Welcome to SUERF - The European Money and Finance Forum

Upcoming Webinars

Digital Money and Finance: What’s New? / 06 Oct, 2022 16:00 - 17:00 CET (UTC+01:00) /

Past webinars

The Macroprudential Challenge of Climate Change / 27 Sep, 2022 15:30 - 16:45 CET (UTC+01:00) /

The Illusion of Control: Why Financial Crises Happen, and What We Can (and Can’t) Do About It / 09 Sep, 2022 15:00 - 16:15 CET (UTC+01:00) /

NGFS Report: Enhancing market transparency in green and transition finance / 11 Jul, 2022 10:00 - 11:30 CET (UTC+01:00) /

Sovereign Borrowing Outlook 2022 and Beyond: Navigating shocks and uncertainty with high debt / 27 Jun, 2022 15:00 - 16:30 CET (UTC+01:00) /

CBDC and Bank Intermediation / 21 Jun, 2022 15:30 - 17:00 CET (UTC+01:00) /

The International Role of the euro: Tectonic Shifts in the Global Financial System? / 14 Jun, 2022 15:30 - 17:00 CET (UTC+01:00) /

Central bank independence, inflation and crises: what interactions? / 13 Jun, 2022 15:00 - 16:30 CET (UTC+01:00) /

Key takeaways from the ECB’s new Financial Stability Review / 25 May, 2022 14:30 - 15:45 CET (UTC+01:00) /

Conceptions of Money in the Digital Age / 30 Mar, 2022 14:30 - 16:00 CET (UTC+01:00) /

Fixed Income Market Liquidity: Where do we stand? / 03 Mar, 2022 15:00 - 16:30 CET (UTC+01:00) /

Sovereign Domestic Debt Restructuring: Handle with Care / 23 Feb, 2022 15:00 - 16:30 CET (UTC+01:00) /

The digital euro: policy implications and perspectives / 16 Feb, 2022 15:00 - 16:00 CET (UTC+01:00) /

Climate-related risks: A financial stability angle for Europe / 15 Feb, 2022 15:00 - 16:30 CET (UTC+01:00) /

SME Financing: Key findings from the EIF’s new "European Small Business Finance Outlook 2021" / 09 Dec, 2021 13:30 - 15:00 CET (UTC+01:00) /

“Monetary Policy in Times of Crisis – A Tale of Two Decades of the European Central Bank” / 26 Nov, 2021 14:00 - 15:30 CET (UTC+01:00) /

Key takeaways from the ECB’s new Financial Stability Review / 17 Nov, 2021 15:00 - 16:15 CET (UTC+01:00) /

The Resilient Society: European Perspectives / 15 Nov, 2021 15:00 - 16:30 CET (UTC+01:00) /

Covid-19 and Climate Transition: The role of creative destruction / 07 Sep, 2021 15:00 - 16:30 CET (UTC+01:00) /

Brick by Brick: Building Better Housing Policies / 28 Jun, 2021 10:30 - 12:00 CET (UTC+01:00) /

The international role of the euro – state of play, drivers, prospects / 14 Jun, 2021 14:00 - 15:30 CET (UTC+01:00) /

Fiscal and Monetary Policy Interactions / 26 May, 2021 15:00 - 16:30 CET (UTC+01:00) /

Key takeaways from the ECB’s new Financial Stability Review / 19 May, 2021 15:00 - 16:15 CET (UTC+01:00) /

Negative Interest Rates: Effectiveness and Side Effects – Taking Stock / 06 May, 2021 15:00 - 16:15 CET (UTC+01:00) /

CBDC: State of play, challenges, open issues / 04 Dec, 2020 14:00 - 15:30 CET (UTC+01:00) /

Key takeaways from the ECB’s new Financial Stability Review / 25 Nov, 2020 15:30 - 16:45 CET (UTC+01:00) /

The surge of gold / 01 Oct, 2020 15:00 - 17:30 CET (UTC+01:00) /

Fireside chat: Economic outlook, the ECB’s monetary policy, and financial market implications / 14 Sep, 2020 15:30 - 17:00 CET (UTC+01:00) /

Economic Forecasting during and after corona / 10 Sep, 2020 16:00 - 17:30 CET (UTC+01:00) /

Libra 2.0 – What does it mean for monetary policy and financial stability? / 31 Aug, 2020 16:30 - 17:30 CET (UTC+01:00) /

In the face of an unexpected adversary: The crucial role for central banks / 10 Jul, 2020 10:00 - 11:15 CET (UTC+01:00) /

Radical Uncertainty: Decision-making for an unknowable future - Book presentation and discussion / 02 Jul, 2020 16:00 - 17:00 CET (UTC+01:00) /

A New Vision for Europe’s Capital Markets - Presentation and Discussion of the Final Report of the High Level Forum on the CMU / 29 Jun, 2020 16:00 - 17:15 CET (UTC+01:00) /

The International Role of the Euro: has COVID-19 affected the outlook? / 16 Jun, 2020 16:00 - 17:15 CET (UTC+01:00) /

The Karlsruhe ruling: implications and the way forward? / 03 Jun, 2020 16:00 - 17:00 CET (UTC+01:00) /

Key takeaways from the ECB’s new Financial Stability Review / 28 May, 2020 16:00 - 17:00 CET (UTC+01:00) /

Natural Gas – An Unexpected Macro and Market Driver / Samantha Azzarello, Gabrielle Jabre

Integrating the carbon footprint into the construction of corporate bond portfolios / Mario Bajo, Emilio Rodríguez

Privacy and Central Bank Digital Currency in the Digital Economy / Toni Ahnert, Peter Hoffmann, Cyril Monnet

What Moves Markets? / Mark Kerssenfischer, Maik Schmeling

Information Transmission between Banks and the Market for Corporate Control / Christian Bittner, Falko Fecht, Melissa Pala, Farzad Saidi

Monetary policy in the euro area: the next phase / Philip R. Lane

Country biases in equity portfolios are less pronounced and less irrational than one might think / Martijn Boermans, Ian Cooper, Piet Sercu, Rosanne Vanpée

Job polarisation decreases the access to credit in Europe / Michele Cantarella, Ilja Kristian Kavonius

Nothing spreads like technology: Digitalisation and its Interaction with Institutions and Governance / Claudio Baccianti, Vincent Labhard, Jonne Lehtimäki

Smart or Smash? The Effect of Financial Sanctions on Trade in Goods and Services / Tibor Besedeš, Stefan Goldbach, Volker Nitsch

Was globalization just a little thing in the process of inflation? / Juhana Hukkinen, Matti Viren

The Kiel Trade Indicator – A real-time indicator for trade flows / Wolfgang Lechthaler, Vincent Stamer

Product level greenhouse gas contents – how to get there? / Ulf von Kalckreuth

Friendshoring: Who will benefit? / Michael Every, Erik-Jan van Harn

The rise of cross-border financial centres / Pamela Pogliani, Philip Wooldridge

How much foreign currency must a central bank buy to implement a minimum exchange rate? Estimation using the Swiss National Bank as an example / Markus Hertrich

The effects of Monetary Policy on Capital Flows: A Meta-Analysis / Mauricio Villamizar-Villegas, Lucía Arango-Lozano, Geraldine Castelblanco-Arias, Nicolás Fajardo-Baquero, María A. Ruiz-Sánchez

The EU gas savings plan ahead of a long winter / Marco Protopapa

Monetary policy and the Great Volatility / Isabel Schnabel

Natural Gas in Europe: The Potential Impact of Disruptions to Supply / Gabriel Di Bella, Mark Flanagan, Karim Foda, Andrea Pescatori, Alex Pienkowski, Martin Stuermer, Frederik Toscani

Subjective Expectations and Uncertainty / Andrzej Kocięcki, Tomasz Łyziak, Ewa Stanisławska

Should we trust the credit decisions provided by machine learning models? / Andrés Alonso, José Manuel Carbó

A model of system-wide stress simulation: market-based finance and the COVID-19 event / Giovanni di Iasio, Giulio Nicoletti, Nicholas Vause

What can CBDC designers learn from asking potential users? Results from a survey of Austrian residents / Svetlana Abramova, Rainer Böhme, Helmut Elsinger, Helmut Stix, Martin Summer

Household inflation expectations react to high euro area inflation / Gabriele Galati, Richhild Moessner, Maarten van Rooij

The optimal quantity of CBDC in the euro area / Lorenzo Burlon, Carlos Montes-Galdón, Manuel A. Muñoz, Frank Smets

From SEPA to the digital euro: payments past, present and future / Johannes Asel, Simone Mingione, Petia Niederlaender, Georg Nitsche

Sustainable finance data for central banks: a new Irving Fisher Committee survey / Merve Artman, Pierre Bui Quang, Nadia Esham, Nur Izzati, Leah Kling, David Nefzi, Romana Peronaci, Christine Schlitzer, Christian Schmieder, Ömer Kayhan Seyhun, Bruno Tissot, Elena Triebskorn, Huiming Yang

Forgetting Approaches to Improve Forecasting: Executive Summary / Robert Hill, Paulo Rodrigues

Entity-based vs activity-based regulation: a framework and applications to traditional financial firms and big techs / Claudio Borio, Stijn Claessens, Nikola Tarashev

What Can We Learn from 60 Years of PCE Inflation Data? / Raphael Schoenle, Dominic Smith

To Announce or Not To Announce: Basic Trade-offs in Public Debt Management / Alexander Dentler, Enzo Rossi

Allocation is key? Analysis of ECB public sector bond purchases’ divergence from the capital key / Carlo Birkholz, Friedrich Heinemann

Regulatory complexity, uncertainty, and systemic risk / Maurizio Trapanese

The effects of internationally coordinated carbon pricing on the economy and welfare / Anne Ernst, Natascha Hinterlang, Alexander Mahle, Nikolai Stähler

Central Banking and Climate Change Policies: It is not Always a Positive Sum Game / Donato Masciandaro, Riccardo Russo

The design of a data governance system / Siddharth Tiwari, Sharad Sharma, Siddharth Shetty, Frank Packer

Unbalanced macroeconomic risks over the business cycle / Martin Iseringhausen, Ivan Petrella, Konstantinos Theodoridis

The pass-through from inflation perceptions to inflation expectations / Stefanie J. Huber, Daria Minina, Tobias Schmidt

Liquidity in bond markets - navigating in troubled waters / Martin Scheicher, Andreas Schrimpf

Flexibility in Asset Purchases: A Structural Analysis / James Costain, Galo Nuño, Carlos Thomas

Stagflation in the 1970s: lessons for the current situation / Almira Enders, Sebastian Giesen, Dominic Quint

Consumption-led expansions lead to lower growth / Matti Viren

Why is Swiss inflation low? / GianLuigi Mandruzzato

Dissent in the ECB’s Governing Council Increases Households’ Inflation Uncertainty / Moritz Grebe, Peter Tillmann

Digital Endowments and Comparative Advantage / Dario Guarascio, Roman Stöllinger

Technology Standardization matters for Competition and Growth / Antonin Bergeaud, Julia Schmidt, Riccardo Zago

Climate Change-Related Regulatory Risks and Bank Lending / Isabella Mueller, Eleonora Sfrappini

Application of machine learning models and interpretability techniques to identify the determinants of the price of bitcoin / Sergio Gorjón, Jose Manuel Carbó

Wake-Up Call Contagion / Toni Ahnert, Christoph Bertsch

Aim High, Shoot Low? The Impact of Product Characteristics on Product Survival in Latvia’s Export Markets / Konstantīns Beņkovskis, Peter Jarret, Ze’ev Krill, Oļegs Tkačevs, Naomitsu Yashiro

Measuring the engagement in climate-related financial policymaking: the climate-related financial policy index / Paola D’Orazio

What Should the Inflation Target Be? Views from 600 Economists / Gene Ambrocio, Andrea Ferrero, Esa Jokivuolle, Kim Ristolainen

Wage Effects of Labor Market Tightness / Christian Philip Hoeck

Old age takes its toll: long-run projections of health-related public expenditure in Luxembourg / Gastón Andrés Giordana, María Noel Pi Alperin

Firms’ Inflation Expectations: New Evidence from France / Olivier Coibion, Erwan Gautier, Yuriy Gorodnichenko, Frédérique Savignac

Estimating Growth-at-Risk: Insights from a Structural Nonlinear Model / Matthias Rottner

What lessons can we learn from the heterogeneity in inflation expectations among economic agents? / Camille Cornand, Paul Hubert

Climate change and inflation in the euro area / Christiane Nickel

A shot in the arm: stimulus packages and firm performance during COVID-19 / Deniz Igan, Ali Mirzaei, Tomoe Moore

When Are “Inflation Expectations” Inflation Expectations? New Evidence From Business Surveys / Brent H. Meyer, Xuguang Simon Sheng

Minibonds and intangibles / Gabriele Beccari, Francesco Marchionne, Beniamino Pisicoli

Toward a green economy: the role of central bank’s asset purchases / Alessandro Ferrari, Valerio Nispi Landi

How household savings in CESEE are related to the past and the future / Melanie Koch, Thomas Scheiber

Too little too late: ECB’s normalisation path was model- rather than data-driven / Daniel Gros, Farzaneh Shamsfakhr

