Short Bio
Dennis Bonam is an economist at the Business Cycle and Macro Analysis Department, which is part of the Economic Policy and Research Division of De Nederlandsche Bank. He joined DNB in 2015 after obtaining his PhD in Economics from VU University Amsterdam. In 2018 and 2024, he visited the Fiscal Policies Division of the European Central Bank. His research interests cover topics on the interactions between fiscal and monetary policy, inflation dynamics, monetary unions and macroeconomic imbalances. For more information, see his personal webpage.
Education
- 2016 – PhD in Economics, VU University Amsterdam
- 2011 – MSc in Business Economics, University of Amsterdam
- 2010 – MSc in Economics, VU University Amsterdam
Research Interests
- Macroeconomics
- Fiscal and monetary policy
- Inflation
- Monetary unions
- DSGE models
Working Papers
- Fiscal policy and inflation in the euro area, DNB Working Paper No. 820, November 2024. Download
- Downward price rigidities and inflationary relative demand shocks, Federal Reserve Bank of Chicago Working Paper No. 2024-11, April 2024. Download
- A convenient truth: The convenience yield, low interest rates and implications for fiscal policy, DNB Working Paper No. 700, December 2020. Download
- Tax multipliers across the business cycle, DNB Working Paper, No. 699, December 2020. Download
Publications in refereed journals
Kloosterman, Roben, Dennis Bonam, and Koen van der Veer. The effects of monetary policy across fiscal regimes. Journal of Macroeconomics 81 (2024): 103616. Download
Ascari, G., D. Bonam and A. Smadu (2024). Global supply chain pressures, inflation, and implications for monetary policy, Journal of International Money and Finance 142, 103029. Download
Bonam, Dennis, Gavin Goy, and Emmanuel De Veirman. Should developed economies manage international capital flows? An empirical and welfare analysis. Oxford Bulletin of Economics and Statistics 86.6 (2024): 1511-1538. Download
Bonam, D., M. Ferdinandusse and P. Jacquinot (2022). A fiscal capacity with endogenous access in a monetary union, Economics Letters 221, 110916. Download
Bonam, D. and Smădu, A. (2021). The long-run effects of pandemics on inflation: Will this time be different? Economics Letters 208, 110065. Download
Bonam, D. and Hobijn, B. (2020). Generalized stability of monetary unions under regime switching in monetary and fiscal policies, Journal of Money, Credit and Banking, forthcoming. Download
Bonam, D., J. de Haan and D. van Limbergen (2021). Time-varying wage Phillips curves in the euro area with a new measure for labor market slack, Economic Modelling 96, 157-171. Download
Bonam, Dennis, Jakob De Haan, and Beau Soederhuizen. The effects of fiscal policy at the effective lower bound. Macroeconomic Dynamics 26.1 (2022): 149-185. Download
Bonam, D. and Goy, G. (2019). Home biased expectations and macroeconomic imbalances in a monetary union, Journal of Economic Dynamics and Control 103, 25-42. Download
Bonam, D. and Lukkezen, J. (2018). Fiscal and monetary policy coordination, macroeconomic stability, and sovereign risk premia, Journal of Money, Credit and Banking 52(2-3), 581-616. Download
Other publications
- Inflatie was hoger in eurolanden die meer importeren, ESB, 2024
- Drivers of Dutch inflation during the pandemic era, DNB Analysis, 2024
- Challenges for monetary and fiscal policy interactions in the post-pandemic era, ECB Occasional Paper, 2024
- Economische stabiliteit vereist een evenwichtige mix van monetair en begrotingsbeleid, KVS Preadviezen, 2023
- Arbeidskrapte maakt zachte landing mogelijk na monetaire contractie, ESB, 2023
- Sterke loon-prijsdynamiek leidt tot langer hoog blijvende inflatie, ESB, 2023
- Inflatieverwachtingen werken sterker door in loongroei, ESB, 2022
- Inflation reduced faster if central bank and governments apply brakes simultaneously, DNB Bulletin, December 2022
- Wage-price dynamics: a negative spiral, DNB Analysis, November 2022
- The expenditure rule can contribute to credible debt reduction and countercyclical fiscal policies, DNB Bulletin, March 2022
- The long-run effects of pandemics on inflation: Why this time may be different, VoxEU, July 2021
- Herziening Europese begrotingsregels, DNB position paper
- Monetary-fiscal policy interactions in the euro area, ECB Occasional Paper, 2021
- Supply and demand shocks due to the coronavirus pandemic contribute equally to contraction in production, DNB Bulletin, November 2020
- Containment measures reduce spread of COVID-19, DNB Bulletin, August 2020
- Inflation in the euro area since the Global Financial Crisis, DNB Occasional Studies, 2019
- Understanding low wage growth in the euro area and European countries, ECB Occasional Paper, 2019
- The natural rate of interest from a monetary and financial perspective, DNB Occasional Studies, 2018
- De Nederlandse loon-Phillips-curve opnieuw bekeken, ESB, April 2018
- Ruim begrotingsbeleid vereist sterke toekomstige schuldstabilisering, ESB, October 2017
Latest update: June 2025
