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Dennis Bonam

Dennis Bonam

Dennis Bonam

Economics and Research Division

Short Bio

Dennis Bonam is an economist at the Econometrics and Modelling 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, he visited the Fiscal Policies Division of the European Central Bank. His research interests cover topics on the interactions between fiscal and monetary policy, monetary unions and macroeconomic imbalances. For more information, see his personal webpage.


  • 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
  • Monetary unions
  • DSGE models

Working Papers

Should developed economies manage international capital flows? An empirical and welfare analysis, DNB Working Paper No. 702, December 2020. Download

Publications in refereed journals

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.

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, 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., de Haan, J. and Soederhuizen, B (2020). The effects of fiscal policy at the effective lower bound, Macroeconomic Dynamics, forthcoming.

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. 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

Latest update: March 2023