The impact of energy efficiency on Belgian house prices / Peter Reusens, Frank Vastmans, Sven Damen

Inflation Expectations and Climate Concern / Christoph Meinerding, Andrea Poinelli, Yves Schüler

The Eurosystem’s bond market share at an all-time high: what does it mean for repo markets? / Tomás Carrera de Souza, Tom Hudepohl

Firm-level expectations and macroeconomic conditions: underpinnings and disagreement / Monique Reid, Pierre Siklos

Subjective inflation expectations of households and firms / Michael Weber

Uncertainty, non-linear contagion and the credit quality channel: an application to the Spanish interbank market / Adrian Carro, Patricia Stupariu

Sanctions in the context of Russia’s invasion of Ukraine / Cristina Sofia Dias, Kristina Grigaitė and Marcel Magnus

Stablecoins - DeFi, Libra and beyond / Heike Mai

On Implementing Macroprudential Policy / Itai Agur, Sunil Sharma

The influence of financial corporations on IMF lending: Has it changed with the global financial crisis? / Lena Lee Andresen

On the psychology of inflation and its implications / Pascal Blanqué

Scarring effects of major economic downturns: The role of fiscal policy and government investment / Martin Larch, Peter Claeys, Wouter van der Wielen

Forecasting Inflation in France: an update of the model used at Banque de France / Youssef Ulgazi, Paul Vertier

What tax data can tell us about consumption and saving patterns / Alain Galli, Rina Rosenblatt-Wisch

How much is too much? Assessing the non-linear relationship between debt and sovereign creditworthiness / Sanne Zwart

Japan’s Sovereign Rating in the Post-Pandemic Era: Quo Vadis? / Jinho Choi, Alexander den Ruijter, Kimi Xu Jiang, Edmund Moshammer

A Coasian Bargain: Climate Financing to Phase Out Coal / Tobias Adrian, Patrick Bolton, Alissa M. Kleinnijenhuis

Trade and Climate – The Disrupted Nexus / Stefan P. Schleicher

How Bad Can Financial Crises Be? A GDP Tail Risk Assessment for Portugal / Ivan De Lorenzo Buratta, Marina Feliciano, Duarte Maia

An innovative new measure of human capital to better assess the link between education policies and productivity / Balázs Égert, Christine de la Maisonneuve, David Turner

Currency demand at negative interest rates / Edoardo Rainone

The currency channel of global bank leverage: a boost to fund-raising capacity / Justine Pedrono

CBDC and Bank Intermediation in the Euro Area / Ramón Adalid, Álvaro Álvarez-Blázquez, Katrin Assenmacher, et al.

How does financial openness affect inequality? / Stefan Avdjiev, Tsvetana Spasova

9 stylized facts on productivity / Andreas Breitenfellner, Robert Holzmann, Richard Sellner, Maria Silgoner, Thomas Zörner

Sectoral exchange rate pass-through in the euro area / Chiara Osbat, Yiqiao Sun, Martin Wagner

How do firms respond to demand and supply shocks? / Michał Gradzewicz

Can banks weather the green transition? The financial risks of increasingly stringent climate policies / Marco Belloni, Friderike Kuik, Luca Mingarelli

Elections Hinder Firms’ Access to Credit / Florian Léon, Laurent Weill

Cybersecurity and financial stability / Kartik Anand, Chanelle Duley, Prasanna Gai

Making Subsidies Work: Rules vs. Discretion / Federico Cingano, Filippo Palomba, Paolo Pinotti, Enrico Rettore

Economic adjustment in the euro area and the United States during the COVID-19 crisis / Mirko Licchetta, Giovanni Mattozzi, Rafal Raciborski, Rupert Willis

Should the ECB consider issuing its own securities? / Wim Boonstra, Bas van Geffen

Optimal Timing of Policy Interventions in Troubled Banks / Philipp König, Paul Mayer, David Pothier

Does own wealth and wealth of others matter for life satisfaction? / Antje Jantsch, Julia Le Blanc,Tobias Schmidt

Mortgage debt relief after economic shocks: lessons from the pandemic / Edward Gaffney, Fergal McCann, Johannes Stroebel

Does it matter that households disagree about inflation? / Alistair Macaulay

Who comes after us? The correct mindset for designing a Central Bank Digital Currency / Antoine d’Aligny, Emmanuel Benoist, Florian Dold, Christian Grothoff, Özgür Kesim, Martin Schanzenbach

Business resilience in the pandemic and beyond: Adaptation, innovation, financing and climate action from Eastern Europe to Central Asia / Luca Gattini, Rozália Pál, Helena Schweiger, Laura Valderrama

Macroeconomic Implications and Differences of Oil and Gas Price Shocks / Thomas Zörner, Nico Petz

The local presence of global banks / Iñaki Aldasoro, John Caparusso, Yingyuan Chen

Monitoring Narratives: an Application to the Equity Market / Pascal Blanqué, Mohamed Ben Slimane, Amina Cherief, Théo Le Guenedal, Takaya Sekine, Lauren Stagnol

The effect of introducing a Loan-to-Value limit on homeownership / Cindy Biesenbeek, Mauro Mastrogiacomo, Rob Alessie, Jakob de Haan

Analysis of ESG disclosures in Pillar 3 reports. A text mining approach / Angel Iván Moreno, Teresa Caminero García

Caution: Do not cross! Distance to regulatory capital buffers and lending in Covid-19 times / Cyril Couaillier, Marco Lo Duca, Alessio Reghezza, Costanza Rodriguez d’Acri

How to regulate crypto currencies / Eduard de Jong

What business model for the Digital Euro? Lessons from Brazil and Switzerland / Peter Bofinger, Thomas Haas

More than an intellectual game: Exploring the monetary policy and financial stability implications of central bank digital currencies / Fabio Panetta

Digital payment behaviour differs significantly across countries / Jakob Mølgaard Heisel, Marcus Clausen Brock

Ideology and Monetary Policy: The role of political parties’ stances in the ECB’s parliamentary hearings / Nicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet, Eric Persson

Under Pressure: Credibility of Monetary Policy / Antoine Camous, Dmitry Matveev

The impact of QE on sovereign risk / Dirk Broeders, Leo de Haan, Jan Willem van den End

Climate Change and Individual Behavior / René Bernard, Panagiota Tzamourani, Michael Weber

Uncertainty shocks and the monetary-macroprudential policy mix / Valeriu Nalban, Andra Smădu

Is Super-Active Fiscal Policy Desirable? / Roberto M. Billi, Carl E. Walsh

Trends in Monetary Policy Transparency Around the World / Nergiz Dincer, Barry Eichengreen, Petra Geraats

Would a retail CBDC achieve its intended purpose? / Romain Baeriswyl, Samuel Reynard, Alexandre Swoboda

Balancing public and private interests: Crypto, stablecoin and central bank digital currency / Wilko Bolt, Vera Lubbersen, Peter Wierts

Stylised facts on debt and financial crisis / Pedro Duarte Neves

Global Banking, Regulatory Spillovers, and the Benefits of Macroprudential Policy Coordination / Pierre-Richard Agénor, Timothy P Jackson, Luiz A Pereira da Silva

Time for a circular business cycle clock / Nuno Lourenço, António Rua

How do carbon prices spillover along global production networks? / Ivan Frankovic

Evidence on financial literacy and financial inclusion in Albania / Elona Dushku

Robert Triffin and the search for Asian Monetary Union / Ivo Maes, Ilaria Pasotti

Who owns banks? The household-bank nexus and its implications for bank stock prices / Matías Lamas, David Martinez-Miera

Private Debt for SMEs – Market Overview / Helmut Kraemer-Eis, Jörn Block, Antonia Botsari, Salome Gvetadze, Frank Lang, Carlos Krause, Alexandra Moritz, Anna Schulze

From open banking to open finance / Denis Beau

The return of inflation / Agustín Carstens

Household Uncertainty and Inflation / Gene Ambrocio

Making Sense of Consumers’ Inflation Expectations / Lovisa Reiche, Aidan Meyler, Christian Gayer

Insurers’ investments before and after the COVID-19 outbreak / Federico Apicella, Raffaele Gallo, Giovanni Guazzarotti

The low-carbon transition, climate commitments and firm credit risk / Sante Carbone, Margherita Giuzio, Sujit Kapadia, Johannes Sebastian Krämer, Ken Nyholm, Katia Vozian

Investor demand in syndicated bond issuances: stylised facts / Martin Hillebrand, Marko Mravlak, Peter Schwendner

On the Welfare Effects of Using Energy and Emissions Taxes to Finance a Labour Tax Reduction in a Multi-sector DSGE Model / Natascha Hinterlang, Anika Martin, Oke Röhe, Nikolai Stähler, Johannes Strobel

ECB Communication and its Impact on Financial Markets / Klodiana Istrefi, Florens Odendahl, Giulia Sestieri

Is There Financial Exclusion when Official Lenders Are Considered? / María Bru Muñoz

Mind the gap: The widening post-pandemic gender divide / Joyce Chang, Amy Ho

Financing Faster Growth For Europe’s SMEs / Sylvain Broyer, Sarah Limbach, Cihan Duran

Financial stability and crypto-assets / Pablo Hernández de Cos

Rising rent burdens following distorting investment incentives – The effects of rent controls in Germany / Vera Baye, Valeriya Dinger

Optimal Monetary Policy and Capital Misallocation / Beatriz González, Galo Nuño, Dominik Thaler, Silvia Albrizio

Is the ECB applying lessons from the past? / Anselm Küsters

Household saving and fiscal policy: Evidence for the euro area from a thick modelling perspective / Cristina Checherita-Westphal, Marcel Stechert

When domestic and foreign QE overlap / Paola Di Casola, Pär Stockhammar

Will the supply-driven oil price shock unanchor inflation expectations? / Matthew Luzzetti, Brett Ryan, Justin Weidner, Amy Yang

Covid-19 government subsidies and their implications for pandemic labour productivity / Tommaso Bighelli, Tibor Lalinsky, Juuso Vanhala

Central banks’ in-house credit assessment systems – supporting the Eurosystem’s response to the pandemic and its climate change action plan / Aviram Levy, Florian Resch, Anna Maria Rossi, Stephan Sauer

The political economy of reforms in central bank design / Davide Romelli

How do Asian central banks use big data? Insights from an Irving Fisher Committee survey / Giulio Cornelli, Sebastian Doerr, Leonardo Gambacorta, Bruno Tissot

Preparing for the Financial System of the Future / Lael Brainard

CBDC and the international position of the euro / Wim Boonstra

Tax Race to the Bottom Harms Location Attractiveness of Western Europe / Leonie Fischer, Jost H. Heckemeyer, Christoph Spengel, Daniela Steinbrenner

The role of systemic risk spillovers in the transmission of Euro Area monetary policy / Alexandros Skouralis

The Political Economy of Currency Unions / Kai Arvai

Should monetary finance remain taboo? / Itai Agur, Damien Capelle, Giovanni Dell’Ariccia, Damiano Sandri

The pressing need to reform the European crisis management framework / Fernando Restoy

Crisis-tested Europe – Solidarity with Ukraine spurs European identity / Heinz Handler

Economists: not enough transparency? Evidence from a reproducibility exercise of a top economic journal / Sylvérie Herbert, Hautahi Kingi, Flavio Stanchi, Lars Vilhuber

The implications of demographics, pension systems, and migration for monetary policy / Marcin Bielecki, Michał Brzoza-Brzezina, Marcin Kolasa

Private and Public Debt: Some Implications on Economic Growth / Patrizio Morganti

Why the impact of the health crisis in 2020 was uneven across the euro area economies? / Ángel Luis Gómez, Ana del Río

Towards a single operational indicator in the SGP – A look at the properties of the current expenditure benchmark / Nicholai Benalal, Maximilian Freier, Wim Melyn, Stefan Van Parys, Lukas Reiss

House Prices and Misallocation: The Impact of the Collateral Channel on Productivity / Sergi Basco, David Lopez-Rodriguez, Enrique Moral-Benito

Don’t trust the (inflation) process / Bruce Kasman

Lessons from estimating the average option-implied volatility term-structure for the Spanish banking sector / Maria T. Gonzalez-Perez

GDP-linked bonds and the fear of ambiguity / Deniz Igan, Taehoon Kim, Antoine Levy

Are complex banking groups riskier? / Isabel Argimón, María Rodríguez-Moreno

Brexit: Trade diversion due to trade policy uncertainty / Eduardo Gutiérrez, Aitor Lacuesta, César Martín-Machuca

The Political Phillips Curve in the Euro Area: Parliamentary Voice on ECB Monetary Policy / Federico M. Ferrara, Donato Masciandaro, Manuela Moschella, Davide Romelli

Money and psychology of inflation: an investor view / Pascal Blanqué

Does polarization have economic effects? It does on economic expectations / Luis Guirola

The COVID Non-Performing Loan ’Tsunami’ that Never Happened and How to Avoid it Now / Reiner Martin, Piroska Nagy-Mohacsi, Elina Ribakova, Jonathan M. Fortun Vargas

