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SUERF Policy Notes and SUERF Policy Briefs

SUERF Policy Notes & Briefs offer accessible and concise, high-quality, authoritative and informed analysis on topical issues related to European money and finance. They make research by SUERF Member institutions and academic researchers available to the SUERF network and beyond. SUERF Policy Notes & Briefs are published weekly on the SUERF webpage.

To submit your findings to the SUERF Policy Note and Brief series please contact suerf@oenb.at.

Stay always up to date and subscribe to the monthly SUERF Policy Notes & Briefs Newsletter!


Date publishedSUERFIssueTitleAuthor(s)
Oct 2021Policy BriefNo 207The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital ControlsPhilippe Bacchetta, Rachel Cordonier, Ouarda Merrouche
Oct 2021Policy BriefNo 205Mind the promotional gap! Climate-related financial policies and institutional dynamicsMoritz Baer, Emanuele Campiglio, Jérôme Deyris
Oct 2021Policy BriefNo 203The reform of the EU’s fiscal governance framework in a new macroeconomic environmentMario Alloza, Javier Andrés, Pablo Burriel, Iván Kataryniuk, Javier J. Pérez, Juan Luis Vega
Oct 2021Policy BriefNo 202Revisiting the link between government debt and sovereign interest rates in the euro areaStéphanie Pamies, Nicolas Carnot, Anda Pătărău
Oct 2021Policy BriefNo 201Basel III implementation in the European UnionPablo Hernández de Cos
Oct 2021Policy BriefNo 193The effect of Eurosystem asset purchase programmes on euro area sovereign bond yields during the COVID-19 pandemicGeorge Hondroyiannis, Dimitrios Papaoikonomou
Sep 2021Policy BriefNo 190The Effects of Fiscal Policy when Planning Horizons are FiniteJoep Lustenhouwer, Kostas Mavromatis
Sep 2021Policy BriefNo 186Prudential responses to COVID-19 in G20 countries: a missed opportunity to enhance "green" financial policy and regulations?Paola D’Orazio
Sep 2021Policy BriefNo 185The grocery trolley race in times of Covid-19. Evidence from ItalyEmanuela Ciapanna, Gabriele Rovigatti
Sep 2021Policy BriefNo 184Frozen markets: Iceland’s experience with capital controlsFrancis Breedon, Thórarinn G. Pétursson, Paolo Vitale
Sep 2021Policy BriefNo 179The relevance of trade policy: Evidence from the 19th centuryJacopo Timini
Sep 2021Policy BriefNo 178Contagious ZombiesChristian Bittner, Falko Fecht, Co-Pierre Georg
Sep 2021Policy BriefNo 176Does the ECB’s monetary policy react to the balance of risks?Philippine Cour-Thimann, Alexander Jung
Sep 2021Policy BriefNo 172Central banks as bank supervisors: how does this double role affect their inflation outcomes?Vasco Gabriel, Ioannis Lazopoulos, Diana Lima
Sep 2021Policy BriefNo 171Curb your enthusiasm: the aggregate short-run effects of a borrower-based measureJoana Passinhas, Daniel Abreu
Aug 2021Policy BriefNo 167Limits of stress-test based bank regulationTirupam Goel, Isha Agarwal
Aug 2021Policy BriefNo 159On the Effectiveness of Macroprudential PolicyMiguel Ampudia, Marco Lo Duca, Mátyás Farkas, Gabriel Perez Quiros, Mara Pirovano, Gerhard Rünstler, Eugen Tereanu
Aug 2021Policy BriefNo 158Bank pricing of corporate loansMárcio Mateus, Tiago Pinheiro
Aug 2021Policy BriefNo 156More aware societies suffered less from Covid-19Alejandro Buesa, Javier J. Pérez, Daniel Santabárbara
Aug 2021Policy BriefNo 153What’s the Message? Interpreting Monetary Policy Through Central Bankers’ SpeechesMartin Feldkircher, Paul Hofmarcher, Pierre Siklos
Aug 2021Policy BriefNo 151No country is an island: International cooperation and climate changeMassimo Ferrari, Maria Sole Pagliari
Aug 2021Policy NoteNo 251Green Liquidity Moves MainstreamPatrick Drury Byrne, Sandeep Chana and Sylvain Broyer
Aug 2021Policy BriefNo 145It’s in the Tails: The Distributional Income Effects of Monetary PolicyNiklas Amberg, Thomas Jansson, Mathias Klein and Anna Rogantini Picco
