Xuan Wang receives an NWO Veni grant for study on the consequences of central bank profits and losses
Research fellow Xuan Wang (Vrije Universiteit Amsterdam) has been awarded a Veni grant from the Dutch Research Council (NWO).
Xuan will use the research grant to study how central bank profits or losses influence inflation, asset prices, and wealth distribution.
Major central banks face unprecedented profit losses as they raise interest rates to combat inflation: the US Federal Reserve reported a $114.3 billion loss in 2023, while the European Central Bank recorded its first annual loss since 2004. These losses have significant societal/economic impacts and can affect both the costs of living in these countries and firms’ debt burden.
Veni
The NWO Veni research grant, with a maximum amount of 320,000 euros, is awarded to newly promoted researchers with an excellent research proposal. The grant offers researchers the opportunity to further develop their ideas over a period of three years and stimulates curiosity-driven and innovative research.
Read more about the Veni 2024 | NWO and granted projects.
Alongside Xuan, research fellow Lina Zhang has been awarded an NWO Veni Grant in this round as well.
Biography
With deep sadness, we share the passing of Xuan Wang in August 2025. We are deeply grateful for his many contributions to Tinbergen Institute and for his dedication to our academic community.
We will remember Xuan as an incredibly kind, cooperative, and talented colleague. He will be dearly missed at Tinbergen Institute and in the Finance Department at Vrije Universiteit Amsterdam.
Our thoughts go out to Xuan’s family, friends and close colleagues.