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Emmanuel de Veirman

Emmanuel de Veirman

Emmanuel de Veirman

Economics and Research Division

Short bio

Emmanuel is a Senior Economist in the Research Department of De Nederlandsche Bank. Previously, he was on an ESCB/IO secondment to DG-Research of the European Central Bank, where he worked on inflation and price setting. Earlier assignments include the International Monetary Fund and the Federal Reserve Bank of Dallas. He was a member of the ESCB's PRISMA network, which analyzed firms' price setting decisions and their macro implications. His published findings include that: (1) in line with endogenous pricing models, declining trend inflation can explain a gradual flatting of the Phillips curve and the lack of accelerating deflation in Japan; (2) in the United States, the negative relation between firm-specific volatility and the business cycle is much weaker than earlier research suggests.


Ph.D. Economics, Johns Hopkins University
M.A. Economics, Johns Hopkins University
Master of Laws, KULeuven

Research interests

  • Macroeconomics
  • Inflation dynamics and price setting
  • Macroprudential policy 

Work in progress

Idiosyncratic volatility and pricing decisions (with Raphael Schoenle)

Estimating the slope of the Phillips curve (with Anton Nakov)

Working papers

Loan-to-value shocks and macroeconomic stability, DNB Working Paper No. 763.

How does the Phillips curve slope vary with repricing rates? DNB Working Paper No. 735 and ECB Working Paper No. 2804.

Should developed economies manage international capital flows? An empirical and welfare analysis (with Dennis Bonam and Gavin Goy), DNB Working Paper No. 702. Accepted at the Oxford Bulletin of Economics and Statistics.

Heterogeneity and asymmetric macroeconomic effects of changes in loan-to-value limits (with Jasper de Jong), DNB Working Paper No. 635. Second revise and resubmit at the Journal of Money, Credit and Banking.

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 working paper.

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?").

Selected Other Publications

Dedola, Luca, Erwan Gautier, Anton Nakov, Sergio Santoro, Lukas Henkel, Bruna Fagandini and Emmanuel De Veirman (2023), Some implications of micro price-setting evidence for inflation dynamics and monetary transmission, ECB Occasional Paper 321. Download.

Gautier e.a. (2023), Price adjustment in the euro area in the low-inflation period: evidence from consumer and producer micro price data, ECB Occasional Paper 319. Download.


Latest update: March 2024