CURRICULUM VITAE. Prof. Dr. Clemens J.M. Kool Professor of Finance and Financial Markets, Utrecht School of Economics, Utrecht University

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1 CURRICULUM VITAE Prof. Dr. Clemens J.M. Kool Professor of Finance and Financial Markets, Utrecht School of Economics, Utrecht University Address Kriekenpitplein 21-22, 3584 EC Utrecht P.O. Box 80125, 3508 TC Utrecht The Netherlands Tel (+31) / Fax (+31) Other Affiliations Extramural research Fellow Meteor, University Maastricht Member Academic Council Philips Pension Fund Academic Partner, CPB, The Netherlands Education Gymnasium B (with honors), St. Bonifatius College, Utrecht MSc in Econometrics and Operations Research (double degree), Erasmus University Rotterdam 1989 Ph.D. in Economics (with honors), Erasmus University Rotterdam. Title: Recursive Bayesian Forecasting in Economics: The Multi State Kalman Filter Method Previous Affiliations Assistant Professor (UD) of Monetary Economics, Erasmus University Rotterdam Senior Economist, De Nederlandsche Bank, Amsterdam Associate Professor (UHD) of Monetary and International Economics, Universiteit Maastricht Professor of Money, Credit, and Banking and Jean Monnet professor of European Financial Markets, University Maastricht Netspar Senior Research Fellow Visiting Positions 1993, 1999, 2011 Research Scholar, Federal Reserve Bank of St.Louis 1995 Visiting Professor, Kelley School of Business, Indiana University 1

2 Administration and Management (selection) Member Faculty Council, University Maastricht Member Faculty Board, University Maastricht Chair Department Economics, University Maastricht Member Management Team, Utrecht University School of Economics Director Undergraduate Studies, Utrecht University School of Economics Head of Department, Utrecht University School of Economics Associate Dean Research, Faculty of Law, Economics and Governance Member (Treasurer ) Board Network of General and Quantitative Economics, the Netherlands Member Board The Royal Netherlands Economic Association International (refereed) Journal Publications 2011 Central bank transparency and the crowding out of private information in financial markets (with M. Middeldorp and S. Rosenkranz), Journal of Money, Credit and Banking, 2011, vol 43, nr 4, pp Effects of Heterogeneity on Bank Efficiency Scores (with J. Bos, J. Kolari and M.Kötter), European Journal of Operational Research, 2009, vol. 195, pp European Economic Integration and (A)symmetry of Macroeconomic Fluctuations, Economic Modelling (with C. Economidou), vol. 6, nr. 4, 2009, pp International Capital Mobility: Linking the Feldstein-Horioka Puzzle to the Trade and Equity Home Bias Puzzles, Cambridge Journal of Regions, Economy and Society (with L. Keijzer), vol. 2, nr.2, 2009, pp Non-linear target adjustment in corporate liquidity management: an endogenous thresholds approach, Applied Economics (with W. Allard Bruinshoofd), vol. 41 nr. 17, 2009, pp Accounting for Distress in Bank Mergers, Journal of Banking and Finance, (with J.Bos, M. Kötter, J. Kolari, F. Heid and D. Porath), vol. 31, 2007, pp Long Run Real Exchange Rate Determinants: Evidence from Eight New EU Member States, , (with B. Candelon, K. Raabe and T. van Veen), Journal of Comparative Economics, vol. 35, 2007, Risk Return Preferences in the Pension Domain: Are People able to Choose (with M. van Rooij and H. Prast), Journal of Public Economics, vol. 91, 2007, pp Financial Stability in European Banking: The Role of Common Factors, Open Economies Review, vol. 17, 2006, pp Bank Efficiency: the Role of Bank Strategy and Local Market Conditions (with Jaap Bos), Journal of Banking and Finance, vol. 30, 2006,

