Vermeulen, Philip



Monetary Policy Research

Current position

Principal Economist

Fields of interest

Macroeconomics and Monetary Economics


  • 1993-1999
    PhD in Economics, Stanford University, Stanford, USA
  • 1993-1996
    MA in Economics, Stanford University, Stanford, USA
  • 1991-1992
    Accredited Teacher of Economics, Ghent University, Belgium
  • 1987-1991
    BA in Economics, Ghent University, Belgium
Professional experience
  • 2020-
    Principal Economist- Monetary Policy Research Division, Directorate General Research, European Central Bank
  • 2010-2019
    Senior Economist - Monetary Policy Research Division, Directorate General Research, European Central Bank
  • 2008-2010
    Senior Economist - Euro Area Macroeconomic Developments Division, Directorate General Economics, European Central Bank
  • 2004-2008
    Senior Economist - Monetary Policy Research Division, Directorate General Research, European Central Bank
  • 1999-2004
    Economist - Monetary Policy Research Division, Directorate General Research, European Central Bank
  • 1996-1997
    Researcher - Economic Research, National Bank of Belgium
  • 1991-1993
    Research Assistant - Ghent University, Belgium
Teaching experience
  • 1999
    Instructor, Stanford University, Palo Alto, USA

ECB Working Paper Series


ECB Occasional Paper Series


ECB Research bulletin

Journal publications

Gábor‐Tóth, E. and P. Vermeulen
Elementary Index Bias: Evidence for the Euro Area from a Large Scanner Dataset
German Economic Review, vol. 20(4)
Chakraborty R., Kavonius I.K., Pérez-Duarte S. and Vermeulen P.
Is the Top Tail of the Wealth Distribution the Missing Link between the Household Finance and Consumption Survey and National Accounts?
Journal of Official Statistics, Vol 35 (1)
Vermeulen, P.
How fat is the top tail of the wealth distribution?
Review of Income and Wealth, Vol 64(2), pp 357-387
Buca, A. and Vermeulen, P.
Corporate investment and bank-dependent borrowers during the recent financial crisis
Journal of Banking and Finance, Vol 78(C), pp 164-180
de Haan, L., van den End, J.W. and Vermeulen, P.
Lenders on the storm of wholesale funding shocks: saved by the central bank?
Applied Economics, Vol. 49
Arrondel, L.,Bartiloro, L., Fessler, P., Lindner, P., Mathä, T.Y., Rampazzi, C., Savignac, F., Schmidt, T., Schürz, M. and Vermeulen, P.
How do households allocate their assets? Stylized facts from the Eurosystem household finance and consumption survey
International Journal of Central Banking, Vol. 12(2)
Vermeulen, P.
Estimating the top tail of the wealth distribution
American Economic Review, Vol.106(5)
P. Vermeulen
An evaluation of business survey indices for short-term forecasting: Balance method versus Carlson–Parkin method
International Journal of Forecasting, Vol. 30(4)
Dias, D., Dossche, M., Gautier, E., Hernando, I., Sabbatini, R., Stahl, H. and Vermeulen, P.
Price setting in the euro area: some stylised facts from individual producer price data
Journal of Money Credit and Banking, Vol. 44
Christopoulou, R. and Vermeulen, P.
Markups in the Euro area and the US over the period 1981-2004: a comparison of 50 sectors
Empirical Economic, Vol. 42
Fuss, C.and Vermeulen, P.
Firms' investment decisions in response to demand and price uncertainty
Applied Economics, Vol. 40
Fuss, C. and Vermeulen, P.
The response of firms‘ investment and financing to adverse cash flow shocks: the role of bank relationships
Review of Business and Economics, Vol. 53(1)
Álvarez, L.J., Dhyne, E., Hoeberichts, M., Kwapil, C., Le Bihan, H., Lünnemann, P., Martins, F., Sabbatine, R. and Vermeulen, P.
Sticky prices in the euro area: a summary of new micro evidence
Journal of the European Economic Association, Vol. 4 (2-3)
Vermeulen, P.
Factor content, size, and export propensity at the firm level
Economics letters, Vol. 82
Châtelain, J-B, Generale, A., Hernando, I., Vermeulen, P. and von Kalckreuth, U.
New findings on firm investment and monetary transmission in the euro area
Oxford Review of Economic Policy, Vol. 19(1)
Châtelain, J-B., Ehrmann, M., Generale, A., Martínez-Pagés, Vermeulen, P. and Worms, A.
Monetary policy transmission in the euro area: new evidence from micro data on firms and banks
Journal of the European Economic Association,, Vol. 1(2-3)
Mojon, B., Smets, F. and Vermeulen, P.
Investment and monetary policy in the euro area
Journal of Banking and Finance,, Vol. 64(3)
Butzen, P., Fuss, C. and Vermeulen, P.
The interest rate and credit channel in Belgium: an investigation with micro-level firm data
Cahiers Économiques de Bruxelles, Vol. 45(3)
Vermeulen, P.
Business fixed investment: evidence of a financial accelerator in Europe
Oxford Bulletin of Economics and Statistics, Vol. 64(3)