The effectiveness of ECB euro liquidity lines: spillovers and spillbacks / Silvia Albrizio, Iván Kataryniuk, Luis Molina, Jan Schäfer

Regulating big tech in the public interest / Agustín Carstens

Revisiting the Properties of Money / Isaiah Hull, Or Sattath

Austrian conceptions of money and the rise of digital currency / Michael Peneder

Global models for a global pandemic: the impact of COVID-19 on small euro area economies / Pablo Garcia, Pascal Jacquinot, Črt Lenarčič, Matija Lozej, Kostas Mavromatis

Including inflation expectations helps to improve inflation forecasts of econometric models / Marta Bańbura, Danilo Leiva-León, Jan-Oliver Menz

Population ageing and the digital divide / Sebastian Doerr, Jon Frost, Leonardo Gambacorta, Han Qiu

Recovery as a springboard for change / Debora Revoltella, Tessa Bending, Atanas Kolev

Monetary policy and the green transition / Lena Boneva, Gianluigi Ferrucci, Francesco Paolo Mongelli

High earners in the European banking sector / Emma-Faye Dertnig, Jakob Hanzl, Mario Hübler, Christoph Prenner

Pledge or pretext? Lessons from the Fiscal Compact / Martin Larch, Matthias Busse, László Jankovics

Feeling the Heat? – Assessing Labor Shortages in the Euro area / Paul Ramskogler

Has the Impact of the ECB’s Asset Purchases Diminished Over Time? / Andrejs Zlobins

Why disinflation can be more costly in a small open economy than in a closed economy / Oleksandr Faryna, Magnus Jonsson, Nadiia Shapovalenko

Pitfalls of Inflation Tolerance Ranges / Hervé Le Bihan, Magali Marx, Julien Matheron

Choosing the European fiscal rule / Ginters Bušs, Patrick Grüning, Oļegs Tkačevs

Firm financing and public liquidity measures during the pandemic / Ida Rommedahl Julin, Andreas Kuchler, Alexander Meldgaard Otte

Credit Constrained Firms and Government Subsidies: Evidence from a European Union Program / Tirupam Goel, Péter Lang, Eszter Balogh, Ádám Banai, Martin Stancsics, Előd Takáts, Álmos Telegdy

How to analyse monetary policy transmission and inequality in a three-agent model (THRANK) / Maria Eskelinen

Why have interest rates fallen far below the return on capital? / Magali Marx, Benoît Mojon, François R. Velde

Why do households save? / Sami Oinonen, Matti Viren

Operating leverage and its importance during the Covid-19 pandemic / Katharina Allinger, Ivan Huljak

Climate actions and macro-financial stability: The role of central banks / Francesca Diluiso, Barbara Annicchiarico, Matthias Kalkuhl, Jan. C. Minx

Monetary Policy in a World of Radical Uncertainty / Mervyn King

The encrypted threat: Bitcoin’s social cost and regulatory responses / Ulrich Bindseil, Patrick Papsdorf, Jürgen Schaaf

What explains the emergence and diffusion of climate-related financial policies in G20 countries? / Paola D’Orazio

Money market funds in the euro area: Vulnerabilities and the role of macroprudential policy / Tom Hudepohl, Jeroen Huiting, Annelie Petersen

Determinants of the credit cycle: a flow analysis of the extensive margin / Vincenzo Cuciniello, Nicola di Iasio

Have Bail-in Policies Reduced Too-Big-To-Fail Expectations? Evidence from the European Overnight Interbank Market / Eero Tölö, Esa Jokivuolle, Matti Virén

Big techs in finance: a new trade-off between efficiency and privacy / Frederic Boissay, Torsten Ehlers, Leonardo Gambacorta, Hyun Song Shin

Monetary and fiscal complementarity in the Covid-19 pandemic / Jagjit S Chadha, Luisa Corrado, Jack Meaning, Tobias Schuler

Mortgage and real estate markets: Current developments pose risks to financial stability / Fritz Zurbrügg

Identifying lessons from the current crisis for the prudential framework of the banking system / Pablo Hernández de Cos

Africa and COVID-19: Can the financial sector stay on course for a green and digital future? / Debora Revoltella, Claudio Cali, Barbara Marchitto, Nina Fenton, Ricardo Santos

Bridge over troubled water? The effectiveness of macroprudential policy during the Covid-19 pandemic in Portugal / Katja Neugebauer, Vítor Oliveira, Ângelo Ramos

Public trust only partly immune to COVID-19 pandemic / Carin van der Cruijsen, Jakob de Haan, Nicole Jonker

How to set Cyclical and Structural capital buffers via Stress tests? A Risk-to-Buffer approach / Cyril Couaillier, Valerio Scalone

Switching-track after the Great Recession / Francesca Vinci, Omar Licandro

The Macroeconomic Impact of Euro Area Labor Market Reforms / Gerhard Rünstler

Crises as a catalyst for change – lessons from the past, challenges for the future / Jens Weidmann

The Role of Contact Tracing in the Long Pandemic War / Leonardo Melosi, Matthias Rottner

Mutual funds’ loyalty helped to stabilize ESG stocks during the COVID-19 market crash / Rui Albuquerque, Yrjo Koskinen, Raffaele Santioni

The European CBAM as a first step towards a globally coordinated climate policy / Daniel Römer, Milena Schwarz

The Leverage Effect of Bank Disclosures / Philipp J. König, Christian Laux, David Pothier

The importance of Private Equity and Venture Capital financing for Greentech companies in Europe / Helmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs

Business Dynamism, Sectoral Reallocation and Productivity in a Pandemic / Guido Ascari, Andrea Colciago, Riccardo Silvestrini

Does competition reduce agency problems within banks? / Mattia Girotti, Federica Salvadè

How to steer interest rates in negative territory? An analysis of reserve tiering and interbank market activity / Lucas Marc Fuhrer, Matthias Jüttner, Jan Wrampelmeyer, Matthias Zwicker

Does one (unconventional) size fit all? Effects of the ECB’s unconventional monetary policies on the euro area economies / Maria Sole Pagliari

Optimism is bad for fiscal outcomes / Martin Larch, Janis Malzubris, Matthias Busse

Caveat Emptor / José María Roldán

Central banks on social media – the reception of ECB communication among experts and non-experts on Twitter / Michael Ehrmann, Alena Wabitsch

A Multi-level Network Approach to Spillovers Analysis: An Application to the Maltese Domestic Investment Funds Sector / Francesco Meglioli, Stephanie Gauci

Temporary panic or fundamental change in payment habits in Europe? Lesson from COVID-19 pandemic shift towards cashless payments / Michal Polasik, Radoslaw Kotkowski

Earnings expectations signal a heterogenous recovery after COVID-19 / Joost Bats, William Greif, Daniel Kapp

The effect of monetary policy on stock market valuation is maybe not what you think / Olli-Matti Laine

Did liquidity limits amplify money market fund redemptions during the COVID crisis? / Peter Dunne, Raffaele Giuliana

Benefits of internationalisation for acquirers and targets – but unevenly distributed / Rainer Frey, Stefan Goldbach

Population aging and the persistence of three key global trends / Andrea Papetti

Does the shadow economy explain household saving? / Sami Oinonen, Matti Viren

A taxonomy of sustainable finance taxonomies / Torsten Ehlers, Diwen Gao, Frank Packer

Central Bank Digital Currencies, Crypto Currencies, and Anonymity: Economics and Experiments / Emanuele Borgonovo, Stefano Caselli, Alessandra Cillo, Donato Masciandaro, Giovanni Rabitti

External Costs of Freight Transport – Relevance and Implications of Internalisation at the European Level / Elisabeth Christen, Bettina Meinhart, Franz Sinabell, Gerhard Streicher

Consumption and service sector key factors in the COVID-19 trade collapse / Heli Simola

How do banks propagate economic shocks? / Yusuf Emre Akgündüz, Seyit Mümin Cılasun, H. Özlem Dursun-de Neef, Yavuz Selim Hacıhasanoğlu, İbrahim Yarba

When the panic broke out: Covid-19 and investment funds’ portfolio rebalancing around the world / Massimiliano Affinito, Raffaele Santioni

How Pandemics Affect the Financial System: Fintech Adoption, and the Digital Divide / Orkun Saka, Barry Eichengreen, Cevat Giray Aksoy

Employment Composition Matters for the slope of the Phillips Curve / Daniele Siena, Riccardo Zago

Monetary policy strategies in the New Normal: A model-based analysis for the euro area / Fabio Busetti, Stefano Neri, Alessandro Notarpietro, Massimiliano Pisani

How do Loan-to-Value Caps Impact Bank Lending and Credit Spillover? / Selva Bahar Baziki, Tanju Çapacıoğlu

The role of prudential policy in addressing climate change / Fernando Restoy

Private equity buyouts and firm exports: Evidence from UK firms / Paul Lavery, Jose-Maria Serena, Marina-Eliza Spaliara, Serafeim Tsoukas

Technical barriers to trade play the most important role in trade of goods in information and communications technology / Mahdi Ghodsi

Exploring DORA - the Digital Operational Resilience Act and its impact on banks and their supervisors / Joachim Wuermeling

The one trillion euro CBDC: Issuing a digital euro without disrupting the bank lending channel / Paolo Fegatelli

Human Frictions in the Transmission of Economic Policy / Francesco D’Acunto, Daniel Hoang, Maritta Paloviita, Michael Weber

The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital Controls / Philippe Bacchetta, Rachel Cordonier, Ouarda Merrouche

Cost-Benefit Analysis of Borrower-Based Measures in Slovakia / Martin Cesnak, Ján Klacso, Roman Vasiľ

Mind the promotional gap! Climate-related financial policies and institutional dynamics / Moritz Baer, Emanuele Campiglio, Jérôme Deyris

Combining negative rates, forward guidance and asset purchases: Identification and impacts of the ECB’s unconventional policies / Massimo Rostagno, Carlo Altavilla, Giacomo Carboni, Wolfgang Lemke, Roberto Motto, Arthur Saint Guilhem

The reform of the EU’s fiscal governance framework in a new macroeconomic environment / Mario Alloza, Javier Andrés, Pablo Burriel, Iván Kataryniuk, Javier J. Pérez, Juan Luis Vega

Revisiting the link between government debt and sovereign interest rates in the euro area / Stéphanie Pamies, Nicolas Carnot, Anda Pătărău

Basel III implementation in the European Union / Pablo Hernández de Cos

The highly heterogeneous impact of the Covid-19 crisis on French firms / Benjamin Bureau, Anne Duquerroy, Julien Giorgi, Mathias Lé, Suzanne Scott, Frédéric Vinas

The impact of macroprudential policies on capital flows in CESEE / Markus Eller, Niko Hauzenberger, Florian Huber, Helene Schuberth, Lukas Vashold

Why did the pass-through from labor cost to price inflation decline in the US? / Elena Bobeica, Matteo Ciccarelli, Isabel Vansteenkiste

How to Design a CBDC? Remuneration, Collateral Haircuts and Quantity Constraints / Katrin Assenmacher, Aleksander Berentsen, Claus Brand, Nora Lamersdorf

Negative interest rates and the erosion of banks’ interest margins / Jorien Freriks, Jan Kakes

Is window dressing by banks systemically important? / Luis Garcia, Ulf Lewrick, Taja Sečnik

The impact of COVID-19 on analysts’ sentiment about the banking sector / Alicia Aguilar, Diego Torres

The effect of Eurosystem asset purchase programmes on euro area sovereign bond yields during the COVID-19 pandemic / George Hondroyiannis, Dimitrios Papaoikonomou

Optimal Robust Monetary Policy with Parameters and Output Gap Uncertainty / Adriana Grasso, Guido Traficante

Macroeconomic stabilisation in the presence of the effective lower bound: the case of the euro area / Günter Coenen, Carlos Montes-Galdón, Sebastian Schmidt

Systemic Implications of the Bail-in Design: A Precis of our Main Text / J. Doyne Farmer, Charles Goodhart, Alissa M. Kleinnijenhuis

The Effects of Fiscal Policy when Planning Horizons are Finite / Joep Lustenhouwer, Kostas Mavromatis

How do real and monetary integrations affect inflation dynamics in Turkey? / Hülya Saygılı

The Path to Euro Area and Banking Union Membership: Assessing the Incentives for “Close Cooperation” and Adherence to the Exchange Rate Mechanism II / Maria J. Nieto, Dalvinder Singh

Can policy boost the international role of currencies? Lessons from international trade invoicing / Georgios Georgiadis, Helena Le Mezo, Arnaud Mehl, Cédric Tille

Prudential responses to COVID-19 in G20 countries: a missed opportunity to enhance "green" financial policy and regulations? / Paola D’Orazio

The grocery trolley race in times of Covid-19. Evidence from Italy / Emanuela Ciapanna, Gabriele Rovigatti

Frozen markets: Iceland’s experience with capital controls / Francis Breedon, Thórarinn G. Pétursson, Paolo Vitale

Central bank’s financial result and inter-sectoral transfers of benefits / Krzysztof Kruszewski, Mikołaj Szadkowski

The FX Global Code / Guy Debelle

Ultra low interest rates from the perspective of a central banker / Lars Rohde

Navigating by r*: safe or hazardous? / Claudio Borio

A liquidity risk early warning indicator for Italian banks: a machine learning approach / Maria Ludovica Drudi, Stefano Nobili