3 2005 Inflation Persistence under Semi-Fixed Exchange rate Regimes: the European Evidence , (with Alex Lammertsma), Open Economies Review, vol. 16, nr 1, 2005, Dutch Corporate Liquidity Management: New evidence on Aggregation (with Allard Bruinshoofd), 2004, Journal of Applied Economics, vol. VII, no.2, November, The Role of Inflation Differentials in Regional Adjustment: Evidence from the United States (with Ivo Arnold), Kredit und Kapital, vol. 37, nr 1, 2004, pp A Note on the Expectations Hypothesis at the Founding of the Fed (with Dan Thornton), 2004, Journal of Banking and Finance, vol. 28, December, pp The Cost of Capital in International Financial Markets: Local or Global (with K.G. Koedijk, P.C. Schotman, and M.A. van Dijk), Journal of International Money and Finance, 2002, vol. 21, no. 6, pp The Fat-tailedness of FX Returns (with Ronald Huisman Kees Koedijk, en Franz Palm), De Economist, vol. 150, no. 3, September 2002, pp Tail Index Estimates in in Small Samples (with Ronald Huisman, Kees Koedijk en Franz Palm), Journal of Business and Economic Statistics, April 2001, 19(2), pp and before The Phillips Curve, the Persistence of Inflation, and the Lucas Critique: Evidence from Exchange-Rate Regimes: Comment (with Alex Lammertsma), American Economic Review, March 2000, p International Bond Markets and the Introduction of the Euro, Federal Reserve Bank of St. Louis Review, September/October 2000, 82:5, pp Real interest Rates and Shifts in Macroeconomic Volatility (with Kees Koedijk and Francois Nissen), Journal of Empirical Finance, vol 5, 1998, Extreme Support for Uncovered Interest Parity (with Ronald Huisman, Kees Koedijk and Francois Nissen), Journal of International Money and Finance, vol 17, 1998, pp Credibility of European Economic Convergence (with Hans Groeneveld and Kees Koedijk), Weltwirtschaftliches Archiv, 1998, band 134, heft 1, 1-24 Inflation Dynamics and Monetary Strategies: Evidence from Six Industrialized Countries (with J.M. Groeneveld and K.G. Koedijk), Open Economies Review, 1998, vol. 9, nr 1, pp Money, Prices and the Transition to EMU (with H. Groeneveld and K. Koedijk), Banco Nazionale di Lavoro Quarterly Review, 50, no. 203, December 1997, pp The Evidence on International Output-Inflation Trade-offs: an evaluation (with Alex Lammertsma and Kees Koedijk), Applied Economics Letters, 1997, 4, Real Exchange Rates Between the Wars (with C.G. Koedijk), Journal of International Money and Finance, 1997, vol. 16, no. 2, pp The Case for Targeting Domestic Money Growth under Fixed Exchange Rates: Lessons from the Netherlands, Belgium, and Austria, , 1995, De Economist, vol. 143, 3, War Finance and Interest Rate Targeting: Regime Changes in , 1995, Explorations in Economic History, vol.32,

4 Future Inflation and the Information in International Term Structures, (with C.G. Koedijk), 1995, Empirical Economics, vol. 20, no 2, Uncovered Interest Parity and Economic Convergence in the EMS: An Evaluation, (with C.G.Koedijk), Kredit und Kapital, Supplement to volume 13, 1995, Changes in World Real Interest Rates and Inflationary Expectations, (with C.G. Koedijk and T. Kroes), 1994, Weltwirtschaftliches Archiv, vol. 130, no.4, Tail Estimates and the EMS Target Zone (with C.G. Koedijk), Review of International Economics, 1994, vol. 2, nr. 2, Dominant Interest and Inflation Differentials within the EMS: A Reply, (with C.G. Koedijk), 1994, European Economic Review, 38, The P*-model in Five Small Economies, (with J.A. Tatom), 1994, Federal Reserve Bank of St. Louis Review, May/June, Betting on the EMS (with