Curriculum Vitae Bas van Aarle

Curriculum Vitae Bas van Aarle
Address
LICOS - Centre for Transition Economics
Faculty of Economics and Applied Economics
K.U. Leuven
Debériotstraat 34
B-3000 Leuven, Belgium
Communications
Phone: +32 16 326591 Fax: +32 16 326599
eMail: bas.vanaarle@econ.kuleuven.ac.be
Fields of Interest
European integration
Academic Qualification
M.A. in Macro Economics, Tilburg University, January 1992
Ph.D. in Macro Economics, Tilburg University, December1996
Previous Positions
Ph.D. student, CentER for Economic Research, Tilburg University September 1992-
September 1996
Researcher, University of Nijmegen, September 1996-June 1998
Lecturer, Department of Economics, University of Antwerp (UFSIA), February 1997-
August 1997
Researcher, Institute for Advanced Studies, Vienna, June 1998-October 1998
Researcher, Center for Economic Studies, University of Munich, November 1998-October
1999
Visiting Researcher, European Central Bank, October 2000-January 2001
Current Position
Researcher, Licos and KU Leuven, since November 1999, Postdoctoral Fellow FWO
since January 2001
Date of Birth
April 20, 1968 in Nijmegen, the Netherlands

• Publications
[1] van Aarle, B. (1994), "The Target Zone Model and its Applicability to the Recent
EMS Crisis", Tilburg University Working Paper 624.
[2] van Aarle, B. (1994), "Currency Substitution and Currency Controls: the Polish
Experience of 1990", Tilburg University Working Paper 637, a revised version appeared
in Konjunkturpolitik, vol.45 (1997), p.71-92.
[3] van Aarle, B. (1994), "Social Welfare Effects of a Common Currency", Tilburg
University Working Paper 648.
[4] van Aarle, B. (1994), "Monetary Reform in Europe: a Common Currency and an
European Central Bank", Tinbergen Institute Phd Research Bulletin, vol.6 nr.3 (1994),
p.33-43.
[5] van Aarle, B., L. Bovenberg and M. Raith (1995), "Is there a Tragedy of a Common
Central Bank? A Dynamic Analysis", Universität Bielefeld Discussion Paper 294, a
revised version appeared in the Journal of Economic Dynamics and Control, vol.21 nr.2-3
(1997), p.417-447.
[6] van Aarle, B., L. Bovenberg and M. Raith (1995), "Monetary and Fiscal Policy
Interaction and Government Debt Stabilization", CentER Discussion Paper 9501, a
substantially revised version appeared in the Journal of Economics, vol.62 nr.3 (1995),
p.111-140.
[7] van Aarle, B. and N. Budina (1995), "Currency Substitution in Eastern Europe",
CentER for Economic Research Discussion Paper 9502, a revised version appeared in the
Journal of Policy Reform, vol.1 nr.3 (1996), p.279-298. A translation into Czech appeared
in Politicka Ekonomie, 1997 nr.2, p.171-181.
[8] van Aarle, B., S. Eijffinger and J. Lemmen (1995), "Geldmarktintegratie,
Geloofwaardigheid van het Monetair Beleid en Wisselkoersstabiliteit in het EMS",
(Money Market Integration, Credibility of Monetary Policy and Exchange Rate Stability
in the ERM) Economisch en Sociaal Tijdschrift, vol.49 nr.2 (1995), p.257-280.
[9] van Aarle, B. and N. Budina (1995b), "Currency Substitution, Seignorage and Reform:
the Case of Bulgaria, Poland and Romania", Bulgarian National Bank Review, 2/1995,
p.9-17.
[10] van Aarle, B., L. Bovenberg and M. Raith (1995c), "Budgetary Implications of a
European Central Bank: a Purely Strategic Perspective", in P. Karadeleglou (ed.) (1997),
"Exchange Rate Policies in Europe", MacMillan Press, p.132-152.
[11] van Aarle, B., (1996), "Money, Fiscal Deficits and Government Debt in a Monetary
Union", CentER for Economic Research Discussion Paper 9634, a shortened version
appeared in the Journal of International and Comparative Economics, vol.5 nr.4/5 (1997),
p.271-299.
[12] van Aarle, B. and N. Budina (1996), "Financial Repression, Inflation and