Sovereign CDS Volatility as an Indicator of Economic Uncertainty / Maximilian Böck, Martin Feldkircher, Burkhard Raunig

The relevance of trade policy: Evidence from the 19th century / Jacopo Timini

Contagious Zombies / Christian Bittner, Falko Fecht, Co-Pierre Georg

Fiscal-Monetary Crosswinds in the Euro Area / Lucrezia Reichlin, Giovanni Ricco, Matthieu Tarbé

Raising r*: Why, how, and if not now, when? / Robert Holzmann, Maria T. Valderrama

Forging the Future of Monetary Union – taking stock and looking forward / Markus Rodlauer, Rolf Strauch

Labor adjustment and productivity dynamics: cross-country evidence and policy implications / Maarten Dossche, Andrea Gazzani, Vivien Lewis

Does the ECB’s monetary policy react to the balance of risks? / Philippine Cour-Thimann, Alexander Jung

The Liquidity of the Government Bond Market – What Impact Does Quantitative Easing Have? Evidence from Sweden / Marianna Blix Grimaldi, Alberto Crosta, Dong Zhang

Low-for-ultra-long policy will not be enough for Japan / Hiroshi Ugai

An export supply channel of exchange rates / Erik Frohm

Central banks as bank supervisors: how does this double role affect their inflation outcomes? / Vasco Gabriel, Ioannis Lazopoulos, Diana Lima

Curb your enthusiasm: the aggregate short-run effects of a borrower-based measure / Joana Passinhas, Daniel Abreu

Pension funds’ portfolio choices and investment beliefs / Dirk Broeders, Kristy Jansen

Recycling carbon tax revenues / Ángel Estrada, Daniel Santabárbara

Monetary Gold and Central Bank Capital / Kenneth Sullivan

Limits of stress-test based bank regulation / Tirupam Goel, Isha Agarwal

Record global FX reserves after COVID shock / Michael S Hanson

Assessment of the effectiveness of the macroprudential measures implemented in the context of the Covid-19 pandemic / Lucas Avezum, Vítor Oliveira, Diogo Serra

Banks Fearing the Drought? Liquidity Hoarding as a Response to Idiosyncratic Interbank Funding Dry-Ups / Helge C.N. Littke, Matias Ossandon Busch

Heterogeneous firm-level impact and responses to the COVID-19 crisis / Alejandro Fernández-Cerezo, Beatriz González, Mario Izquierdo, Enrique Moral-Benito

The Natural Interest Rate in China / SUN Guofeng, Daniel M Rees

Banks’ complexity-risk nexus and the role of regulation / Natalya Martynova, Ursula Vogel

Have scale effects on cost margins of pension fund investment portfolios disappeared? / Jacob A. Bikker, Jeroen J. Meringa

On the Effectiveness of Macroprudential Policy / Miguel Ampudia, Marco Lo Duca, Mátyás Farkas, Gabriel Perez Quiros, Mara Pirovano, Gerhard Rünstler, Eugen Tereanu

Bank pricing of corporate loans / Márcio Mateus, Tiago Pinheiro

Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments / Stefan Goldbach, Volker Nitsch

More aware societies suffered less from Covid-19 / Alejandro Buesa, Javier J. Pérez, Daniel Santabárbara

The anatomy of bond ETF arbitrage / Karamfil Todorov

Can Internet banking affect households’ participation in financial markets and financial awareness? / Valentina Michelangeli, Eliana Viviano

What’s the Message? Interpreting Monetary Policy Through Central Bankers’ Speeches / Martin Feldkircher, Paul Hofmarcher, Pierre Siklos

Patchy data is a good start: from Kuznets and Clark to supervisors and climate / Frank Elderson

No country is an island: International cooperation and climate change / Massimo Ferrari, Maria Sole Pagliari

Digital euro has potential in the Netherlands / Michiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink

Regulation of crypto-assets is a must for governments and central banks / Daniel Daianu

The role of information channels and experience for households’ inflation expectations / Christian Conrad, Zeno Enders and Alexander Glas

Green Liquidity Moves Mainstream / Patrick Drury Byrne, Sandeep Chana and Sylvain Broyer

Proportionality in banking regulation: who, what and how? / Raihan Zamil

Digital payments and European sovereignty / Burkhard Balz

Roads for the future: Central Bank Digital Currency (CBDC) and Innovative Payments / François Villeroy de Galhau

It’s in the Tails: The Distributional Income Effects of Monetary Policy / Niklas Amberg, Thomas Jansson, Mathias Klein and Anna Rogantini Picco

A quantitative analysis of the countercyclical capital buffer / Miguel Faria e Castro

The dynamics of macroeconomic downside risk / By Davide Delle Monache, Andrea De Polis and Ivan Petrella

Consumption patterns in Italy during COVID-19 / Elisa Guglielminetti and Concetta Rondinelli

Some warning signals about average inflation targeting / Seppo Honkapohja, Nigel McClung

How green is your budget? Green budgeting practices in the EU / Elva Bova

Consistent recovery and resolution of small and large banks in Europe / Anne Dyrberg Rommer, Louise Kleiner

Three questions on the outlook for banking / Carolyn Rogers

Euro area equity risk premia and monetary policy / Daniel Kapp, Kristian Loft Kristiansen

What does “below, but close to, two per cent” mean? Assessing the ECB’s reaction function with real time data / Maritta Paloviita, Markus Haavio, Pirkka Jalasjoki, Juha Kilponen

Liquidity in the German corporate bond market: has the CSPP made a difference? / Kathi Schlepper

Future Challenges: Old Problems in New Shapes / José María Roldán

Evidence of a macroeconomic reversal rate / Paul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End

Euro area portfolio flows in 2020: the impact of the Covid-19 crisis / Julia Schmidt, Olivier Sirello

Investment funds, monetary policy, and the global financial cycle / Christoph Kaufmann

Gender, women economic concerns and monetary policy decision-making / Sylvie Goulard

How well are consumers’ inflation expectations anchored to the ECB’s inflation aim? / Gabriele Galati, Richhild Moessner, Maarten van Rooij

Effects of a European Unemployment Benefit Scheme on consumption risk sharing and production efficiency / Zeno Enders, David Vespermann

Nearshoring Perspectives after COVID-19: Can Western Balkans Benefit? / Branimir Jovanovic, Mahdi Ghodsi

Women and Monetary Policy / Paola Profeta

Intergenerational macroeconomics / Gabriel Makhlouf

The Future of Bitcoin / Wim Boonstra

Monetary policy surprises trigger different responses in the housing market across European regions / Winfried Koeniger, Benedikt Lennartz, Marc-Antoine Ramelet

Global Financial Uncertainty: Does it Matter for the Global Business Cycle? / Giovanni Caggiano, Efrem Castelnuovo

Five stylized facts on the Great Lockdown / Francesco Grigoli, Daniel Leigh, and Antonio Spilimbergo

Barriers to net zero: How firms can make or break the green transition / Ralph De Haas, Ralf Martin, Mirabelle Muûls, Helena Schweiger

How climate protection adds to inflation / Jörg Krämer, Ralph Solveen

What is the true resilience of our financial systems to climate change with the buffers we currently have? / Alejandro Díaz de León

Six ways to bring inflation (expectations) up / Ernest Gnan

The reduction in homeownership rates for the young / Gonzalo Paz-Pardo

Regulating liquidity risk in mutual funds / Dominic Cucic

The euro area sovereign debt markets in the crisis: role and impact on financial stability perspectives / Denis Beau

Not alone: Financial support of the Western Balkans / Mauro Giorgio Marrano

Understanding the financial risks of nature loss: exploring policy options for financial authorities / Katie Kedward, Josh Ryan-Collins, Hugues Chenet

How to issue a privacy-preserving central bank digital currency / Christian Grothoff, Thomas Moser

The economics of interest rates and population growth / Jesse Edgerton

Fund Cross-Holdings and Financial Stability / Daniel Fricke, Hannes Wilke

A rising core lifts all baskets / Bruce Kasman, Joseph Lupton, Michael S Hanson

Global vulnerabilities to the COVID-19 variant B.1.617.2 / David Mackie

Quantifying bias and inaccuracy of upper-level aggregation in Harmonised Index of Consumer Prices for Germany and the euro area / By Thomas Knetsch, Julika Herzberg , Patrick Schwind and Sebastian Weinand

Can central bank communication help to stabilise inflation expectations? / Alexander Jung, Patrick Kuehl

Building a more effective financial safety net for poor countries / Bruno Cabrillac, Luc Jacolin

Integrated policy frameworks: The constraints of policy horizons and adjustment frequencies / Claudio Borio and Piti Disyatat

What consumption habits tell us about the joint dynamics of government bond yields and stock prices internationally / Thomas Nitschka, Shajivan Satkurunathan

Monetary policy space and monetary policy strategies for the euro area / Markus Haavio, Olli-Matti Laine

The Economic Case for Global Vaccinations: An Epidemiological Model with International Production Networks / Cem Çakmaklı, Selva Demiralp, Şebnem Kalemli-Özcan, Sevcan Yeşiltaş, Muhammed A. Yıldırım

A bigger house at the cost of an empty fridge? The effect of households’ indebtedness on their consumption: Micro-evidence using Belgian HFCS data / Philip Du Caju, Guillaume Périlleux, François Rycx, Ilan Tojerow

A technical toolkit to monitor a pandemic outbreak from a central bank perspective / Alexie Alupoaiei, Csaba Bálint, Matei Kubinschi

External Vulnerabilities and Exchange Rate Pass-Through: The Case of Emerging Markets / Abdullah Kazdal, Muhammed Hasan Yılmaz

Assessing the impact of Basel III: Evidence from macroeconomic models / Olivier de Bandt, Bora Durdu, Hibiki Ichiue, Yasin Mimir, Jolan Mohimont, Kalin Nikolov, Sigrid Röhrs, Jean-Guillaume Sahuc, Valerio Scalone, Michael Straughan

The interplay between green policy, electricity prices, financial constraints and jobs: firm-level evidence / Gert Bijnens, John Hutchinson, Jozef Konings, Arthur Saint Guilhem

Shocks to bank capital as a driver of lending standards to corporates. What can macroprudential policy learn from bank lending surveys? / Ewa Wróbel

Stress-testing CESEE borrowers in the light of the COVID-19 pandemic / Aleksandra Riedl

What does research say about the effects of central bank balance sheet policies? / Paola Di Casola

Does the upturn in Eurozone money growth imply 5% inflation? / Tim Congdon

Digital Disruption: The Inevitable Rise of CBDC / Chetan Ahya, Derrick Kam, Julian Richers

Detecting turning point in the Danish economy in real time – nowcasting in Danmarks Nationalbank during the covid-19 crisis / Jesper Pedersen

Real interest rates and demographic developments: the role of population growth and migration / Lucas Fuhrer, Nils Herger

Stress-Testing Net Trading Income: The Case of European Banks / Carla Giglio, Frances Shaw, Nicolas Syrichas and Giuseppe Cappelletti

A digital euro to meet the expectations of Europeans / Fabio Panetta

Climate risks and collateral: a methodological experiment / Pierre-François Weber, Bünyamin Erkan, Antoine Oustry, Romain Svartzman

Set-up costs and the financing of young firms / François Derrien, Jean-Stéphane Mésonnier, Guillaume Vuillemey

The pandemic year from a consumer behaviour perspective: The Slovak experience / Milan Gylanik, Viera Mrazikova and Roman Vrbovsky

Low Interest Rates and the Distribution of Household Debt / Marina Emiris, François Koulischer

What Caused The Resurgence In FDI Screening? / Simon J. Evenett

How to prevent a too restrictive fiscal policy in Europe? / Wim Boonstra

Monetary and Fiscal Policy: Privileged powers, entwined responsibilities / Claudio Borio and Piti Disyatat

Will consumers save the EU recovery? - Insights from the Commission’s consumer survey / Roberta Friz, Fiona Morice

SPACs (special purpose acquisition companies) / Mario Hübler, Jakob Hanzl, Christoph Prenner

Foreclosures and House Prices / Michele Loberto

Strengthening the international role of the euro / Gergely Hudecz, Gong Cheng, Edmund Moshammer, Alexander Raabe

Banking regulation and the benefits of international cooperation – views from a banking supervisor / Joachim Wuermeling

Europe’s growth gap: reconciling Keynes and Schumpeter / François Villeroy de Galhau

The Bewildering Effects of COVID-19 and Other Recessions on Forecast Accuracy Measurements / Boriss Siliverstovs

Navigating the Digital Transition, Maintaining a Stable Payment System / Denis Beau

Data sharing for better policy making / Claudia Buch

Negative Interest Rate Policy – The Experience So Far / Luis Brandao Marques, Marco Casiraghi, Gaston Gelos, Gunes Kamber, Roland Meeks

Building-back-better after the Covid-19 crisis in Europe: The twin transition and divergence / Marco Buti, István P. Székely

The banking supervisors dilemma: wearing many hats on one head / Sasin Kirakul, Jeffery Yong, Raihan Zamil