C.G. Koedijk), Open Economies Review, vol. 4, no.2, 1993, pp Dominant Interest and Inflation Differentials within the EMS (with C.G. Koedijk), European Economic Review, vol. 36, no. 4, May, 1992, pp Tail Estimates of East-European Exchange Rates (with C.G.Koedijk), Journal of Business and Economic Statistics, vol. 10, no. 1, 1992, pp International Linkages in the Term Structure of Interest Rates (with J.A. Tatom), Federal Reserve Bank of St.Louis, vol. 70, July/August 1988, pp Simulating Currency Substitution Bias (with M. Boon and C.G. de Vries), Economics Letters, vol. 28, no.3, 1988, pp Forecasting the Money Multiplier: Implications for Money Stock Control and Economic Activity (with R.W. Hafer and S.E. Hein), Federal Reserve Bank of St. Louis Review, vol. 65, 1983, pp The Multi-State Kalman Filter Method, in: K. Brunner and A.H. Meltzer (eds.), Economic Policy in a World of Change, Carnegie-Rochester Conference Series on Public Policy, Vol. 17, Autumn 1982, pp A Recursive Prediction Error Method, in: K. Brunner and A.H. Meltzer (eds.), Economic Policy in a World of Change, Carnegie-Rochester Conference Series on Public Policy, vol. 17, Autumn 1982, pp Books and Monographs Banking and Finance in an Integrating Europe, (eds. Special issue with J. Bos and K. Knot), Journal of Banking and Finance, vol. 30, 2006, pp Country Risk Analysis, (with L. van Efferink and T. van Veen), Financiële en Monetaire Studies, NIBE, vol. 21, nr. 4, 2003 Strategieën voor Prijsstabiliteit: Geldhoeveelheidsbeleid of Direct-inflatiebeleid? (met J.M. Groeneveld en C.G. Koedijk), Financiële en Monetaire Studies, 15e jaargang, nr.4, Monetary Policy in a Converging Europe, Papers and Proceedings of an International Workshop, Financial and Monetary Policy Studies 31, (eds. with K. Alders, K. Koedijk, and C. Winder), Kluwer Academic Publishers, 1996 Essays on Money, Banking, and Regulation, Essays in Honour of C.J. Oort, 1996, (eds. with J. Muysken and T. van Veen), Kluwer Academic Publishers De Andere Kant van de Ene Munt, University Press Maastricht, 1996 Economic Cooperation in Globalizing Financial Markets (with C.J. Oort and A.P. van Veen (eds.)), NIBE KATERN, 20, Nibe, 1992, pp Venture Capital I (with C.G. Koedijk), Rotterdamse Monetaire Studies, nr. 28, 1987, pp

5 Contributions to Books The Sustainability of Global Financial Imbalances, in M. Balling, J.M. Berk and M.- O. Strauss-Kahn (eds) The Quest for Stability: the Macro View, SUERF Study, Vienna/Brussels, May 2010, ISBN , What Drives ECB Monetary Policy?, 2006, in W. Mitchell, J. Muysken and T. van Veen (eds): Growth and Cohesion in the European Union: The Impact of Macroeconomic Policy, Edgar Elgar, pp The Global Capital Market: Friend or Foe?, 2005, in P. de Gijsel and H. Schenk (eds): Multidisciplinary Economics, the Birth of a New Economics Faculty in the Netherlands, Springer, pp Weighted Dutch and German Monetary Aggregates: How Do They Perform as Monetary Indicators for the Netherlands? (with Norbert G.J. Janssen), in M.T. Belongia and J.M. Binner (eds): Divisia Monetary Aggregates: Theory and Practice, Palgrave (fm MacMillan), 2000, Is Monetary Targeting in Germany Still Adequate? A Comment, 1995, in H. Siebert (ed.): Monetary Policy in an Integrated World Economy, Kiel Week Conference 1995, 1996, J.C.B. Mohr, Tuebingen, pp Monetary Interdependencies in the 'CORE' ERM Countries: The P-Star Approach (with C.G. Koedijk and H.M. Groeneveld, DNB), in K. Alders, K. Koedijk, C. Kool and C. Winder (eds.): Monetary Policy in a Converging Europe, Papers and Proceedings of an International Workshop, Financial and Monetary Policy Studies 