Aug 2021Policy BriefNo 143The dynamics of macroeconomic downside riskBy Davide Delle Monache, Andrea De Polis and Ivan Petrella
Jul 2021Policy BriefNo 141Some warning signals about average inflation targetingSeppo Honkapohja, Nigel McClung
Jul 2021Policy BriefNo 137Euro area equity risk premia and monetary policyDaniel Kapp, Kristian Loft Kristiansen
Jul 2021Policy BriefNo 136What does “below, but close to, two per cent” mean? Assessing the ECB’s reaction function with real time dataMaritta Paloviita, Markus Haavio, Pirkka Jalasjoki, Juha Kilponen
Jul 2021Policy BriefNo 135Liquidity in the German corporate bond market: has the CSPP made a difference?Kathi Schlepper
Jul 2021Policy BriefNo 133Evidence of a macroeconomic reversal ratePaul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End
Jul 2021Policy BriefNo 131Investment funds, monetary policy, and the global financial cycleChristoph Kaufmann
Jul 2021Policy BriefNo 128Effects of a European Unemployment Benefit Scheme on consumption risk sharing and production efficiencyZeno Enders, David Vespermann
Jul 2021Policy BriefNo 127Women and Monetary PolicyPaola Profeta
Jul 2021Policy BriefNo 123Five stylized facts on the Great LockdownFrancesco Grigoli, Daniel Leigh, and Antonio Spilimbergo
Jul 2021Policy BriefNo 122Barriers to net zero: How firms can make or break the green transitionRalph De Haas, Ralf Martin, Mirabelle Muûls, Helena Schweiger
Jul 2021Policy BriefNo 121How climate protection adds to inflationJörg Krämer, Ralph Solveen
Jun 2021Policy BriefNo 118The reduction in homeownership rates for the youngGonzalo Paz-Pardo
Jun 2021Policy BriefNo 111A rising core lifts all basketsBruce Kasman, Joseph Lupton, Michael S Hanson
Jun 2021Policy BriefNo 109Quantifying bias and inaccuracy of upper-level aggregation in Harmonised Index of Consumer Prices for Germany and the euro areaBy Thomas Knetsch, Julika Herzberg , Patrick Schwind and Sebastian Weinand
Jun 2021Policy BriefNo 108Can central bank communication help to stabilise inflation expectations?Alexander Jung, Patrick Kuehl
Jun 2021Policy NoteNo 246Integrated policy frameworks: The constraints of policy horizons and adjustment frequenciesClaudio Borio and Piti Disyatat
Jun 2021Policy BriefNo 104The Economic Case for Global Vaccinations: An Epidemiological Model with International Production NetworksCem Çakmaklı, Selva Demiralp, Şebnem Kalemli-Özcan, Sevcan Yeşiltaş, Muhammed A. Yıldırım
Jun 2021Policy BriefNo 103A bigger house at the cost of an empty fridge? The effect of households’ indebtedness on their consumption: Micro-evidence using Belgian HFCS dataPhilip Du Caju, Guillaume Périlleux, François Rycx, Ilan Tojerow
Jun 2021Policy NoteNo 245A technical toolkit to monitor a pandemic outbreak from a central bank perspectiveAlexie Alupoaiei, Csaba Bálint, Matei Kubinschi
Jun 2021Policy NoteNo 243What does research say about the effects of central bank balance sheet policies?Paola Di Casola
May 2021Policy BriefNo 98Detecting turning point in the Danish economy in real time – nowcasting in Danmarks Nationalbank during the covid-19 crisisJesper Pedersen
May 2021Policy BriefNo 97Stress-Testing Net Trading Income: The Case of European BanksCarla Giglio, Frances Shaw, Nicolas Syrichas and Giuseppe Cappelletti
May 2021Policy BriefNo 95A digital euro to meet the expectations of EuropeansFabio Panetta
May 2021Policy BriefNo 94Climate risks and collateral: a methodological experimentPierre-François Weber, Bünyamin Erkan, Antoine Oustry, Romain Svartzman
May 2021Policy BriefNo 93Set-up costs and the financing of young firmsFrançois Derrien, Jean-Stéphane Mésonnier, Guillaume Vuillemey
May 2021Policy NoteNo 238Monetary and Fiscal Policy: Privileged powers, entwined responsibilitiesClaudio Borio and Piti Disyatat
May 2021Policy BriefNo 90SPACs (special purpose acquisition companies)Mario Hübler, Jakob Hanzl, Christoph Prenner
