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Vermeulen, Philip

Research

Division

Monetary Policy Research

Current position

Principal Economist

Fields of interest

Microeconomics,
Macroeconomics and Monetary Economics

Email

philip.vermeulen@ecb.europa.eu

Education
  • 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

2020
Ferrando, Annalisa, Vermeulen, Philip, Durante, Elena
Monetary policy, investment and firm heterogeneity
No 2390
2018
de Bondt, Gabe, Vermeulen, Philip
Business cycle duration dependence and foreign recessions
No 2205
Lieberknecht, Philipp, Vermeulen, Philip
Inequality and relative saving rates at the top
No 2204
Chakraborty, Robin, Kavonius, Ilja Kristian, Pérez-Duarte, Sébastien, Vermeulen, Philip
Is the top tail of the wealth distribution the missing link between the Household Finance and Consumption Survey and national accounts?
No 2187
Ampudia, Miguel, Georgarakos, Dimitris, Slacalek, Jiri, Tristani, Oreste, Vermeulen, Philip, Violante, Giovanni L.
Monetary policy and household inequality
No 2170
2016
Vermeulen, Philip
Estimating the top tail of the wealth distribution
No 1907
de Haan, Leo, Vermeulen, Philip, van den End, Jan Willem
Lenders on the storm of wholesale funding shocks: Saved by the central bank?
No 1884
2015
Vermeulen, Philip, Buca, Andra
Corporate investment and bank-dependent borrowers during the recent financial crisis
No 1859
2014
Vermeulen, Philip, Gábor, Enikö
New evidence on elementary index bias
No 1754
Mathä, Thomas Y., Savignac, Frédérique, Vermeulen, Philip, Schmidt, Tobias, Bartiloro, Laura, Fessler, Pirmin, Lindner, Peter, Schürz, Martin, Arrondel, Luc, Rampazzi, Cristiana
How do households allocate their assets? Stylised facts from the Eurosystem household finance and consumption survey
No 1722
Vermeulen, Philip
How fat is the top tail of the wealth distribution?
No 1692
2012
Vermeulen, Philip
Quantifying the qualitative responses of the output purchasing managers index in the US and the Euro area
No 1417
2008
Christopoulou, Rebekka, Vermeulen, Philip
Markups in the euro area and the US over the period 1981-2004: a comparison of 50 sectors
No 856
2007
Vermeulen, Philip
Can adjustment costs explain the variability and counter-cyclicality of the labour share at the firm and aggregate level?
No 772
Vermeulen, Philip, Dias, Daniel, Dossche, Maarten, Gautier, Erwan, Hernando, Ignacio, Sabbatini, Roberto, Stahl, Harald
Price setting in the euro area: some stylised facts from individual producer price data
No 727
2006
Fuss, Catherine, Vermeulen, Philip
The response of firms‘ investment and financing to adverse cash flow shocks: the role of bank relationships
No 658
Vermeulen, Philip
Employment stickiness in small manufacturing firms
No 640
2005
Bayraktar, Nihal, Sakellaris, Plutarchos, Vermeulen, Philip
Real versus financial frictions to capital investment
No 566
Álvarez, Luis J., Dhyne, Emmanuel, Hoeberichts, Marco M., Kwapil, Claudia, Le Bihan, Hervé, Lünnemann, Patrick, Martins, Fernando, Sabbatini, Roberto, Stahl, Harald, Vermeulen, Philip, Vilmunen, Jouko
Sticky prices in the euro area: a summary of new micro evidence
No 563
Vermeulen, Philip, Mizen, Paul
Corporate investment and cash flow sensitivity: what drives the relationship?
No 485
2004
Fuss, Catherine, Vermeulen, Philip
Firms' investment decisions in response to demand and price uncertainty
No 347
2001
Chatelain, Jean-Bernard, Generale, Andrea, Hernando, Ignacio, Vermeulen, Philip, Von Kalckreuth, Ulf
Firm investment and monetary transmission in the euro area
No 112
Butzen, Paul, Fuss, Catherine, Vermeulen, Philip
The interest rate and credit channel in Belgium: an investigation with micro-level firm data
No 107
Mojon, Benoît, Smets, Frank, Vermeulen, Philip
Investment and monetary policy in the euro area
No 78
2000
Vermeulen, Philip
Business fixed investment: evidence of a financial accelerator in Europe
No 37