31, Kluwer Academic Publishers, 1996, Monetary Policy in a Converging Europe: Overview of the Issues and Summary of the Discussion (with K. Alders, K. Koedijk, and C. Winder), in K. Alders, K. Koedijk, C. Kool and C. Winder (eds.): Monetary Policy in a Converging Europe, Papers and Proceedings of an International Workshop, Financial and Monetary Policy Studies 31, Kluwer Academic Publishers, 1996, 1-20 The Best Way to EMU: Summary of the Panel Discussion (with K. Alders, K. Koedijk, and C. Winder), in K. Alders, K. Koedijk, C. Kool and C. Winder (eds.): Monetary Policy in a Converging Europe, Papers and Proceedings of an International Workshop, Financial and Monetary Policy Studies 31, Kluwer Academic Publishers, 1996, Measuring Money in the Netherlands (with N.G.J. Janssen), 1996, in C. Kool, J. Muysken, T. van Veen (eds.): Essays on Money, Banking, and Regulation, Essays in Honour of C.J. Oort, Kluwer Academic Publishers, pp Inflationary Expectations (with E.J. Bomhoff), in: E.J. Bomhoff, Monetary Uncertainty, North Holland Amsterdam 1983, pp Forecasting with Multi-State Kalman Filters, in: E.J. Bomhoff, Monetary Uncertainty, North-Holland Amsterdam 1983, pp On-line forecasts with the RPE-method, in: E.J. Bomhoff, Monetary Uncertainty, North-Holland Amsterdam 1983, pp Learning Processes and the Choice between Abrupt and Gradual Counter-Inflation Policies, in: H. Goppl and R. Henn (eds.), Geld, Banken und Versicherungen, Karlsruhe, pp Professional (non-refereed) Publications Drama Icesave was te voorzien, Jaarboek KVS 2009/2010, (met D. Gerritsen), pp Drama Icesave was te voorzien, Economisch Statistische Berichten, vol. 95, nr. 4580, 5 maart 2010 (met D. Gerritsen), pp Een nieuw Pact voor Stabiliteit en Groei in Europa, Economisch Statistische Berichten, vol. 95, nr. 4576, 8 januari 2010 (met J. Muysken en N. Holinski), pp Is het Externe Vermogen van Nederland een Fata Morgana? (Met W. Allard Bruinshoofd), in W.W. Boonstra en S. Eijffinger (eds): Een klassiek 5

6 econoom met een brede blik : opstellen aangeboden aan Hans Visser, SDU Uitgevers, 2008, pp De Oorlog tegen Terrorisme gaat ten koste van marktwerking, Aelementair, december 2006, vol 6, nr 1, p.3. De Economische Groei komt niet uit Den Haag, ESB, vol. 91, nr. 4498, 17 november 2006, p Werknemer kan én wil niet zelf beleggen voor pensioen (met H.M. Prast en M.C.J. van Rooij), ESB, vol. 90, nr. 4458, 22 april 2005, Het Reële Belang van de Keuze van Wisselkoersregime (met Markus Poschke) in S.C.W.Eijffinger, H.G. van Hemert, en G.P.L. van Roij (red), Intermediair tussen Wetenschap en Onderwijs: Liber Amicorum Jacques Sijben, 2004, pp De Azië-crisis was Voorspelbaar (met Thomas Ziesemer, Stefanie Holle, Rainer Haselmann), ESB, 88 e jaargang, 30 mei 2003, nr. 4404, pp Regionale Inflatieverschillen in een Muntunie (met Ivo Arnold), ESB, 13 juli 2001, 86 e jaargang, nr. 4318, pp Currency Competition and Foreign Exchange markets: The Dollar, the Yen and the Euro (book review), De Economist, 1999, vol. 147, no.4, The Desirability of Currency Unification (book review), De Economist, 1999, vol. 147, no.1, Instrumenten van het Geldmarktbeleid in Nederland, september 1998, Bank- en Effectenbedrijf, Discussie: Een Hypotheek op de Toekomst?, Economisch Statistische Berichten, 16 januari 1998, nr.4135, pp Gebrekkige economische onderbouwing van een politiek project (met Joan Muysken en Luc Soete) in G. Reuten, K. Vendrik, R. Went (red.), De Prijs van de Euro, van Gennep Amsterdam, 1998, pp Hoera, het gaat goed (met A. Van Witteloostuyn, C.G. Koedijk, en A.P. van Veen), ESB, 17 april 1998, 83e jaargang, nr. 4148, pp De Programma s