Frank van der Horst


Frank van der Horst

Cash Policy Department
Phone +31 6 52496522
E-mail Frank van der Horst

Short bio

Since 2010, Frank van der Horst is working partly as a researcher and partly as a policy advisor at the Cash Policy Department of De Nederlandsche Bank. Topics that Frank primarily is engaged in are: public perception research, counterfeit banknotes, banknote recirculation framework and banknotes issuing. Before 2010, Frank worked at the Human Resources Department advising about collective labor agreements, social plans and pension schemes. Some of his other activities are: confidential advisor at DNB and mediator.


1994 – Master’s Social Psychology, University of Amsterdam

Research interests

  • Payment behavior
  • Public perception of banknotes
  • Decision making

Working papers

Effects of payment instruments on unhealthy purchases (with Jelle Miedema, Daniël Schreij and Martijn Meeter), DNB Working Paper No. 582, 2018. Download

Payment behaviour: the role of sociopsychological factors (with C. van der Cruijsen), DNB Working Paper No. 532, 2016. Download

Does Banknote Quality Affect Counterfeit Detection? Experimental evidence from Germany and the Netherlands (with Martina Eschelbach, Susann Sieber and Jelle Miedema), DNB Working Paper No. 499, 2016. Download

Magazine articles

Carin van der Cruijsen and Frank van der Horst (2019). Cash or card? Unravelling the role of socio-psychological factors, De Economist 167(2), 145-175. Download

Van der Horst, F. and J. Miedema (2018), Effects of card payments on supermarket purchases, IBDA INSIGHT 15, 77-78. Download

Van der Horst, F., M. Eschelbach, S. Sieber and J. Miedema (2017), Does banknote quality affect counterfeit detection? Experimental evidence from Germany and the Netherlands, Journal of Economics and Statistics 237(6), 469-497. Download

Van der Horst, F., H. de Heij, J. Miedema and M. van der Woude (2017), Perception of public security features on euro banknotes; a qualitative study on confidence and authenticity, IBDA INSIGHT 13, 53-55. Download

Van der Horst, F. (2016), The halo effect of banknotes — Arguments for good banknote design, IBDA INSIGHT 11, 62-63. Download

Occasional Studies

Van der Horst, F., and E. Matthijsen (2013). The irrationality of payment behavior. DNB Occasional Studies 11(4). Download

Van der Horst, F., M. Meeter, J. Theeuwes, and M. van der Woude (2011). What is a fit banknote? The Dutch public responds. DNB Occasional Studies 9(4). Download

Publications in Dutch

Cruijsen, C., and F. van der Horst (2016), De relatie tussen aankoopbedrag en betaalgedrag (The relationship between purchase amount and payment behavior), Economisch Statistische Berichten 101(4725), 16.

Middeldorp, T., and F. van der Horst (2006), Beloningsverschil telt tussen sectoren niet (Differences in wages do not count between sectors), Het Financieele Dagblad, 21 december 2006.

Van der Horst, F., and M. de Vor (1996), Internationale gulden-emissies (International guilder issuance), Economisch Statistische Berichten 81(4056), 412-414.


Latest update: August 2018