Zero Covid: fewer deaths and much less contraction in GDP / Cécile Philippe, Nicolas Marques

How should the COVID restrictions in England be eased? / David K. Miles, Adrian H Heald, Michael Stedman

How the Capital Markets Union can help Europe avoid a liquidity trap / Sylvain Broyer

Fed’s financial stability concerns and monetary policy / Klodiana Istrefi, Florens Odendahl, Giulia Sestieri

A New Measure of Synthetic Leverage / Daniel Fricke

The Macroeconomics of Covid-19 Leverage / Théophile Jégard, Simon Ray

Not all debt is bank debt: Nonbank borrowing in Central, Eastern and Southeastern Europe / Katharina Allinger, Elisabeth Beckmann

Smoke and Mirrors: On cancelling public debts held by the Eurosystem / Jef Boeckx and Xavier Debrun

The Impact of COVID-19 on European Banks / Shekhar Aiyar, Mai Chi Dao, Andreas A. Jobst, Aiko Mineshima, Srobona Mitra, Mahmood Pradhan

Europe: the shock of Covid-19 and the fear of accelerated zombification / Hélène Baudchon, Louis Boisset, Guillaume Derrien, Kenza Charef

The Great Depression, banking crisis, and Keynes’ paradox of thrift / Victor Degorce, Eric Monnet

The Saving and Employment Effects of Higher Job Loss Risk / Ragnar E. Juelsrud, Ella Getz Wold

Uncertainty Is Not an Excuse. Integrating Climate Risks into Monetary Policy Operations and Financial Supervision / Julia Anna Bingler, Chiara Colesanti Senni, Pierre Monnin

CESEE’s Macroprudential Policy Response to Covid-19 / Markus Eller, Reiner Martin, Lukas Vashold

The impact of Covid-19 on global value chains / Heli Simola

Crisis management of credit institutions: Senior unsecured creditors must prepare for bail-in / Christine Sif Larsen, Anne Dyrberg Rommer

Banking union - achievements and challenges / Luis de Guindos

The challenges to the banking sector a year after the outbreak of the COVID-19 pandemic / Pablo Hernández de Cos

How do central banks use big data and machine learning? / Sebastian Doerr, Leonardo Gambacorta, Jose Maria Serena

Unconventional monetary policies and expectations on economic variables / Alessio Anzuini, Luca Rossi

EMU deepening and sovereign debt spreads: using political space to achieve policy space / Iván Kataryniuk, Víctor Mora-Bajén, Javier J. Pérez

Immovable property: where, why and how should it be taxed? / Doris Prammer

Shaken but not deterred: business confidence and Covid-19 in the Euro area / Gene Ambrocio

The role of fiscal policies in the Covid-19 crisis: scope and limitations / Niels Thygesen

The way forward for EU-wide stress tests / Pedro Duarte Neves

A backstop liquidity facility for a greener economy / Eric Jondeau, Benoit Mojon, Cyril Monnet

Shifts in the portfolio holdings of euro area investors in the midst of COVID-19: looking-through investment funds / Daniel Carvalho, Martin Schmitz

EU – US: Towards renewed transatlantic cooperation? / Maartje Wijffelaars, Philip Marey

Whatever it takes to save the planet? Central banks and unconventional green policy / Alessandro Ferrari, Valerio Nispi Landi

Next Generation EU: can we do better? / Lorenzo Codogno, Paul van den Noord

Central bank communication with the general public: effective or not? / Nils Brouwer, Jakob de Haan

On the Origin of Systemic Risk / Mattia Montagna, Giovanni Covi, Gabriele Torri

CBDC: Where is the unique selling proposition? / Peter Bofinger,Thomas Haas

Debt cancellation by the ECB: Does it make a difference? / Paul de Grauwe

Scarring in Europe / Reza Moghadam, Markus Guetschow, Camille White

Are lower bank capital requirements an efficient policy tool for supporting credit to SMEs? / Michel Dietsch, Henri Fraisse, Mathias Lé, Sandrine Lecarpentier

Greening the UK financial system – a fit for purpose approach / Yannis Dafermos, Daniela Gabor, Maria Nikolaidi, Frank van Lerven

Who has purchased euro area debt since the start of the health crisis? / Olivier Sirello

Pandemic Recession, Recovery Plan and Helicopter Money: A Tale from the Serenissima / Charles Goodhart, Donato Masciandaro, Stefano Ugolini

Digital technologies: a source of a productivity rebound? / Gilbert Cette, Sandra Nevoux, Loriane Py

Sharing Economy in the Financial Industry: A Platform Approach towards Sharing in Regulatory Reporting using the Shapley Value / Aaron Janowski, Moritz Plenk, Mirko Haselwander

The rise of digital watchers / Till Ebner, Thomas Nellen, Jörn Tenhofen

Should developed economies manage international capital flows? An empirical and welfare analysis / Dennis Bonam, Gavin Goy, Emmanuel de Veirman

Crisis management for medium-sized banks: the case for a European approach / Andrea Enria

Vaccination delay to cost Europe EUR90bn in 2021 / Ludovic Subran, Ana Boata, Patrick Krizan, Katharina Utermöhl

Bank stress tests: their philosophy and their use by prudential authorities during the Covid-19 crisis / Valère Fourel, Julien Idier, Valerio Scalone, Aurore Schilte

The crisis management framework for banks in the EU: what can be done with small and medium-sized banks? / Elke König

Banking Across Borders: Are Chinese Banks Different? / Eugenio Cerutti, Catherine Koch, Swapan-Kumar Pradhan

The crisis management framework for banks in the EU: how Can we deal with small and medium-sized banks? / Ignazio Visco

A pragmatic solution for the liquidity in resolution problem / Matthias Gruber, Stefan W. Schmitz

The evolution of bond and swap trading / Martin Scheicher

The future of data collection & data management: Agile RegOps for digitalizing the regulatory value chain / Martina Drvar, Johannes Turner, Maciej Piechocki, Eric Stiegeler, Daniel Münch

Nowcasting world GDP growth with high-frequency data / Caroline Jardet, Baptiste Meunier

Scars of youth non-employment and labour market conditions / Giulia Martina Tanzi

Is inflation dead or hibernating? / Claudio Borio

Is the 100% Reserve Reform Finally Getting Topical? / Christian Pfister

Buffer usability and potential stigma effects / Stefan W. Schmitz, Viola Nellessen, Michaela Posch, Peter Strobl

Interest rate-growth differentials on government debt: an empirical investigation for the euro area / Cristina Checherita-Westphal and João Domingues Semeano

The post-COVID-19 recovery: what challenges and roadmap for the banking industry? / Jordi Gual

Capital Buffer Assignments to Other Systemically Important Institutions in the Euro area – Is the Country Heterogeneity in the EU caused by Regulatory Capture? / Michael Sigmund

Is NGEU a game changer for the ECB’s role in fighting the fall-out from COVID-19 in the euro area? / Lukas Reiss, Maria Teresa Valderrama

COVID-19 pandemic: Perception, confusion and conspiracies / Stefan Schneider

Could housing booms undermine productivity growth? / Sebastian Doerr

Consequences for banks’ business from COVID-19 and policy responses / Francesco Mazzaferro

Thriving in a post-pandemic world / Debora Revoltella, Pedro de Lima

Monetary policy effects when interest rates are negative / Joost Bats, Massimo Giuliodori, Aerdt Houben

Limits of the Market / Paul De Grauwe

Preparing for a higher inflation regime / Elga Bartsch, Jean Boivin, Philipp Hildebrand

On the risk-adjusted performance of machine learning models in credit default prediction / Andres Alonso, Jose Manuel Carbo

A stronger voice for Europe in global development / Werner Hoyer

In Support of Monetary Policy: Using the Countercyclical Capital Buffer to Avoid a Reversal Interest Rate / Matthieu Darracq Pariès, Christoffer Kok, Matthias Rottner

Are equity markets currently overvalued? The role of the time horizon in earnings expectations / Roberto Blanco and Irene Roibás

The world economy under Covid-19: Can emerging market economies keep the engine running? / Kristel Buysse, Dennis Essers

Surge in corporate insolvencies hitting German banks / Jan Schildbach

Cyber risk in the financial sector / Iñaki Aldasoro, Jon Frost, Leonardo Gambacorta, Thomas Leach, David Whyte

Retail CBDC Remuneration: The Sign Matters / Christian Pfister

Keynes and Schumpeter are what the European economy needs right now / Sylvain Broyer

Lessons from the Swedish anti-corona strategy / Lieven Noppe

Cross-country differences in Europe’s second COVID wave / David Mackie

Tracking Covid: What Worked? / Markus Guetschow

Policy revolution / Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand

Central banks’ response to the “tragedy on the horizon” / François Villeroy de Galhau

Finding the Right “Hall of Mirrors”: The Mixed Blessings of Lessons from the Past for Shaping a Post-COVID Future / Robert Holzmann

Update of the European Fiscal Monitor (September 2020) / Willem-Pieter de Groen, Inna Oliinyk

Macroeconomic stabilisation when nominal interest rates are constrained: A role for household inflation expectations? / Geoff Kenny, Ioana Duca-Radu, Andreas Reuter

More travel warnings are almost like a new lockdown for the hospitality industry / Eric Heymann

The shadow of fiscal dominance: Misconceptions, perceptions and perspectives / Isabel Schnabel

Monitoring economic activity in times of Covid-19: moving up to higher frequency / Barbara Castelletti, Marie Delorme, Pavel Diev, Yannick Kalantzis, Antoine Lalliard, Matteo Mogliani

The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival / C.A.E. Goodhart, Manoj Pradhan

Can we expect the economy to rebound rapidly? / Stéphane Dupraz

The Eurosystem collateral framework in 2018 and 2019 / Marco Corsi, Benjamin Hartung, Viktoriya Gocheva

The EU’s “Northern enlargement” 25 years on – stocktaking and some thoughts for the future / Ernest Gnan and Robert Holzmann

A Journey through the Monetary Cyber World / Christian Pfister

Limits and pitfalls of QE in emerging markets / Daniel Daianu

To each crisis its analogy, to each analogy its critical reflection / Robert Holzmann

Home- and host-country prudential regulation and spillovers in dollar credit / Stefan Avdjiev, Bryan Hardy, Patrick McGuire, Goetz von Peter

Global value chains and the challenge of Covid-19 / Antoine Berthou, Juan Carluccio, Guillaume Gaulier

After Coronavirus: Deflation or Inflation? / C.A.E. Goodhart

A rule-based monetary strategy for the European Central Bank: a call for monetary stability / Juan E. Castañeda

Inclusive payments for the post-pandemic world / Raphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth

Are bank capital requirements optimally set? Evidence from researchers’ views / Gene Ambrocio, Iftekhar Hasan, Esa Jokivuolle, Kim Ristolainen

Finland and monetary policy through three crises / Tuomas Välimäki and Meri Obstbaum

Financial integration in the Nordic-Baltic region vis-à-vis the EU: A Swedish perspective / David Farelius, Stefan Ingves, Magnus Jonsson

The Growth of Indexing - What is happening, and why? / Craig Lazzara

Measuring Regulatory Complexity / Jean-Edouard Colliard, Co-Pierre Georg

The big debt surge / Ralph Solveen

Eurozone in times of Covid-19: Debt monetisation by stealth / Peter Vanden Houte

European Recovery Fund: Sceptics Q&A / Reza Moghadam, Jacob Nell, Joao Almeida, Bruna Skarica, Markus Guetschow

Radical Uncertainty / John Kay

How effective are bank levies in reducing leverage given the debt bias of corporate income taxation? / Franziska Bremus, Kirsten Schmidt, Lena Tonzer

The Macroeconomic Impact of NPLs in Euro Area Countries / Ivan Huljak, Reiner Martin, Diego Moccero, Cosimo Pancaro

How firms are adapting to the lockdown: insights from text mining / Mathilde Gerardin, Martial Ranvier

Special Update of the European Fiscal Monitor / Willem-Pieter de Groen, Inna Oliinyk, Sander van Veldhuizen

Retail Central Bank Digital Currencies: means of payment vs store of value / Santiago Fernández de Lis, Pablo Urbiola

Europe’s answer to Libra – potential and prerequisites of a programmable euro / Andreas Krautscheid, Tobias Tenner, Siegfried Utzig

Banking between two crises / Karel Lannoo

The liquidity trap, monetary policy and the health crisis / Stéphane Lhuissier

Financial resilience of German households to Corona triggered income shock / Orcun Kaya

A sensible fiscal policy for the sharp rise in government debt / Forrest Capie, Meyrick Chapman, Chris Marsh, Geoffrey Wood

Which factors drive consumers to adopt crypto-assets? Results from an Austrian survey / Helmut Stix

The need for a new financial architecture after CORONA, an opinion / Freddy Van den Spiegel

Covalization: Europe on the Rack Between Globalization and Covid - A Historian’s Perspective on the European Union: Europe and Globalization / Harold James

The EU’s recovery plan is the next generation of fiscal solidarity / Sylvain Broyer

Credit Guarantees in the COVID-19 crisis – Relevance and Economic Impact / Julien Brault, Simone Signore