Seigniorage: the Polish Experience", Institute for Advanced Studies Vienna East European
Series Working Paper nr. 30, an improved version appeared in the Weltwirtschaftliches
Archiv, vol.133 nr.4 (1997), p.683-707.
[13] van Aarle, B. (1996), "The Impact of the Single Market Program on Trade and
Foreign Direct Investment in the EU", Journal of World Trade, vol.30 nr. 6 (1996),
p.121-138.
[14] van Aarle, B. (1996), "Output Stabilization in the EMU: Is there a Case for an
EFTS?", CentER for Economic Research Discussion Paper 9677 and Macroeconomic
Dynamics, vol.5 nr.1 (2001), p.56-80.
[15] van Aarle, B., "Government Solvency, Tax Smoothing and the Time-Inconsistency
Problem of Government Debt: Empirical Evidence for Developing and Developed
Countries", mimeo.
[16] van Aarle, B. (1996), "Essays on Monetary and Fiscal Policy Interaction:
Applications to EMU and Eastern Europe", Amsterdam: Thesis Publishers ISBN 90-
5668-023-4.
[17] van Aarle, B. and H. Garretsen (1997), "Fiscal Stabilization in the EMU", Katholieke
Universiteit Nijmegen Working Paper 9701, and Review of International Economics, vol.8
nr.4 (2000), p.741-759.
[18] Engwerda, J., B. van Aarle and J. Plasmans (1997), "The (In)Finite Horizon Open-
Loop Nash LQ-Game: an Application to EMU", CentER for Economic Research
Discussion Paper 9784, final version appeared in Annals of Operations Research, vol.88
(1999), p.251-273.
[19] van Aarle, B. (1997), "Fiscal Policy in the EMU: An Overview" in Moser, T. (ed.),
"EMU and the Outside World", Dordrecht: Kluwer Academic Press (2000), p.207-216.
[20] van Aarle, B., and F. Huart (1997), "Monetary and Fiscal Unification in the EU: a
Stylized Analysis", Center for Economic Studies Working Paper nr. 149 and Journal of
Economics and Business, vol.51 nr 1 (1999), p.49-66.
[21] Engwerda, J., B. van Aarle and J. Plasmans (1998), "Cooperative and Non-
Cooperative Fiscal Stabilization Policies in the EMU", CentER for Economic Research
Discussion Paper 98113, final version appeared in Journal of Economic Dynamics and
Control, vol.26 nr.3 (2002), p.451-481.
[22] van Aarle, B., H. Garretsen and C. van Moorsel (1998), "Internal and External
Implications of EMU", University of Innsbruck Working Paper no.1998/1, and Economic
Systems, vol.25 nr.2 (2001), p. 127-148.
[23] van Aarle, B., J. Engwerda, J. Plasmans and A. Weeren (1998), "Macroeconomic
Policy Interaction under EMU: A Dynamic Game Approach", UFSIA University of
Antwerp Research Paper 99-20, and Open Economies Review, vol.12 nr.1 (2001), p.29-60.
[24] Wdowinski, P. and B. van Aarle (1998), "Economic Performance in Poland under

Fixed and Flexible Exchange Rates Regimes", in Papazoglou, C. and Pentecost, E. (eds.)
"Exchange Rate Policies, Prices and Supply-side Response. A Study of Transitional
Economies", Basingstoke: Palgrave (2001), p.140-156.
[25] van Aarle, B., (1999), "Determinants of Currency Crises: An Empirical Analysis",
mimeo
[26] van Aarle, B., M. Boss and J. Hlouskova (1999), "Forecasting the Euro Exchange
Rate Using Vector Error Correction Models", mimeo Institute for Advanced Studies,
Vienna. Final version appeared in Weltwirtschaftliches Archiv, vol. 136 nr.2 (2000),
p.232-258.
[27] van Aarle, B. (1999), "The Euro: One Year After", NIRA Review, vol. 6 nr.4 (1999),
p.22-25.
[28] van Aarle, B., J. Engwerda, J. Plasmans and A. Weeren (1999), "Monetary and Fiscal
Policy Design under EMU: A Dynamic Game Approach", Ludwig Boltzmann Institut
Vienna Forschungsbericht 9910 a German version appeared in Neck, R. and R. Holzmann
(eds.) "Was wird aus Euroland? Makrooekonomische Herausforderungen und
wirtschaftspolitische Antworten", Vienna: MANZ Verlag.
[29] van Aarle, B. and H. Garretsen (2000), "Keynesian, Non-Keynesian or No Effects of
Fiscal Policy Changes? The EMU Case", Ludwig Boltzmann Institut Vienna
Forschungsbericht 2000/08, final version appeared in the Journal of Macroeconomics,
vol.25(2) (2003), p.213-240 . A German version appeared in Neck, R., R. Holzmann and
F. Schneider (eds.) "Staatsschulden am Ende? Ursachen, Wirkungen und
Zukunftsperspektiven", Vienna: MANZ Verlag.
[30] van Aarle, B. and A. Skuratowicz (2000), "Trade and FDI Effects of EU
Enlargement", OCFEB Papers and Proceedings nr. 2, p.38-70, a smaller version appeared
in Karadeloglou, P., (ed.) "Enlarging the EU: The Trade Balance Effects", Basingstoke:
Palgrave (2002), p.237-260.
[31] Gobbin, N. and B. van Aarle (2000), "Fiscal Adjustments and Their Effects during
the Transition to EMU", Ludwig Boltzmann Institut Forschungsbericht 2000.13, final
version appeared in Public Choice, vol. 109 nr.3-4 (2001), p.269-299.
[32] van Aarle, B., J. Engwerda and J. Plasmans (2001), "Monetary and Fiscal Policy
Interaction in the EMU: A Dynamic Game Approach", CESifo Working Paper No. 437
and University of Antwerp Research Paper 2001-005, final version appeared in Annals of
Operations Research, vol. 109 nr.4 (2002), p.229-264.
[33] van Aarle, B., G. di Bartolomeo, J. Engwerda and J. Plasmans (2001), "Coalitional
Behavior in an open-loop LQ-differential game for the EMU" IFAC Papers and
Proceedings 2001, p.216-218. An extended version appeared in IFO Studien, vol. 48 nr.2
(2002), p.207-230.
[34] van Aarle, B., G. di Bartolomeo, J. Engwerda and J. Plasmans (2002), "Monetary and
Fiscal Policy Design in the EMU using a Dynamic Game Approach: An Overview", Open
Economies Review, vol. 13 nr.4 (2002), p.321-340.

