Mon, 08 Nov 2021 10:19:52 GMT Fri, 06 Feb 2026 12:00:00 GMT https://www.dnb.nl/en/ In this study we look at the expected economic effects of the increasing defence spending in the Netherlands, and how policy can influence economic outcomes. The Netherlands, along with other NATO member states, has committed itself to spending 3,5% of GDP on defence by 2035. Fri, 06 Feb 2026 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/the-economic-consequences-of-defence-spending/ How does sea level rise affect our economy and financial sector? This analysis explores the links between sea level rise, flood risk, and financial stability. Flood risk is relevant in the Dutch context from both a physical and a financial perspective. Fri, 07 Nov 2025 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/floods-and-financial-stability-exploring-the-role-of-sea-level-rise/ This memorandum sets out DNB’s most recent forecasts for the Dutch economy in 2021 and 2022. This so-called interim projection is an updated version of the December forecast and, as such, it is not comprehensive. Mon, 20 Oct 2025 09:19:40 GMT https://www.dnb.nl/en/publications/research-publications/analysis/interim-projection-economic-developments-2021-2022/ The current account is a key macro-economic indicator for policymakers. Following the suggestion by international policymakers, we compile an alternative measure for the current account which neutralizes several interpretation issues that exist in official figures. Thu, 22 May 2025 08:01:16 GMT https://www.dnb.nl/en/publications/research-publications/analysis/retained-earnings-and-the-current-account/ By and large, households in the Netherlands are able to replace approximately 60% of their previous income with a state pension (AOW) and supplementary retirement income, and 63% if savings are included. Fri, 13 Sep 2024 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/a-look-at-post-retirement-income/ In this analysis we assess the drivers of recent inflation developments in more detail, focusing on the contribution of monetary policy. Secondly, we describe the transmission process of the monetary policy tightening. Tue, 06 Aug 2024 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/the-monetary-policy-response-to-high-inflation/ In this analysis, DNB is publishing improved balance of payments data that provides a clearer picture of the Netherlands’ economic relations with foreign countries. The Dutch economy is strongly intertwined with those of other countries. Mon, 24 Jun 2024 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/international-interconnectedness-in-sharper-focus/ Around 50 banks, insurers, pension funds and asset managers signed the Dutch Financial Sector Climate Commitment in 2019. De Nederlandsche Bank (DNB) welcomes this initiative. Wed, 08 May 2024 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/an-analysis-of-financial-institutions-climate-action-plans/ We analyze the drivers of inflation in the Netherlands, using a model developed by Bernanke and Blanchard (2023). We find that shocks to energy and food prices were the contributors to Dutch inflation in 2021 and 2022, while labor market tightness and supply shortages played a less pronounced role. Fri, 22 Mar 2024 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/drivers-of-dutch-inflation-during-the-pandemic-era/ The degradation of nature poses significant risks for business, the financial sector and society, both now and in the future. Awareness is growing in the financial sector of the importance of understanding and acting on nature-related financial risks. Mon, 04 Mar 2024 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/nature-related-financial-risks-in-our-own-account-investments-an-exploratory-case-study-and-deep-dive-in-electric-utilities/ Since the global financial crisis in 2008, there has been a reversal of international economic integration. With policies of strategic autonomy, countries aim to reduce risky foreign strategic and economic dependencies. Fri, 08 Dec 2023 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/geo-economic-fragmentation-economic-and-financial-stability-implications/ How large are the economic benefits of the Economic and Monetary Union (EMU)? One consideration when evaluating the success of the EMU is a comparison between its economic benefits and costs. Thu, 09 Nov 2023 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/the-heterogenous-effects-of-the-economic-and-monetary-union-on-trade/ It is ten years ago that the Legal Entity Identifier (LEI) has been introduced, after the initiative was born out of the global financial crisis of 2008. The LEI is a globally accepted unique identification code for entities that participate in financial transactions. Tue, 26 Sep 2023 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/measuring-intra-bank-complexity-by-not-connecting-the-dots-with-lei-a-supervisor-perspective/ There is much focus on the contributions of profits and wages to inflation. In this analysis, we look at how profits and wages contributed to domestic price pressures in the period