May 2021Policy NoteNo 234Building-back-better after the Covid-19 crisis in Europe: The twin transition and divergenceMarco Buti, István P. Székely
Apr 2021Policy BriefNo 83Zero Covid: fewer deaths and much less contraction in GDPCécile Philippe, Nicolas Marques
Apr 2021Policy NoteNo 232The Macroeconomics of Covid-19 LeverageThéophile Jégard, Simon Ray
Apr 2021Policy BriefNo 76The Impact of COVID-19 on European BanksShekhar Aiyar, Mai Chi Dao, Andreas A. Jobst, Aiko Mineshima, Srobona Mitra, Mahmood Pradhan
Apr 2021Policy BriefNo 72Uncertainty Is Not an Excuse. Integrating Climate Risks into Monetary Policy Operations and Financial SupervisionJulia Anna Bingler, Chiara Colesanti Senni, Pierre Monnin
Apr 2021Policy NoteNo 231The challenges to the banking sector a year after the outbreak of the COVID-19 pandemicPablo Hernández de Cos
Apr 2021Policy BriefNo 65EMU deepening and sovereign debt spreads: using political space to achieve policy spaceIván Kataryniuk, Víctor Mora-Bajén, Javier J. Pérez
Apr 2021Policy NoteNo 230Immovable property: where, why and how should it be taxed?Doris Prammer
Apr 2021Policy BriefNo 62The way forward for EU-wide stress testsPedro Duarte Neves
Mar 2021Policy BriefNo 60EU – US: Towards renewed transatlantic cooperation?Maartje Wijffelaars, Philip Marey
Mar 2021Policy BriefNo 59Whatever it takes to save the planet? Central banks and unconventional green policyAlessandro Ferrari, Valerio Nispi Landi
Mar 2021Policy BriefNo 58Next Generation EU: can we do better?Lorenzo Codogno, Paul van den Noord
Mar 2021Policy NoteNo 228CBDC: Where is the unique selling proposition?Peter Bofinger,Thomas Haas
Mar 2021Policy BriefNo 55Debt cancellation by the ECB: Does it make a difference?Paul de Grauwe
Mar 2021Policy BriefNo 54Are lower bank capital requirements an efficient policy tool for supporting credit to SMEs?Michel Dietsch, Henri Fraisse, Mathias Lé, Sandrine Lecarpentier
Feb 2021Policy BriefNo 51Digital technologies: a source of a productivity rebound?Gilbert Cette, Sandra Nevoux, Loriane Py
Feb 2021Policy NoteNo 225Sharing Economy in the Financial Industry: A Platform Approach towards Sharing in Regulatory Reporting using the Shapley ValueAaron Janowski, Moritz Plenk, Mirko Haselwander
Feb 2021Policy NoteNo 224Vaccination delay to cost Europe EUR90bn in 2021Ludovic Subran, Ana Boata, Patrick Krizan, Katharina Utermöhl
Feb 2021Policy BriefNo 47Banking Across Borders: Are Chinese Banks Different?Eugenio Cerutti, Catherine Koch, Swapan-Kumar Pradhan
Feb 2021Policy NoteNo 221The future of data collection & data management: Agile RegOps for digitalizing the regulatory value chainMartina Drvar, Johannes Turner, Maciej Piechocki, Eric Stiegeler, Daniel Münch
Feb 2021Policy BriefNo 43Nowcasting world GDP growth with high-frequency dataCaroline Jardet, Baptiste Meunier
Jan 2021Policy NoteNo 220Is the 100% Reserve Reform Finally Getting Topical?Christian Pfister
Jan 2021Policy NoteNo 219Buffer usability and potential stigma effectsStefan W. Schmitz, Viola Nellessen, Michaela Posch, Peter Strobl
Jan 2021Policy NoteNo 218Interest rate-growth differentials on government debt: an empirical investigation for the euro areaCristina Checherita-Westphal and João Domingues Semeano
Dec 2020Policy BriefNo 39Thriving in a post-pandemic worldDebora Revoltella, Pedro de Lima
Dec 2020Policy BriefNo 38Limits of the MarketPaul De Grauwe
Dec 2020Policy NoteNo 211Preparing for a higher inflation regimeElga Bartsch, Jean Boivin, Philipp Hildebrand
Nov 2020Policy BriefNo 37In Support of Monetary Policy: Using the Countercyclical Capital Buffer to Avoid a Reversal Interest RateMatthieu Darracq Pariès, Christoffer Kok, Matthias Rottner
Nov 2020Policy NoteNo 205Retail CBDC Remuneration: The Sign MattersChristian Pfister
