Dennis Bonam

Dennis Bonam

Dennis Bonam

Economics and Research Division

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



Latest update: June 2025