Assessing the efficacy of COVID-19 tracing regimes / David Mackie

Towards a wider international role for the euro / Francesco Papadia, Konstantinos Efstathiou

A first look at fiscal dynamics in the Euro area after COVID-19: the case for a shift in the fiscal governance system / Marco Protopapa

The international role of the euro / Marco Buti

There is nothing magic in central bank money / Jean Barthélemy, Adrian Penalver

Do contactless cards really change the way we pay? / Martin Brown, Nicole Hentschel, Hannes Mettler, Helmut Stix

Keeping the COVID-19 R number below 1 as mobility rises / David Mackie

An ECB digital currency – a flight of fancy? / Yves Mersch

Does the EU convergence machine still work and how will the Covid-19 crisis impact it? / Patrick Bisciari, Dennis Essers, Evelien Vincent

US dollar funding markets during the Covid-19 crisis – the international dimension / Egemen Eren, Andreas Schrimpf, Vladyslav Sushko

Simulating the distributive effects of the Macron-Merkel Recovery Fund / Friedrich Heinemann

International inflation co-movements / Philip R. Lane

Making banking integration work for better risk sharing in the eurozone: the role of cross-border banking consolidation / Mathias Hoffmann

Cross-border consolidation in the European banking sector: between dreams and reality / Jan Van Hove

Services are the next – and fast approaching – frontier of global trade and financial services is a sector leading the way / Robert Koopman

German Constitutional Court vs ECB: Law, Economics and Politics / Donato Masciandaro

ECB needs to finance Corona budget deficits / Paul De Grauwe

Turning collective savings into private equity investments: The Covid-19 crisis as a catalyst for pan-European efficient resource allocation / Georges Hübner

The currency composition of foreign exchange reserves / Hiro Ito and Robert N McCauley

Monetary policy implications of digital currencies / Katrin Assenmacher

Can we compare the COVID-19 and 2008 crises? / Marc-Olivier Strauss-Kahn

Coronavirus and the world of work / Monika Kiss

How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term context / Elga Bartsch, Jean Boivin, Philipp Hildebrand

Covid-19 policy response and the role of the EIB / Debora Revoltella

An EU Recovery Fund: How to square the circle? / Kajus Hagelstam, Alice Zoppè, Cristina Sofia Dias

Shh, don’t say it! ECB Helicopter Money: Economics and Politics / Donato Masciandaro

Never Let a Good Crisis Go to Waste! / Kai A. Konrad, Marcel Thum

How the economy will recover from the Corona shock / Jörg Krämer and Bernd Weidensteiner

Interlinking Europe’s recovery plan and the next EU budget / Kevin Körner and Barbara Böttcher

Overview of Central Bank Digital Currency - State of Play / Johannes Duong

Embedded supervision: how to build regulation into Libra 2.0 and the token economy / Raphael Auer

What central banks have done to help the economy survive Covid-19 / Florens Odendahl, Adrian Penalver, and Urszula Szczerbowicz

Politics and Economics of Global Currencies / Paul De Grauwe

Navigation tools in the semi-normal corona era / Andy Langenkamp

The search for the right European Financing Instruments in the Corona Pandemic - ESM Liquidity Assistance versus Corona Bonds / Friedrich Heinemann

Regulation, Corporate Culture and Individual Responsibility in Banking / David T Llewellyn

The range of different opinions and moods in Germany on collective ‘corona bonds’ / Ingobert Waltenberger

The Prudent Algorithm Principle: A new paradigm for financial supervision / Jakob Thomä

Passive Funds Actively Affect Prices: Evidence from the Largest ETF Markets / Karamfil Todorov

European banks in the corona crisis / Jan Schildbach

Mother Nature: The gender-climate nexus / Jessica Murray

How deep will it fall? Comparing the euro area recessions of 2020 and 2009 / Andreas Breitenfellner, Paul Ramskogler

A diverse monetary union creates invisible transfers that justify conditional solidarity / Enrico Perotti and Oscar Soons

Reflections on the health and financial crisis / Jacques de Larosière

Does It Fit? Tweeting on Monetary Policy and Central Bank Communication / Donato Masciandaro, Davide Romelli, Gaia Rubera

The European Deposit Insurance Scheme: Economic Rationale, Issues and Policy Solutions / Ettore Panetti

A “European Capitalization and Development Fund” (ECDF) to facilitate Europe’s post-corona recovery / Ernest Gnan

Euro Area Economics: Putting the OOH into HICP / Jacob Nell, Bruna Skarica, Joao Almeida, Markus Guetschow

Central Bank Digital Currency: A Primer / Christian Pfister

Are Standard Macro and Credit Policies Enough to Deal with the Economic Fallout from a Global Pandemic? A Proposal for a Negative SME Tax / Thomas Drechsel, Şebnem Kalemli-Özcan

Reforms, Reversals and the Road Ahead: Lessons from Three Decades of Transition in Central and Eastern Europe / Beata Javorcik

The Paradox of Endogenous Nationalism and the Role of Quantitative Easing / Massimo Morelli

Capital Regulations and the Management of Credit Commitments during Crisis Times / Paul Pelzl, María Teresa Valderrama

Euro Area Economics: Greenflation? / Jacob Nell, Joao Almeida, Markus Guetschow

R-star decline and monetary hysteresis / Phurichai Rungcharoenkitkul

Mortgage Lending and Macroprudential Policy in the UK and US / Alan Brener

Cost-Efficiency and Productivity of euro area banks / Ivan Huljak, Reiner Martin, Diego Moccero

Regulating fintech: what is going on, and where are the challenges? / Fernando Restoy

Making sure your bot colleague is less biased than you! / Frank De Jonghe

The European Banking Union / Margarita Delgado

Populism, Economic Policies and Central Banking: an Overview / Ernest Gnan, Donato Masciandaro

European Banking Consolidation: Can a view to the past inform current policy efforts? / Peter Hahn

How Could Central Bank Digital Currencies Be Designed? / Itai Agur, Anil Ari, Giovanni Dell’Ariccia

Interests and alliances / Klaas Knot

Europe’s role in the global financial system / Luis de Guindos

Bank resolution, the need to recognize reality in order to prepare for the next crisis / Jesper Berg, Henrik Bjerre-Nielsen

Should central banks also be supervisors: a political economy perspective / Donato Masciandaro

Economic policy in EMU: What role for fiscal and monetary policy? Which has more scope left? How to combine them? / Marco Buti

DLT-Based Regulatory Reporting - A game changer for the regulatory regime? / Daniel Münch, Noah Bellon

TCFD: strengthening the foundations of sustainable finance / Mark Carney

The quest for policy scope: Implications for monetary policy strategies / Klaas Knot

Investing in Europe’s Competitiveness and Sustainability / Werner Hoyer

Central bank independence and inflation / Ryszard Kokoszczyński, Joanna Mackiewicz-Łyziak

Deposit facility rate, bank reserves, and portfolio reallocation incentives / Manuel Buchholz, Kirsten Schmidt, Lena Tonzer

Euro Area Fiscal Policy: The Factual, the Possible and the Surprising / Daniele Antonucci

Following “Libra” German banks say: The economy needs a programmable digital euro / Andreas Krautscheid, Tobias Tenner, Siegfried Utzig

Putting macroprudential policy to work: a case study on the Dutch housing market / Paul Hilbers, Marco van Hengel

Central Banking in challenging times / Claudio Borio

Ten years after Lehman, is the financial system safer? / Denis Beau

Inflation In The Eurozone Is Dead. Long Live (The Right Kind Of) Inflation / Sylvain Broyer

Reforming the Stability and Growth Pact: Striving for sustainability while offering room for manoeuvre / Karsten Wendorff

Towards a European Governance Framework for Cryptoassets / Jason Grant Allen, Rosa María Lastra

The rise of central banks as sovereign debt holders: Implications for investor bases / Alvise Lennkh, Bernhard Bartels, Thibault Vasse

Libra – a view from Europe / Heike Mai

Tackling non-performing loans in Europe / Peter Grasmann, Markus Aspegren, Nicolas Willems

Banks’ behavioral reactions to Basel III: mostly as intended / Stefan W. Schmitz

Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination / Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand

On Crypto Assets / Andrei Kirilenko

Non-banks in the EU: ensuring a smooth transition to a Capital Markets Union / Fatima Pires

How to improve crisis management in the banking union: a European FDIC? / Fernando Restoy

Central bank digital currency: institutional issues / Wim Boonstra

Integration and convergence in the EMU: a complex dynamic / Bruno Cabrillac

The euro’s global role: past, present and future / Arnaud Mehl

Making the most of the EMU: Challenges and opportunities for structural reforms / Luiz de Mello

Strengthened EU fiscal framework: fiscal discipline versus economic stabilization / Bernhard Grossmann, Gottfried Haber

Reconciling risk sharing with market discipline: A constructive approach to euro area reform / Isabel Schnabel

Controlling CBDC through tiered remuneration / Ulrich Bindseil

Escaping the Trap: Secular Stagnation, Monetary Policy and Financial Fragility / Martin Wolf

European Economic and Monetary Union: from the Past into the Future / Jean-Claude Trichet

Beliefs and Portfolios: New Measurement and Facts / Stefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus

How to Make Capitalism Work for All? / Anita Angelovska Bezhoska

Restricting or Abolishing Cash: An Effective Instrument for Eliminating the Shadow Economy, Corruption and Terrorism? / Friedrich Schneider

Central banks still run money creation / Daniel Daianu

Mitigating Fiscal Risks from the Financial Sector / Ludger Schuknecht

Loan portfolio diversification in the euro area, capital requirements, and the European Banking Union / Esa Jokivuolle, Matti Virén

Regulatory complexity and the quest for robust regulation / Prasanna Gai, Malcolm Kemp, Antonio Sánchez Serrano, Isabel Schnabel

Libra: A new competitor among international currencies? / Beat Weber

Main findings from a survey on the long-term impact of Brexit on the UK and EU economies / Patrick Bisciari

Global economic governance at a crossroads / Carlo Monticelli

Rethinking Capital Regulation: The Case for a Dividend Prudential Target in the Euro Area / Manuel Muñoz

Bilateral Trade Balances Under Focus / Florence Jaumotte

A products and activities approach to managing risk in asset management / Barbara Novick

Financial aspects of Brexit / Thomas Url

Central banks are too risk averse as investors / Massimiliano Castelli, Stefan Gerlach

Thoughts for a third EU Referendum: Revoke Article 50 OR Leave with “a” deal / Graham Bishop

Chinese foreign investment: a dangerous obsession or a new normal? Get ready for the latter! / Peter Havlik

The future of financial stability: Maintaining effectiveness while reducing complexity / Andreas Ittner

The future of the UK services trade post-Brexit: unlikely to be bright / Olga Pindyuk

Monetary and financial stability: the implications for prudential supervision / Ed Sibley

Analysing the Economics of BREXIT and World Trade / David T. Llewellyn

Rethinking the Trade-offs for Monetary Policy in an Era of Globalization / Enrique Martínez-García

The impact of Brexit on growth and the public finances / Iain Begg

The post-crisis Phillips Curve and its policy implications: cumulative wage gap matters for inflation / Liviu Voinea

How to assess the adequacy of capital requirements based on internal models? / Susanne Roehrig

What is „Modern Money Theory“ (MMT)? / Beat Weber

The future of money and payments / Agustín Carstens

A New Horizon / Mark Carney

The Euro Area: Staying the Course through Uncertainties / François Villeroy de Galhau

The Euro Area: Creating a Stronger Economic Ecosystem / Christine Lagarde

Market power: a complex reality / Peter Praet

Beyond voluntary disclosure: why a ‘market-shaping’ approach to financial regulation is needed to meet the challenge of climate change / Josh Ryan-Collins

Fiscal Rules / Vitor Gaspar, David Amaglobeli

New Frontiers in the Euro Debate in Iceland / Thorsteinn Thorgeirsson

Disintermediation and re-intermediation effects of the CSPP / Óscar Arce, Ricardo Gimeno, Sergio Mayordomo

Creating an enabling environment for innovation and digitalisation / Debora Revoltella, Tim Bending, Christoph Weiss, Philipp-Bastian Brutscher

What lies in store for the eurozone? An assessment of the Greek bailout programmes: Has the EU become wiser? / Yannis Stournaras

Europe needs reforms for inclusive growth. Do Europeans agree? / Pier Carlo Padoan

Big tech in finance and new challenges for public policy / Agustín Carstens

The output cost of the global financial crisis: A reappraisal after ten years / David Turner, Patrice Ollivaud

Monetary Policy beyond normalization / Maria Demertzis

Africa needs investments beyond its pockets of growth / Olivier de Boysson, Clément Gillet

Business models in prudential policies / Isabelle Vaillant, Marina Cernov

Bank business models: time to act / Rudi Vander Vennet

Trends and Cycles in Financial Intermediation / Philip R. Lane

Regtech meets financial supervision: how climate scenario analysis by supervisors is ushering in a new regulatory paradigm / Jakob Thomä

Global financial vulnerabilities: Get ready for a bumpy ride / Claudio Borio

A plea for a paradigm shift in financial decision-making in the age of climate change and disruptive technologies / Angela Köppl, Sigrid Stagl