Nov 2020Policy NoteNo 204Lessons from the Swedish anti-corona strategyLieven Noppe
Oct 2020Policy NoteNo 202Policy revolutionElga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Oct 2020Policy BriefNo 33Update of the European Fiscal Monitor (September 2020)Willem-Pieter de Groen, Inna Oliinyk
Oct 2020Policy BriefNo 31Monitoring economic activity in times of Covid-19: moving up to higher frequencyBarbara Castelletti, Marie Delorme, Pavel Diev, Yannick Kalantzis, Antoine Lalliard, Matteo Mogliani
Oct 2020Policy NoteNo 197The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation RevivalC.A.E. Goodhart, Manoj Pradhan
Sep 2020Policy BriefNo 30Can we expect the economy to rebound rapidly?Stéphane Dupraz
Sep 2020Policy BriefNo 29A Journey through the Monetary Cyber WorldChristian Pfister
Sep 2020Policy NoteNo 194Home- and host-country prudential regulation and spillovers in dollar creditStefan Avdjiev, Bryan Hardy, Patrick McGuire, Goetz von Peter
Sep 2020Policy NoteNo 193Inclusive payments for the post-pandemic worldRaphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth
Aug 2020Policy NoteNo 187Measuring Regulatory ComplexityJean-Edouard Colliard, Co-Pierre Georg
Aug 2020Policy BriefNo 24The big debt surgeRalph Solveen
Aug 2020Policy BriefNo 23Eurozone in times of Covid-19: Debt monetisation by stealthPeter Vanden Houte
Jul 2020Policy NoteNo 185The Macroeconomic Impact of NPLs in Euro Area CountriesIvan Huljak, Reiner Martin, Diego Moccero, Cosimo Pancaro
Jul 2020Policy NoteNo 184Special Update of the European Fiscal MonitorWillem-Pieter de Groen, Inna Oliinyk, Sander van Veldhuizen
Jul 2020Policy NoteNo 183Retail Central Bank Digital Currencies: means of payment vs store of valueSantiago Fernández de Lis, Pablo Urbiola
Jul 2020Policy BriefNo 18The liquidity trap, monetary policy and the health crisisStéphane Lhuissier
Jul 2020Policy NoteNo 181A sensible fiscal policy for the sharp rise in government debtForrest Capie, Meyrick Chapman, Chris Marsh, Geoffrey Wood
Jun 2020Policy NoteNo 179The need for a new financial architecture after CORONA, an opinionFreddy Van den Spiegel
Jun 2020Policy NoteNo 175Towards a wider international role for the euroFrancesco Papadia, Konstantinos Efstathiou
Jun 2020Policy NoteNo 173A first look at fiscal dynamics in the Euro area after COVID-19: the case for a shift in the fiscal governance systemMarco Protopapa
Jun 2020Policy BriefNo 15There is nothing magic in central bank moneyJean Barthélemy, Adrian Penalver
May 2020Policy NoteNo 172Does the EU convergence machine still work and how will the Covid-19 crisis impact it?Patrick Bisciari, Dennis Essers, Evelien Vincent
May 2020Policy NoteNo 171US dollar funding markets during the Covid-19 crisis – the international dimensionEgemen Eren, Andreas Schrimpf, Vladyslav Sushko
May 2020Policy NoteNo 170International inflation co-movementsPhilip R. Lane
May 2020Policy NoteNo 167Services are the next – and fast approaching – frontier of global trade and financial services is a sector leading the wayRobert Koopman
May 2020Policy BriefNo 9ECB needs to finance Corona budget deficitsPaul De Grauwe
May 2020Policy NoteNo 162How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term contextElga Bartsch, Jean Boivin, Philipp Hildebrand
May 2020Policy BriefNo 5An EU Recovery Fund: How to square the circle?Kajus Hagelstam, Alice Zoppè, Cristina Sofia Dias
Apr 2020Policy NoteNo 159Embedded supervision: how to build regulation into Libra 2.0 and the token economyRaphael Auer
Apr 2020Policy BriefNo 3What central banks have done to help the economy survive Covid-19Florens Odendahl, Adrian Penalver, and Urszula Szczerbowicz
Apr 2020Policy BriefNo 2Politics and Economics of Global CurrenciesPaul De Grauwe
Apr 2020Policy NoteNo 156Navigation tools in the semi-normal corona eraAndy Langenkamp
Apr 2020Policy NoteNo 150How deep will it fall? Comparing the euro area recessions of 2020 and 2009Andreas Breitenfellner, Paul Ramskogler