[35] van Aarle, B., G. Di Bartolomeo, J. Engwerda and J. Plasmans (2002), "Monetary
and fiscal policy interaction in the EMU: A dynamic game approach", in L. Umbertini
[edit.], Applied Simulation and Modelling, ACTA Press, Anaheim, Calgary and Zurich,
pp. 19-24, ISBN: 0-88986-334-2, 2002.
[36] van Aarle, B. Merlevede, and J. Plasmans (2002), "Macro-Economic Adjustment in
EU-Accession Countries: An Analysis Using a Small Macro-Economic Model ", mimeo,
forthcoming in Vinhas de Souza, L. and B. van Aarle (2003) (eds.),"The Euro and the
New EU Member States", Palgrave. ISBN: 1403915199. 288 p.
[37] Vinhas de Souza, L. and B. van Aarle (2003) (eds.),"The Euro and the New EU
Member States", Palgrave. ISBN: 1403915199. 288 p.
[38] van Aarle, B., G. di Bartolomeo, J. Engwerda and J. Plasmans (2004), "Policymakers'
Coalitions and Stabilization Policies in the EMU", Journal of Economics, vol. 82(1), p. 1-
24.
[39] van Aarle, B., G. di Bartolomeo, J. Engwerda and J. Plasmans (2003), "Staying
together or breaking apart: Policy-makers' endogenous coalitions formation in the
European Economic and Monetary Union", CESifo Working Paper no. 748, a much
revised version appears in Computers and Operations Research.
[40] van Aarle, B., G. di Bartolomeo, J. Engwerda and J. Plasmans (2003),
"Macroeconomic Stabilisation policies in the EMU: Spillovers, Asymmetries and
Institutions", University of Antwerp Research Paper no.2003-19.
[41] Merlevede, B., J. Plasmans and B. van Aarle (2003), "A Small Macroeconomic
Model of the EU-Accession Countries", Open Economies Review, vol. 14(3), p.221-250.
[42] Merlevede, B., J. Plasmans and B. van Aarle (2003), "Monetary Policy with Hybrid
Output Gaps and Inflation Rates: An Application to EU-Accession Countries", mimeo.
[43] van Aarle, B., H. Garretsen and F. Huart (2003), "Transatlantic Monetary and Fiscal
Policy Design", CESifo Working Paper no. 1043.
[44] van Aarle, B., H. Garretsen and N. Gobbin (2003), "Fiscal Policy Transmission in the
Euro area: Evidence from a Structural VAR Analysis", Journal of Economics and Business,
vol.55 nr.5-6, p.609-638.
[45] van Aarle, B., H. Garretsen and F. Huart (2004), "Monetary and Fiscal Policy Rules
in the EMU", German Economic Review, vol. 5(4), p. 407-434.
[46] Merlevede, B., K. Schoors and B. van Aarle (2004), "A Small Macroeconomic
Model of the Russian Economy", mimeo.
[47] van Aarle, B., H. Garretsen and F. Huart (2004), "Chocs et Règles de Politique
Économique en UEM", forthcoming in Economie et Prevision.

[48] van Aarle, B., H. Garretsen and F. Huart (2004), "Policy Rules in the Euro-Area and
International Interdependencies", forthcoming in Applied Economics Quarterly.
[49] Engwerda, J., T. Michalak, J. Plasmans and B. van Aarle (2004), "Macroeconomic
Policy Coordination in the EMU: Effects of Accession", mimeo.
[50] Engwerda, J., T. Michalak, J. Plasmans and B. van Aarle (2004), "Two-Stage Games
of Endogenous Fiscal Coalition Formation: Institutional design of Stabilization Policies
and the Accession to a Monetary Union", mimeo.
• Editorial Board
Atlantic Economic Journal (since 2002)
• Refereeing
European Economic Review, Weltwirtschaftliches Archiv, Review of International
Economics, Journal of Macroeconomics, Journal of Economics and Business, Economic
Systems, Zeitschrift fuer Wirtschafts und Sozialwissenschaften, IFO Studien, Empirical
Economics, Public Choice, European Journal of Political Economy, Atlantic Economic
Journal, German Economic Review, Journal of Money, Credit and Banking, Internation
Economic Review, Journal of Comparative Economics, Applied Economics Quarterly.