A Financial Union for the Euro Area / Poul M. Thomsen

A Green Supporting Factor — The Right Policy? / Jacob Dankert, Lars van Doorn, Henk Jan Reinders, Olaf Sleijpen

Preserving regulatory certainty: The review of insurers’ capital requirements / Gabriel Bernardino

Central banks should reflect climate risks in monetary policy operations / Pierre Monnin

21st century cash: Central banking, technological innovation and digital currencies / Fabio Panetta

Green bond finance and certification / Torsten Ehlers, Frank Packer

The future for central bank balance sheets and their potential use as a macroprudential tool / Paul Fisher

A solid common landing ground for EMU / Jeroen Dijsselbloem

Temporary Eurobill Fund (TEF): 30 FAQs / Graham Bishop

Strengthening the euro area Architecture: A proposal for Purple bonds / Lorenzo Bini Smaghi, Michala Marcussen

Modern financial repression in the euro area crisis: making high public debt sustainable? / Ad van Riet

Populism and Central Bank Independence / Donato Masciandaro, Francesco Passarelli

Central Bank Accountability and Judicial Review / Charles Goodhart, Rosa Lastra

Opportunities and challenges for banking regulation and supervision in the digital age / José Manuel González-Páramo

In the euro area, discipline is of the essence, but risk-sharing is no less important / Daniel Daianu

European Monetary Union reform preferences of French and German parliamentarians / Sebastian Blesse, Pierre C. Boyer, Friedrich Heinemann, Eckhard Janeba, Anasuya Raj

Credit conditions and corporate investment in Europe / Laurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher

Euro area quantitative easing: Large volumes, small impact? / Daniel Gros

Comparability of Basel risk weights in the EU banking sector / Zsofia Döme, Stefan Kerbl

The New Silk Road: Implications for Europe / Stephan Barisitz, Alice Radzyner

Fairness and Support for the Reforms: Lessons from the Transition Economies / Sergei Guriev

The occasional importance of the current account in an era of a global savings glut / Jesper Berg, Steffen Lind

Deepening the Economic and Monetary Union: the EU priorities by 2025 and beyond / Marco Buti

Risk sharing in EMU: key insights from a literature review / Demosthenes Ioannou, David Schäfer

Recent developments in Chinese shadow banking / Michael Chui, Christian Upper

Is cash back? Assessing the recent increase in cash demand / Clemens Jobst, Helmut Stix

Is there a risk of snapback in long-dated yields? / Hyun Song Shin

Gaming the rules or ruling the game? – How to deal with regulatory arbitrage / Danièle Nouy

International financial crises: new understandings, new data / Jaime Caruana

Technological Change and the Future of Cash / François R. Velde

Banks or platforms: The digital future / Patricia Jackson

The political economy of central banking in the digital age / Sir Paul Tucker

(No) worries about the new shape of international capital flows / Matthieu Bussiére, Julia Schmidt, Natacha Valla

Completing the architecture of the Euro / Lorenzo Bini Smaghi

Bail-ins: Issues of Credibility and Contagion / Clas Wihlborg

Two turbulent centuries: Lessons from Austria’s monetary policy, 1816-2016 / Ernest Gnan, Clemens Jobst

Doves, Hawks and Pigeons: Behavioral Monetary Policy Making / Donato Masciandaro

Ten Myths in the Brexit Debate / David T. Llewellyn

Bank secrecy in offshore centres, capital flows and blacklisting: It takes two to tango / Donato Masciandaro

Some seeming paradoxes or interesting points of Russia’s economy and banking sector / Stephan Barisitz

Gender diversity and monetary policy / Donato Masciandaro, Paola Profeta, Davide Romelli

Cash without future? Future without cash? A wider view / Christian Beer, Urs W. Birchler, Ernest Gnan

Modigliani–Miller, Basel 3 and CRD 4 / Morten Balling

What is money and who says so? / Peter R. Fisher

Macroprudential Policy and the End of the Zero-Interest-Rate Environment / hybrid, Bratislava / 05 Oct, 2022

Housing Markets in the 2020s: Valuation, drivers, risks and policies / Online / 21 Sep, 2022

Reglobalisation: Changing patterns / Online / 24 Jun, 2022

The Return of Inflation / hybrid, Vienna / 23 May - 24 May, 2022

Global conflict, growth & inflation, monetary policy, and implications for banks’ business / SUERF ChiefEcon Forum / 05 May, 2022

Post-COVID Non-Performing Loans: Effectiveness and efficiency of government intervention, implications for banks / Online Workshop / 23 Mar, 2022

Gender, the Economy and Digitalization / Online conference / 08 Mar, 2022

Macroeconomic models for monetary policy: State of play and way forward / Online workshop / 03 Feb, 2022

Accelerating transformation / hybrid I online / 12 Jan - 13 Jan, 2022

ECB Economic Bulletin. Issue 6/2022 / European Central Bank (ECB)

Crypto assets and decentralized finance – what way forward? What implications for traditional finance? How to regulate and supervise? / SUERF/UniCredit Foundation Research Prize

BOFIT Visiting Researchers Programme – Call for Spring/Summer 2023 - Deadline: 2 October 2022 / Bank of Finland

Klaus Liebscher Economic Research Scholarship (Deadline: End of October 2022) / Oesterreichische Nationalbank

CEBRA Annual Meeting (29-31 August 2022) - Livestream / CEBRA

EIF Business Angels Survey 2021/2022 / European Investment Fund (EIF)

ECB Economic Bulletin. Issue 5/2022 / European Central Bank (ECB)

Managing uncertainty, ensuring resilience – EY EBF CRO survey / EBF

16th South-Eastern European Economic Research Workshop (Deadline - 17 Oct 2022) / Bank of Albania

The macroprudential challenge of climate change / ECB

(Senior) Economist / EIB

European Payments Study 2022 / OeNB

Head of Section - Monetary Policy (m/f/d) / OeNB

Annual Economic Report 2022 / BIS

“Principles of Sustainable Finance”, July 6 at 12.30pm / ESM

Reglobalisation: Changing Patterns („Schwerpunkt Außenwirtschaft 2021/2022“) / WKO, OeNB

6th Workshop of the ESCB Research Cluster on Monetary Economics (Deadline 30 June) / Banque de France & Sveriges Riksbank

Monetary unions in history - 1 July 2022 - Sofia, Bulgaria / Bulgarian National Bank (BNB)

Trainees for a 6 month internship (Application deadline: 9 June 2022) / EIB

Business resilience in the pandemic and beyond from Eastern Europe to Central Asia - A new EIB-EBRD-IMF report - 18 May 2022 | 16:00 - 17:30 CET / EIB

BOFIT Visiting Researchers Programme Autumn/Winter 2022 (Deadline 15 May 2022) / Bank of Finland

4th Summer School on Sustainable Finance (Submission deadline: April 30) / L. Alessi (EC – Joint Research Centre)

Does safe DeFi require CBDCs? - 4 April 2022 / BIS & Swiss National Bank

BOFIT Forecast for Russia 2022–2023 / Bank of Finland

2nd International Conference on Payments and Settlement (Submission deadline 31 March) / Deutsche Bundesbank

BIS Innovation Summit, 22-23 March 2022 / Bank for International Settlements

European Fiscal Monitor - January 2022 / CEPS (EU IFI Network)

Cryptocurrencies: Money, Trust and Regulation / Oonagh McDonald

Monetary policy after the pandemic (Submission deadline 21 March 2022) / Swiss National Bank

2022 Annual Meeting of the Central Bank Research Association (Submission deadline: 1 April 2022) / CEBRA

EIB Investment Report 2021/2022 / EIB

Evaluating the monetary-policy toolkit: lessons for the future (Submission deadline: 15 March 2022) / Sveriges Riksbank

How to deepen Europe’s Economic and Monetary Union Further? 24 January 2022, 14:00 – 17:00 CET / ESM

Young Economist Prize 2022 (Submission deadline: 13 February 2022) / European Central Bank

Cryptoassets and Financial Innovation (Submission deadline: 31 January 2022) / Swiss National Bank

"Social media and its challenges for economic policy" - Annual Congress of the Swiss Society for Economics and Statistics I Submission deadline: January 31, 2022 / Swiss National Bank

Sep 21, 2022 - Housing Markets in the 2020s: Valuation, drivers, risks and policies

Sep 09, 2022 - The Illusion of Control: Why Financial Crises Happen, and What We Can (and Can’t) Do About It

Jul 11, 2022 - NGFS Report: Enhancing market transparency in green and transition finance

Jun 27, 2022 - Sovereign Borrowing Outlook 2022 and Beyond: Navigating shocks and uncertainty with high debt

Jun 24, 2022 - Reglobalisation: Changing patterns

Jun 21, 2022 - CBDC and Bank Intermediation

Jun 14, 2022 - The International Role of the euro: Tectonic Shifts in the Global Financial System?

Jun 13, 2022 - Central bank independence, inflation and crises: what interactions?

May 25, 2022 - Key takeaways from the ECB’s new Financial Stability Review

May 24, 2022 - The Return of Inflation

May 24, 2022 - The Return of Inflation

May 24, 2022 - The Return of Inflation

May 24, 2022 - The Return of Inflation

May 23, 2022 - The Return of Inflation

May 23, 2022 - The Return of Inflation

May 23, 2022 - The Return of Inflation

Mar 30, 2022 - Conceptions of Money in the Digital Age

Mar 23, 2022 - Post-COVID Non-Performing Loans: Effectiveness and efficiency of government intervention, implications for banks

Mar 08, 2022 - Gender, the Economy and Digitalization

Mar 03, 2022 - Fixed Income Market Liquidity: Where do we stand?

Feb 23, 2022 - Sovereign Domestic Debt Restructuring: Handle with Care

Feb 16, 2022 - The digital euro: policy implications and perspectives

Feb 15, 2022 - Climate-related risks: A financial stability angle for Europe

Feb 03, 2022 - Macroeconomic models for monetary policy: State of play and way forward

Dec 09, 2021 - SME Financing: Key findings from the EIF’s new "European Small Business Finance Outlook 2021"

Nov 26, 2021 - “Monetary Policy in Times of Crisis – A Tale of Two Decades of the European Central Bank”

Nov 17, 2021 - Key takeaways from the ECB’s new Financial Stability Review

Nov 15, 2021 - The Resilient Society: European Perspectives

Nov 12, 2021 - Corporate governance, executive compensation and ESG goals

Nov 12, 2021 - Corporate governance, executive compensation and ESG goals

Nov 11, 2021 - Corporate governance, executive compensation and ESG goals

Nov 11, 2021 - Corporate governance, executive compensation and ESG goals

Oct 12, 2021 - EU and US Perspectives: Changing climates

Oct 12, 2021 - EU and US Perspectives: Changing climates

Oct 12, 2021 - EU and US Perspectives: Changing climates

Oct 12, 2021 - EU and US Perspectives: Changing climates

Oct 12, 2021 - EU and US Perspectives: Changing climates

Oct 12, 2021 - EU and US Perspectives: Changing climates

Oct 12, 2021 - EU and US Perspectives: Changing climates

Oct 07, 2021 - Climate protection: State of play, division of labor, steps forward

Oct 07, 2021 - Climate protection: State of play, division of labor, steps forward

Oct 07, 2021 - Climate protection: State of play, division of labor, steps forward

Sep 15, 2021 - How to raise r*?

Sep 15, 2021 - How to raise r*?

Sep 07, 2021 - Covid-19 and Climate Transition: The role of creative destruction

Sep 03, 2021 - SSM/EBA Banking Stress Test: Key findings and the way forward

Jun 28, 2021 - Brick by Brick: Building Better Housing Policies

Jun 28, 2021 - The Corona Effect: Structural Shifts and International Trade

Jun 14, 2021 - The international role of the euro – state of play, drivers, prospects

May 26, 2021 - Fiscal and Monetary Policy Interactions

May 21, 2021 - Gender, Money and Finance - 1st Vienna Economic Dialogue

May 21, 2021 - Gender, Money and Finance - 1st Vienna Economic Dialogue

May 20, 2021 - Gender, Money and Finance - 1st Vienna Economic Dialogue

May 20, 2021 - Gender, Money and Finance - 1st Vienna Economic Dialogue

May 19, 2021 - Key takeaways from the ECB’s new Financial Stability Review

May 06, 2021 - Negative Interest Rates: Effectiveness and Side Effects – Taking Stock

Apr 30, 2021 - The fight against COVID-19: Effectiveness, efficiency, and trade-offs – Stock-taking and lessons for the final spurt

Apr 30, 2021 - The fight against COVID-19: Effectiveness, efficiency, and trade-offs – Stock-taking and lessons for the final spurt

Apr 22, 2021 - Savings behaviour in crisis and post-crisis times

Apr 22, 2021 - Savings behaviour in crisis and post-crisis times

Dec 11, 2020 - Bank’s funding and revenue prospects in the low for long era

Dec 11, 2020 - Bank’s funding and revenue prospects in the low for long era

Dec 11, 2020 - Bank’s funding and revenue prospects in the low for long era

Dec 04, 2020 - CBDC: State of play, challenges, open issues

Nov 25, 2020 - Key takeaways from the ECB’s new Financial Stability Review

Nov 18, 2020 - The effectiveness of monetary policy in a low interest rate environment

Oct 14, 2020 - How to spend it? How to pay it back? EU and US Perspectives

Oct 14, 2020 - How to spend it? How to pay it back? EU and US Perspectives

Oct 14, 2020 - How to spend it? How to pay it back? EU and US Perspectives

Oct 14, 2020 - How to spend it? How to pay it back? EU and US Perspectives

Oct 01, 2020 - The surge of gold

Sep 21, 2020 - 25 years of EU Northern Enlargement

Sep 14, 2020 - Fireside chat: Economic outlook, the ECB’s monetary policy, and financial market implications

Aug 31, 2020 - Libra 2.0 – What does it mean for monetary policy and financial stability?