vergeleken (met A. Van Witteloostuyn, C.G. Koedijk, en A.P. van Veen), ESB, 17 april 1998, 83e jaargang, nr. 4148, pp Organisatie in plaats van geld (met A. Van Witteloostuyn, C.G. Koedijk, en A.P. van Veen), ESB, 17 april 1998, 83e jaargang, nr. 4148, pp Nederland investeert! Of toch niet? (met A. Van Witteloostuyn, C.G. Koedijk, en A.P. van Veen), ESB, 17 april 1998, 83e jaargang, nr. 4148, pp Van Rentenier tot Pionier(met A. Van Witteloostuyn, C.G. Koedijk, en A.P. van Veen), ESB, 17 april 1998, 83e jaargang, nr. 4148, pp Inflatiebestrijding: direct of indirect?, (met J.M. Groeneveld en C.G. Koedijk), Economisch Statistische Berichten, 16 juli 1997, 82e jaargang, nr. 4114, pp EMU 1999: Macro-economisch beleid gevaarlijk star, Tijdschrift voor Bedrijfsadministratie, 101e jaargang, april 1997, pp Dollar en aandelenkoersen (met drs. M. Schweitzer), Economisch Statistische Berichten, 30 april 1997, 82e jaargang, nr. 4104, pp De EMU als fusieproces (met R. Olie), Economisch Statistische Berichten, 18 juni 1997, 82e jaargang, nr. 4111, pp Some Comments on: The ins and outs of EMU, CPB Report, 1996/4, pp EMU: Uitstel of Afstel?, Economisch Statistische Berichten, 27 november 1996, pp Koffiedik Kijken op de Valutamarkt, Economisch Statistische Berichten, 8 maart 1995, nr. 4000, Book Review "Japan, Europe, and International Financial Markets", R. Sato, R.M. Levich, and R.V. Ramachandran (eds.), Cambridge University Press, Cambridge, De Economist, 1995, vol. 143, no. 4, Psychologische Grenzen in Financiële Markten (with C.G. Koedijk and P. Stork), working paper 1994, Economisch Statistische Berichten, 7 december 1994, nr. 3988,

7 EMU liefst met Ruime Marges (met J. von Hagen, K. Matthews, J. Melitz, P. Minford, D. Peel, R. Vaubel, M. Wickens), De Financieel Ekonomische tijd, 30 april 1994, p.4 De Kapitaalmarkt functioneert goed (with C.G. Koedijk), Economisch Statistische Berichten, 11 maart 1992, nr. 3850, pp Koers/Winst-verhoudingen en Groeiverwachtingen: Discussie, in: P.C. van Aalst, F. Brouwer, en N.L. v.d. Sar (red.), Financiering en Belegging: Stand van Zaken anno 1992, deel 15, pp Consumptie en Financiële Rendementen: Een Internationale Vergelijking (with C.G. Koedijk), Proceedings Finbel Conference, 1990, Rotterdam Rentevoorspellingen en de Termijnstruktuur van de Rente in Nederland, VBA-Journaal, vol. 5, no. 2, juni 1989, pp Ontwikkelingen op de Nederlandse Markt voor Venture Capital (with C.G. Koedijk), Pecunia, Herfst 1988, pp. 3-7 De Nederlandse Markt voor Venture Capital (with C.G. Koedijk), Economisch Statistische Berichten, 16 November 1988, pp Venture Capital en Stagnatie (with C.G. Koedijk), Economisch Statistische Berichten, 16 December 1988 Macro-economische Onzekerheid: Een Onzekere Factor?, Bank- en Effectenbedrijf, April 1985, pp Onzekerheid en Innovatie op de Hypotheekmarkt, Bank- en Effectenbedrijf, November 1984, pp De Lage Lasten Hypotheek, Bank- en Effectenbedrijf, December 1984, pp Commisioned Reports (selection) Achtergronden bij het liquiditeitsbeheer van de Provincie Noord-Holland (with D. Gerritsen), 2009, pp [Commissioned by the Province of North- Holland, k 34 excl. BTW] The fundamentals behind the real exchange rate developments of the new EUmembers: theory and empirical evidence (with B. Candelon, K. Raabe and T. van Veen), 2004, pp [Commissioned by the Dutch Ministry of Finance, k 90 excl. BTW] Venture Capital in the Netherlands (with C.G. Koedijk), Report for the Nederlandse Vereniging van Participatiemaatschappijen, 1987, pp Completed PhD Supervision 1995 Janssen, N.G.J., University Maastricht, The Definition and Policy Relevance of Monetary Aggregates