ECB Occasional Paper Series

2011
Task Force of the Monetary Policy Committee of the ESCB

Kivistö, Jarkko, Bardet-Fremann, Pierre-Michel, Panagiotou, Stelios, Vladova, Zornitsa, Tsalinski, Tsvetan, Page, Adrian, Komzakova, Magdalena, Kaarup, Ri, Ervens, Sabine, Berardi, Nicoletta, Ciapanna, Emanuela, Karma, Branislav, Gabrijelcic, Mateja, Cardoso, Fatima, Fritzer, Friedrich, Kieft, Jasper, Zefara, Sandra, Kapatais, Demetris, Rondinelli, Concetta, de los Llanos Matea, María, Hartmann, Christin, Sullivan, Claudia, Stahl, Harald, Álvarez, Luis J., Landau, Bettina, Mohr, Matthias, Vermeulen, Philip, Sevestre, Patrick, Lünnemann, Patrick, Cornille, David, Meyler, Aidan, Pace, Christopher, Jarvis, Valerie, Walch, Erik, Balfoussia, Hiona, Gattini, Luca, Linehan, Suzanne, Sondermann, David, Izquierdo, Mario, Anderton, Robert

Structural features of distributive trades and their impact on prices in the euro area
No 128
2009
Household Finance Consumption Network

Kennickell, Arthur, Fitzpatrick, Trevor, Ehrmann, Michael, Bonci, Riccardo, Museux, Jean-Marc, Honkkila, Juha, Vilmunen, Jouko, Herrala, Risto, Komprej, Irena, Jeran, Matjaž, Geršak, Uroš, Brelih, Matej, Farinha, Luísa, Schürz, Martin, Forsells, Magnus, Gómez-Salvador, Ramón, Haliassos, Michael, Guiso, Luigi, Zeleny, Martin, Winkler, Bernhard, Willeke, Caroline, Vermeulen, Philip, Slacalek, Jiri, Skudelny, Frauke, Sandars, Patrick, Sánchez Muñoz, Carlos, Pérez-Duarte, Sébastien, Lodge, David, Hahn, Elke, Fessler, Pirmin, Beer, Christian, Bover, Olympia, Barceló, Cristina, Tzamourani, Panagiota, Mitrakos, Theodoros, Akantziliotou, Calliope, Menton, Aisling, Lawless, Martina, Keeney, Mary, Grabka, Markus, Schmidt, Tobias, Von Kalckreuth, Ulf, Stinglhamber, Pierrick, Villanueva, Ernesto, Savignac, Frédérique, van Rooij, Maarten, Teppa, Federica, van Renselaar, Corry, Prast, Henriëtte M., Pace, Christopher, Caruana, Karen, Mathä, Thomas Y., Haroutunian, Stephan, Viviano, Eliana, Iezzi, Stefano, Faiella, Ivan, Houdré, Cédric, Sevestre, Patrick, de Greef, Isabelle

Survey data on household finance and consumption: research summary and policy use
No 100

ECB Research bulletin

2020
Durante, Elena, Ferrando, Annalisa, Vermeulen, Philip
How does monetary policy affect investment in the euro area?
No 77
2016
Vermeulen, Philip
The recovery of investment in the euro area in the aftermath of the great recession: how does it compare historically?
No 28

Journal publications

2019
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)
2018
Vermeulen, P.
How fat is the top tail of the wealth distribution?
Review of Income and Wealth, Vol 64(2), pp 357-387
2017
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
2016
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)
2014
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)
2012
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
2008
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)
2006
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
2003
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)
2002
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)