Jul 10, 2020 - In the face of an unexpected adversary: The crucial role for central banks

Jul 02, 2020 - Radical Uncertainty: Decision-making for an unknowable future - Book presentation and discussion

Jun 29, 2020 - A New Vision for Europe’s Capital Markets - Presentation and Discussion of the Final Report of the High Level Forum on the CMU

Jun 16, 2020 - The International Role of the Euro: has COVID-19 affected the outlook?

Jun 03, 2020 - The Karlsruhe ruling: implications and the way forward?

May 28, 2020 - Key takeaways from the ECB’s new Financial Stability Review

Nov 08, 2019 - Populism, Economic Policies and Central Banking

May 20, 2019 - Cash on Trial

May 20, 2019 - Cash on Trial

Gender, Money and Finance / Oesterreichische Nationalbank I SUERF

25 years of “Northern” EU enlargement / Oesterreichische Nationalbank I SUERF

Populism, Economic, Policies and Central Banking / by Ernest Gnan and Donato Masciandaro

European Economic and Monetary Union: The first and the next 20 years / Oesterreichische Nationalbank

Cash on Trial, mk II - Economics, Technology and Institutions / by Urs Birchler, Ernest Gnan, Carl-Christoph Hedrich and Jens Ulbrich

Do We Need Central Bank Digital Currency? Economics, Technology and Institutions / by Ernest Gnan and Donato Masciandaro

Shadow Banking: Financial Intermediation beyond Banks / by Esa Jokivuolle

The Financial System of the Future / Oesterreichische Nationalbank

New Challenges in Central Banking: Monetary Policy Governance and Macroprudential Issues / by Ernest Gnan and Donato Masciandaro

Brexit and the implications for financial services / by Patricia Jackson

Central Banking and Monetary Policy: what will be the post-crisis new normal? / by Ernest Gnan and Donato Masciandaro

The SSM at 1 / by Jens Ulbrich, Carl-Christoph Hedrich and Morten Balling

Banking Reform / by Patricia Jackson

The state as an intermediary to foster long-term investments: the case of the targeted European savings account / Hans-Peter Burghof, Carola Müller

Cash on Trial / by Christian Beer, Ernest Gnan and Urs W. Birchler

Liquidity and Market Efficiency – Alive and well? / by Esa Jokivuolle and Jouko Vilmunen

Asset-Liability Management with Ultra-low Interest Rates / by Ernest Gnan and Christian Beer

Challenges in Securities Markets Regulation: Investor Protection and Corporate Governance / by Pablo Gasós, Ernest Gnan and Morten Balling

Money, Regulation and Growth: Financing New Growth in Europe / by Marc Quintyn, Donato Masciandaro, Frank Lierman and Morten Balling

Banking After Regulatory Reforms - Business as Usual? / by Esa Jokivuolle and Jouko Vilmunen

The Value of Banks and Their Business Models to Society / by Allard Bruinshoofd and Jakob de Haan

The Effectiveness of Capital Adequacy Measures in Predicting Bank Distress / by David Mayes and Hanno Stremmel

The Future of Sovereign Borrowing in Europe / by Morten Balling, Ernest Gnan and Johannes Holler

Property Prices and Real Estate Financing in a Turbulent World / by Morten Balling and Jesper Berg

States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives / by Morten Balling, Ernest Gnan & Patricia Jackson

States, Banks, and the Financing of the Economy: Fiscal Policy and Sovereign Risk Perspectives / by Morten Balling, Peter Egger & Ernest Gnan

The Interaction of Political, Fiscal and Financial Stability: Lessons from the Crisis / by Ernest Gnan

Developing Distress Resolution Procedures for Financial Institutions / by Clas Wihlborg

The ESRB at 1 / by Stefan Gerlach, Ernest Gnan and Jens Ulbrich

Future Risks and Fragilities for Financial Stability / by David T. Llewellyn and Richard Reid

New Paradigms in Banking, Financial Markets and Regulation? / by Morten Balling, Frank Lierman, Freddy Van den Spiegel, Rym Ayadi and David T. Llewellyn

New Paradigms in Monetary Theory and Policy? / by Morten Balling and David T. Llewellyn

Roles, Missions and Business Models of Public Financial Institutions in Europe / by Mathias Schmit, Laurent Gheeraert, Tierry Denuit, Cédric Warny

Divergence of Risk Indicators and the Conditions for Market Discipline in Banking / by Jens Forssbaeck

Monetary Policy After the Crisis / by Ernest Gnan, Ryszard Kokoszczynski, Tomasz Łyziak & Robert McCauley

Regulation and Banking After the Crisis / by Frank Browne, David T. Llewellyn and Philip Molyneux

The Future of Banking in CESEE after the Financial Crisis / by Attila Csajbók and Ernest Gnan

Contagion and Spillovers: New Insights from the Crisis / by Peter Backé, Ernest Gnan and Philipp Hartmann

The Quest for Stability: The Financial Stability View / by Morten Balling, Jan Marc Berk and Marc-Olivier Strauss-Kahn

The Quest for Stability: The View of Financial Institutions / by Morten Balling, Jan Marc Berk and Marc-Olivier Strauss-Kahn

The Quest for Stability: The Macro View / by Morten Balling, Jan Marc Berk and Marc-Olivier Strauss-Kahn

Crisis Management at Cross-Roads - Challenges facing cross-border financial institutions at the EU level / by Rym Ayadi, Morten Balling and Frank Lierman

Design, Structure and Implementation of a Modern Deposit Insurance Scheme / by Beat Bernet and Susanna Walter

Productivity in the Financial Services Sector / by Morten Balling, Ernest Gnan, Frank Lierman and Jean-Pierre Schoder

Financing SMEs in Europe / by Morten Balling, Beat Bernet and Ernest Gnan

Current Trends in the Russian Financial System / by Morten Balling

The Failure of Northern Rock: A multi-dimensional Case Study / by Franco Bruni and David T. Llewellyn

Asset Management in Volatile Markets / by Morten Balling, Ernest Gnan and Catherine Lubochinsky

Monetary Policy, Regulation and Volatile Markets / by Morten Balling, Ernest Gnan and Catherine Lubochinsky

Macroeconomic Differentials and Adjustment in the Euro Area / by Iulia Siedschlag

Commodities, Energy and Finance / by Ernest Gnan and Már Gudmundsson

Monetary Policy Transmission in Poland: A Study of the Importance of Interest Rate and Credit Channels / by Tomasz Łyziak, Jan Przystupa and Ewa Wróbel

Governance of Financial Supervisors and its Effects – a Stocktaking Exercise / by Marc Quintyn

Corporate Governance in Financial Institutions / by Spyros G. Stavrinakis; Christian Harm; David T. Llewellyn; Bridget Gandy, Peter Shaw, Peter Tebbutt and Mark Young

Economic Convergence in South-Eastern Europe: Will the Financial Sector deliver? / by Valerie Herzberg and Max Watson

Information and Uncertainty in the Theory of Monetary Policy / by Helmut Wagner

The Adoption of the Euro, Choice of Currency Regime and Integration of Payment Systems / by Michael C. Bonello, George M. von Furstenberg, Kari Kemppainen/Sinikka Salo

Macroeconomic Adjustment in the New EU Member States / by Jürgen von Hagen and Iulia Traistaru-Siedschlag

Measuring Scale Economies in a Heterogeneous Industry: The Case of European Settlement Institutions / by Patrick van Cayseele and Christophe Wuyts

Visions about the Future of Banking / by Hans J. Blommestein

Fiscal Issues in the New EU Member Countries: Prospects and Challenges / by Helmut Wagner

Inflation Targeting and its Effects on Macroeconomic / by Thórarinn G. Pétursson

Internationalization of Banks: Strategic Patterns and Performance / by Alfred Slager

Banking Mergers and Acquisitions in the EU: Overview, Assessment and Prospects / by Rym Ayadi and Georges Pujals

Trends in Competition and Profitability in the Banking Industry: A Basic Framework / by Jacob A. Bikker and Jaap S.B. Bos

Will the Adoption of Basel II Encourage Increased Bank Merger Acticity? Evidence from the United States / by Timothy H. Hannan and Steven J. Pilloff

Two new measures of banking efficiency / Riccardo Brogi and Paolo Santella

From floating to monetary union: The economic distance between exchange rate regimes / Eduard H. Hochreiter and Pierre L. Siklos

Electronic purses in Euroland: Why do penetration and usage rates differ? / by Leo van Hove

Northern and Eastern Enlargement of EMU: Do Structural Reforms Matter? / by Andrew Hughes Hallett, Svend E. Hougaard Jensen and Christian Richter

European Monetary and Financial Integration: Evolution and Prospects / by Jean-Paul Abraham, Franco Bruni, Alexandre Lamfalussy, Roert Raymond, Jean-Claude Trichet

Supervisory Systems, Fiscal Soundness and International Capital Movement, More Challenges for New EU Members / by Andreas Grünbichler and Patrick Darlap, Sinikka Salo, Leslie Lipschitz, Timothy Lane and Alex Mourmouras

Russia’s Financial Markets Boom, Crisis and Recovery 1995-2001 Lessons for Emerging Markets Investors / by Ralph Süppel

Securing Financial Stability: Problems and Prospects for New EU Members / by Michael C. Bonello, Fabrizio Saccomanni, Claudia M. Buch, Jörn Kleinert and Peter Zajc

Monetary and Financial Thinking in Europe: Evidence from Four Decades of SUERF / by Jean-Paul Abraham

The EU Experience in Financial Services Liberalization: A Model for GATS Negotiations? / by Paola Bongini

The Theory of Financial Intermediation, An Essay on What it Does (Not) Explain / by Bert Scholtens and Dick van Wensveen

European Financial Cross-Border Consolidation: At the crossroads in Europe? By exception, evolution or revolution? / by Jean-Paul Abraham & Peter Van Dijcke

Bank Management between Shareholders and Regulators / by Christian Harm

Ongoing Changes in the Business Cycle - Evidence and Causes / by Thomas Dalsgaard, Jørgen Elmeskov, Cyn-Young Park

Is there a Future for Regional Banks and Regional Exchanges? The Strategies of Selected Austrian Finance Institutions / by David T. Llewlleyn, R. Ortner, H. Stepic, St.K. Zapotocky

Banking Internationalisation and the Expansion Strategies of European Banks to Brazil during the 1990s / by Luiz Fernando de Paula

Implications of Globalisation for Monetary Policy / by Helmut Wagner

Financial System Transition in Central Europe: The First Decade / by Thomas Reininger, Franz Schardax and Martin Summer

Italian Mutual Banks: Performance, Efficiency and Mergers and Acquisitions / by Juan Sergio Lopez, Alessandra Appennini, and Stefania P.R. Rossi & Roberto Di Salvo, Maria Carmela Mazzilis,and Andrea Guidi

Reflections on the Regulation of European Securities Markets / by Alexandre Lamfalussy

Investments in Painting: The interaction of monetary return and psychic income / by M.M.G. Fase

Company Financing, Capital Structure, and Ownership: A Survey, and Implications for Developing Economies / by Sanjiva Prasad, Christopher J. Green and Victor Murinde

Central Banking and the Choice of Currency Regime in Accession Countries / by Willem H. Buiter and Clemens Grafe

The Federal Reserve System Discussed: A Comparative Analysis / by M.M.G. Fase and W.F.V. Vanthoor

The Spanish Bank’s Strategy in Latin America / by Miguel Sebastian and Carmen Hernansanz

The New Capital Adequacy Framework - Institutional Constraints and Incentive Structures / by Cem Karacadag and Michael W. Taylor

Strengthening Financial Infrastructure Deposit Insurance and Lending of Last Resort / by Richard Dale; Franco Bruni and Christian de Boissieu

Emerging Stock Markets after the Crises / by Sarah Hewin, John Calverley and Kevin Grice

The New Economics of Banking / by David T. Llewellyn

Towards an Understanding of the Changing Structure of Financial Intermediation: An Evolutionary Theory of Institutional Survival / by Joseph Bisignano

Corporate Governance in Central and Eastern Europe: Transition management is a tough job / by Debora Revoltella and Peter R. Haiss & Gerhard Fink

Does Sweden Need a Mandatory Bid Rule? A Critical Analysis / by Rolf Skog

Governance of stakeholder relationships: The German and Dutch experience / by George M.M. Gelauff and Corina den Broeder