in the Netherlands (co-supervision with C. Oort) 1997 Lammertsma, A., University Maastricht, Inflation-Output Tradeoffs and the Implications for Monetary Policy (co-supervision with J. Muysken and K. Koedijk) 1997 Nissen, F., University Maastricht, International Financial Market Dynamics, (co-supervision with C.Wolff and K. Koedijk) 1997 Groeneveld, H., University Maastricht, Inflation Dynamics and Monetary Strategies, (co-supervision with K. Koedijk) 1999 Huisman, R., University Maastricht, Adventures in International Financial Markets, (co-supervision with F. Palm and K. Koedijk) 2002 Bos, J., University Maastricht, Market Structure and Competition in European Banking 2003 Bruinshoofd, A., University Maastricht, Corporate Investment and Liquidity Holdings 2005 Kötter, M., University of Utrecht, Efficiency and Mergers in German Banking (co-supervision with J. Bos) 7

8 2006 Raabe, K., University Maastricht, Industry Structure and Monetary Policy Effectiveness (co-supervision with I. Arnold, Univ. Nijenrode) 2006 Sanditov, B., University Maastricht, Essays on Social Learning and Imitation, (co-supervision with R.Cowan) 2008 Hadzi-Vaskov, M., University of Utrecht, International Risk-Sharing: Macroeconomic and Financial Aspects 2009 Van Leuvensteijn, University of Utrecht, M. Measuring Competition in Financial Markets 2010 Middeldorp, M., University of Utrecht, Financial Market Microstructure and the Transmission of Monetary Policy (co-supervision with S. Rosenkranz) 2010 Holinski N., University Maastricht, International Capital Flows, Exchange Rates and Demographics (co-supervision with J. Muysken) 2011 Van Lamoen R., University of Utrecht, The Relationship between Competition and Innovation (co-supervision with J. Bos) 2008 Acemoglu D.; Honorary supervisor with prof. H. Garretsen at the occasion of awarding D. Acemoglu with a Utrecht University honorary doctorate. Current PhD Supervision 2008 L. Zhang, Industrial Specialization, Risk Sharing and Business Cycle Synchronization in Europe; co-supervision with J. Bos [NWO funding k 200] 2008 Y. Li, Modelling Hydrogen Infrastructure Investment Decisions Using Real Options Theory; co-supervision with P.J. Engelen [NWO/ACTS funding k 200] 2009 B. Guilbert, Institutional Investors and the Evolution of Financial Markets in Europe before the Industrial Revolution ( ); co-supervision with O. Gelderblom and J.Jonker, Utrecht University 2011 J. Lukkezen, Essays on Sovereign Debt Dynamics; [CPB co-funding k 135] 2011 M. de Castro Campos, Sustainable Macroeconomic Adjustment in a Eurozone with Preference Heterogeneity; co-supervision J. Muysken UM - K. Haaf (external PhD candidate) EMU as an Optimal Currency Area: optimising the pathway to efficient enlargement Teaching Experience Broad teaching experience both at undergraduate and graduate (MSc, MBA, PhD) level and in teaching professional master classes and in-house courses. At graduate level: courses International Financial Economics, International Risk Sharing Open Macroeconomics, International Money and Finance, Advanced Finance, Advanced Macroeconomics and thesis supervision. At undergraduate (selection): courses in Introductory Macroeconomics, International Monetary Economics, Monetary Theory, Price Determination in Financial Markets, International Financial Markets, Open Macroeconomics, Exchange Rate Determination and Exchange Rate Policy, International Policy Coordination and EMU, Monetary Economics, International Financial Markets and International Banking, Money, Financial Markets and Institutions, Corporate Finance, International Financial Management and thesis supervision. 8