central Bank Transparency: A Survey, CEPR Discussion Paper, No. 6070, London, January 2007.*
  • The effect of Monetary Policy on Exchange Rates During Currency Crises: The Role of Debt, Institutions and Financial Openness, CEPR Discussion Paper, No. 6217, London, April 2007 and ERIM Report Series Research in Management, ERS-2007-022-F&A, February 2007.*
  • Actual Versus Perceived Central Bank Transparency: The Case of the European Central Bank, CEPR Discussion Paper, No. 6525, London, October 2007 and DNB Working Paper, No. 163/2008, Amsterdam, 2008.*
  • Crisis Management in the European Union, CEPR Policy Insight, No.27, London, December 2008.
  • The The Role of Central Bank Transparency for Guiding Private Sector Forecasts, CEPR Discussion Paper, No. 7585, London, December 2009 and ECB Working Paper, No.1146, Frankfurt-am-Main, January 2010.*
  • The Lender of Last Resort: Liquidity Provision versus the Possibility of Bail-Out, CEPR Discussion Paper, No. 7674, London, February 2010.*
  • Globalization and the Output-Inflation Tradeoff: New Time Series Evidence, CEPR Discussion Paper, No. 7718, London, February 2010.*
  • Currency Crises and Monetary Policy: A Study on Advanced and Emerging Economies, CEPR Discussion Paper, London, Forthcoming.*

*) Co-authored or co-edited publication

CEPR (Centre for Economic Policy Research) Discussion Papers

CEPR Discussion Papers are the most recent academic papers published by Research Fellows and Affiliates of the Centre for Economic Policy Research. My papers are downloadable from: http://www.cepr.org/pubs/new-dps/dplist.asp?authorid=120432

Briefing Papers for the European Parliament on the Monetary Dialogue with the ECB

Briefing Papers are written quarterly for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament by the members of the Panel of Economic and Monetary Experts for the so-called Monetary Dialogue with the ECB President, which is legally based on Article 113(3) of the Treaty on European Union, and are downloadable from: http://www.europarl.eu.int/comparl/econ/emu/default_en.htm

Supervision of PhD Theses (Promotor or Co-Promotor)

  • Eric Schaling, Institutions and Monetary Policy: Credibility, Flexibility and Central Bank Independence, CentER, Tilburg University, 4 May 1995 (with Theo C.M.J. van de Klundert)
  • Geert J. Almekinders, Foreign Exchange Intervention: Theory and Evidence, CentER, Tilburg University, 2 October 1995 (with Jacques J. Sijben)
  • Jan J.G. Lemmen, Financial Integration in the European Union: Measurement and Determination,CentER, Tilburg University, 9 December 1996
  • Marco M. Hoeberichts, The Design of Monetary Institutions, CentER, TilburgUniversity, 11 December 1998
  • Abolghassem Jamshidi, The Financial System and Monetary Policy in the Islamic Republic of Iran, Tilburg University (Iran Project supervised by the Rector), 29 September 2000
  • Willem H. Verhagen, Inflation Targeting and Interest Rate Policy, CentER, Tilburg University, 20 June 2001
  • Wolf B. Wagner, Risk Sharing under Incentive Constraints, CentER, Tilburg University, 14 June 2002
  • Benedikt V.G. Goderis, Financial Crises and Monetary Policy, CentER, Tilburg University, 25 November 2005
  • MewaelF. Tesfaselassie, Communication, Learning and Optimal Monetary Policy, CentER, Tilburg University, 16 December 2005 (with Eric Schaling)
  • Brenda Gonzalez-Hermosillo, Transmission of Shocks across Global Financial Markets: The Role of Contagion and Investors' Risk Appetite, CentER, Tilburg University, 9 May 2008
  • Carin A.B. van der Cruijsen, The Economic Impact of Central Bank Transparency, CentER, Tilburg University, 14 November 2008

Honorary Doctorate (Honorary Promotor)

  • A.H.E.M. (Nout) Wellink, President of De Nederlandsche Bank and Member ofthe Governing Council of the European Central Bank, Honorary Doctorate on the Occasionof the 20th Anniversary of the CentER for Economic Research, Tilburg University, 12 June 2008

Member of PhD Thesis Committees

  • Klaas H.W. Knot, Fiscal Policy and Interest Rates in the European Community, University of Groningen, 12 October 1995
  • Ivo J.M. Arnold, Empirical Essays in Monetary Economics, Erasmus University Rotterdam, 15 February 1996
  • Clemens L.J. Siermann, Politics, Institutions and the Economic Performance of Nations, University of Groningen, 3 October 1996
  • Ronald K. de Ridder, De Rol van Monetaire en Bancaire Herstructurering in de Oost-Duitse Transitie (The Role of Monetary and Bank Restructuring in the East-German Transition), Erasmus University Rotterdam, 6 March 1997
  • Francesco Lippi, Central Bank Independence and Credibility: Essays on Delegation Arrangements for Monetary Policy, Erasmus University Rotterdam, 22 May 1997
  • David J.C. Smant, Monetary Policy, Inflation and Economic Activity, Erasmus University Rotterdam, 18 September 1997
  • Adrian A.R.J.M. vanRixtel, Informality, Bureaucratic Control and Monetary Policy: The Case of Japan, Free University of Amsterdam, 10 November 1997
  • Hans M. Groeneveld, Inflation Dynamics and Monetary Strategies, Maastricht University, 28 November 1997
  • Fabian Amtenbrink, The Democratic Accountability of Central Banks: The European Central Bank in the Light of its Peers, University of Groningen, 3 September 1998
  • Ronald Huisman, Adventures in International Financial Markets, Maastricht University, 25 February 1999
  • Jan Fidrmuc, The Political Economy of Reforms in Central and Eastern Europe, CentER, Tilburg University, 28 June 1999
  • Yohane A. Khamfula, Essays on Exchange Rate Policy in Developing Countries, CentER, Tilburg University, 8 September 1999
  • Aerdt C.F.J. Houben, The Evolution of Monetary Policy Strategies in Europe, University of Groningen, 11 November 1999
  • Frank J.G.M. Klaassen, Exchange Rates and Their Effects on International Trade, CentER, Tilburg University, 28 January 2000
  • Mark Schweitzer, Performance of Institutional Investors, Maastricht University, 22 March 2000
  • Philipp F. Maier, The Impact of Politics on Monetary Policy: A Sudy of the Bundesbank and Other Central Banks, University of Groningen, 25 October 2001
  • Erik C. Leertouwer, Measurement Issues in Political Economy, University of Groningen, 17 October 2002
  • Gerard A. Moerman, Empirical Studies on Asset Pricing and Banking in the Euro Area, Erasmus University Rotterdam, 16 June 2005
  • Maartje van Putten, Policing the World: Accountability Mechanisms for Multilateral Financial Institutions and Private Financial Institutions, Tilburg University, 13 September 2006
  • Benjamin Tims, Empirical Studies on Exchange Rate Puzzles and Volatility, Erasmus University Rotterdam, 26 October 2006
  • Jeroen Derwall, The Economic Vitues of SRI and CSR, Erasmus University Rotterdam, 1 March 2007
  • Cees Ullersma, Monetary Policy in a Low Inflation Environment, Erasmus University Rotterdam, 15 November 2007
  • Nadja Guenster, Investment Strategies based on Social Responsibility and Bubbles, Erasmus University Rotterdam, 30 June 2009
  • Ying Xu, Empirical Essays on the Stock Returns, Risk Management, and Liquidity Creation of Banks, Erasmus University Rotterdam, 29 January 2010