up to the end of 2022. Fri, 26 May 2023 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/contribution-of-profits-and-wages-to-inflation/ The autumn of 2022 marks a tipping point for the housing market. House prices almost doubled between the previous low point in June 2013 and June 2022, driven mainly by interest rate and income trends (see Chapter 1). Wed, 17 May 2023 10:38:54 GMT https://www.dnb.nl/en/publications/research-publications/analysis/borrowing-capacity-and-house-prices/ The Inflation Reduction Act (IRA) constitutes the largest green public investment package by the US government thus far. On the other side of the Atlantic, European policymakers quickly voiced concerns over the presumed impact... Mon, 01 May 2023 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/macroeconomic-effects-of-the-inflation-reduction-act/ Sufficient security lending supply is crucial for short selling which eliminates arbitrage opportunities, ensuring that the law of one price holds in financial markets. Tue, 11 Apr 2023 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/the-european-equity-lending-market-exclusive-security-lending-agreements/ The recent volatility in energy markets triggers the question of how these markets function. Furthermore, commodities (energy) and commodity derivatives on energy and emissions will be of growing importance for the transition to a more carbon-neutral European economy. Wed, 29 Mar 2023 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/climate-change-risks-and-the-energy-and-emission-allowances-market-an-analysis-based-on-emir-data/ How did inflation get so high, and what are its main drivers? This question is at the center of the academic and policy debate right now. Its answer is crucial for policy-making. Thu, 02 Mar 2023 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/the-euro-area-great-inflation-surge/ A better understanding of the exposures of the financial sector to the risks associated with climate change, but also of the role of financial institutions in financing the transition, requires statistical indicators on, amongst others, the CO2 emissions associated with their portfolios. Tue, 24 Jan 2023 09:50:27 GMT https://www.dnb.nl/en/publications/research-publications/analysis/decomposition-carbon-indicators/ Wed, 18 Jan 2023 13:46:28 GMT https://www.dnb.nl/en/publications/research-publications/analysis/pricing-of-climate-related-risks-in-financial-markets/ Fri, 23 Dec 2022 11:18:55 GMT https://www.dnb.nl/en/publications/research-publications/analysis/towards-more-sustainable-lending/ With today’s soaring inflation and decreasing purchasing power, workers will try to compensate for this loss with higher wages. As this puts downward pressure on profit margins, employers will in turn try to pass-through higher wages in prices. Wed, 02 Nov 2022 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/wage-price-dynamics-a-negative-spiral/ Thu, 13 Oct 2022 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/feasibility-and-affordability-of-an-insurance-guarantee-scheme-in-the-netherlands/ After a long period in which inflation remained well below the European Central Bank's target, prices in the Netherlands and the euro area have shot up in recent months. This DNB Analysis examines recent inflation developments and the role of monetary policy in curbing inflation. Mon, 27 Jun 2022 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/inflation-and-monetary-policy/ Thu, 17 Mar 2022 08:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/consequences-of-the-war-in-ukraine-for-the-economy-of-the-netherlands/ The total carbon footprint of the bitcoin network has increased by 25% in 2020, while the number of transactions decreased by 6%. The resulting climate impact in 2020 is estimated to be 402 kg of CO2 per bitcoin transaction. Thu, 13 Jan 2022 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/the-carbon-footprint-of-bitcoin/ Following the rapid economic recovery from the coronavirus crisis, a large proportion of Dutch manufacturers have insufficient materials to meet the increased demand. This is evident from recent survey conducted by the European Commission. Mon, 13 Dec 2021 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/impact-of-supply-constraints-on-the-dutch-economy-from-an-international-perspective/ After being subdued for a number of years, euro area inflation has recently increased markedly. This raises two main questions. What are the drivers of this development? To what extent is this increase transitory and what are the risks that inflation may be higher in the future? Mon, 22 Nov 2021 22:30:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/euro-area-inflation-and-the-pandemic/ In this Analysis we provide a description of the Dutch interest rate swap market. Thu, 07 Oct 2021 12:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/estimating-initial-margins-the-covid-19-market-stress-as-an-application/ Mon, 30 Aug 2021 08:00:00 GMT https://www.dnb.nl/en/publications/research-publications/analysis/the-impact-of-carbon-pricing-and-a-cbam-on-eu-competitiveness/