Emmanuel De Veirman


Emmanuel de Veirman

Economics and Research Division
Phone +31 20 5245701
Email Emmanuel De Veirman

Short bio

Emmanuel joined the Research Department of De Nederlandsche Bank in 2012. Previously, he worked in the Research Section of the Reserve Bank of New Zealand. His published findings include that: (1) in the United States, the negative association between firm-specific volatility and the business cycle is much weaker than earlier research suggests. Firms became only moderately more volatile during the Great Recession; (2) the fact that deflation did not accelerate in Japan is most convincingly interpreted as a flattening in the Phillips curve, which in turn is best explained by endogenous pricing models. The latter finding is relevant for studies of the “missing disinflation” in other economies.


Ph.D. Economics, Johns Hopkins University
M.A. Economics, Johns Hopkins University
Licentiaat Rechten, KULeuven

Research interests

  • Macroeconomics
  • Housing and the Macroeconomy
  • Uncertainty and the Macroeconomy 
  • Inflation dynamics
  • Consumption dynamics 

Work in progress

Heterogeneity and asymmetric macroeconomic effects of changes in loan-to-value limits (with Jasper de Jong)

Country-specific risk premium shocks and macro-prudential policy (with Dennis Bonam and Gavin Goy)

Missing disinflation and time-variation in the euro area Phillips curve

Lending shocks and their amplification through borrower balance sheets

Publications in refereed journals

De Veirman, Emmanuel, and Andrew Levin (2018), Cyclical changes in firm volatility, Journal of Money, Credit and Banking 50, 317-349. Download JMCB.

De Veirman, Emmanuel, and Andrew Levin (2012), When did firms become more different? Time-varying firm-specific volatility in Japan, Journal of the Japanese and International Economies 26, 578-601. Download JJIE or working paper.

De Veirman, Emmanuel, and Ashley Dunstan (2012), Debt dynamics and the relationship between consumption and cyclical wealth changes, Economic Record 88(282), 330-340. Download ER or more extensive initial submission.

De Veirman, Emmanuel, and Ashley Dunstan (2011), Time-varying returns, intertemporal substitution and cyclical variation in consumption, B.E. Journal of Macroeconomics (Topics) 11, Article 23. Download BEJM or working paper.

De Veirman, Emmanuel (2009), What makes the output-inflation trade-off change? The absence of accelerating deflation in Japan, Journal of Money, Credit and Banking 41, 1117-1140. Download JMCB or more extensive working paper (the latter is entitled "Which nonlinearity in the Phillips curve?").


Latest update: April 2018