Apr 2020Policy NoteNo 149A diverse monetary union creates invisible transfers that justify conditional solidarityEnrico Perotti and Oscar Soons
Apr 2020Policy NoteNo 146The European Deposit Insurance Scheme: Economic Rationale, Issues and Policy SolutionsEttore Panetti
Mar 2020Policy NoteNo 143Central Bank Digital Currency: A PrimerChristian Pfister
Mar 2020Policy NoteNo 139Capital Regulations and the Management of Credit Commitments during Crisis TimesPaul Pelzl, María Teresa Valderrama
Mar 2020Policy NoteNo 137R-star decline and monetary hysteresisPhurichai Rungcharoenkitkul
Feb 2020Policy NoteNo 130European Banking Consolidation: Can a view to the past inform current policy efforts?Peter Hahn
Jan 2020Policy NoteNo 126Bank resolution, the need to recognize reality in order to prepare for the next crisisJesper Berg, Henrik Bjerre-Nielsen
Nov 2019Policy NoteNo 115Putting macroprudential policy to work: a case study on the Dutch housing marketPaul Hilbers, Marco van Hengel
Oct 2019Policy NoteNo 107Tackling non-performing loans in EuropePeter Grasmann, Markus Aspegren, Nicolas Willems
Oct 2019Policy NoteNo 105Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Sep 2019Policy NoteNo 103Non-banks in the EU: ensuring a smooth transition to a Capital Markets UnionFatima Pires
Aug 2019Policy NoteNo 92Beliefs and Portfolios: New Measurement and FactsStefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus
Jul 2019Policy NoteNo 86Regulatory complexity and the quest for robust regulationPrasanna Gai, Malcolm Kemp, Antonio Sánchez Serrano, Isabel Schnabel
Jul 2019Policy NoteNo 84Main findings from a survey on the long-term impact of Brexit on the UK and EU economiesPatrick Bisciari
Jun 2019Policy NoteNo 77Thoughts for a third EU Referendum: Revoke Article 50 OR Leave with “a” dealGraham Bishop
Jun 2019Policy NoteNo 76Chinese foreign investment: a dangerous obsession or a new normal? Get ready for the latter!Peter Havlik
May 2019Policy NoteNo 74The future of the UK services trade post-Brexit: unlikely to be brightOlga Pindyuk
Mar 2019Policy NoteNo 62Market power: a complex realityPeter Praet
Mar 2019Policy NoteNo 60Fiscal RulesVitor Gaspar, David Amaglobeli
Feb 2019Policy NoteNo 57Creating an enabling environment for innovation and digitalisationDebora Revoltella, Tim Bending, Christoph Weiss, Philipp-Bastian Brutscher
Feb 2019Policy NoteNo 55Europe needs reforms for inclusive growth. Do Europeans agree?Pier Carlo Padoan
Jan 2019Policy NoteNo 53The output cost of the global financial crisis: A reappraisal after ten yearsDavid Turner, Patrice Ollivaud
Nov 2018Policy NoteNo 48Trends and Cycles in Financial IntermediationPhilip R. Lane
Oct 2018Policy NoteNo 45A plea for a paradigm shift in financial decision-making in the age of climate change and disruptive technologiesAngela Köppl, Sigrid Stagl
Oct 2018Policy NoteNo 44A Financial Union for the Euro AreaPoul M. Thomsen
Oct 2018Policy NoteNo 43A Green Supporting Factor — The Right Policy?Jacob Dankert, Lars van Doorn, Henk Jan Reinders, Olaf Sleijpen
Sep 2018Policy NoteNo 41Central banks should reflect climate risks in monetary policy operationsPierre Monnin
Aug 2018Policy NoteNo 4021st century cash: Central banking, technological innovation and digital currenciesFabio Panetta
Jul 2018Policy NoteNo 39Green bond finance and certificationTorsten Ehlers, Frank Packer
Jun 2018Policy NoteNo 38The future for central bank balance sheets and their potential use as a macroprudential toolPaul Fisher
Jun 2018Policy NoteNo 36Temporary Eurobill Fund (TEF): 30 FAQsGraham Bishop
May 2018Policy NoteNo 33Populism and Central Bank IndependenceDonato Masciandaro, Francesco Passarelli
Apr 2018Policy NoteNo 31Opportunities and challenges for banking regulation and supervision in the digital ageJosé Manuel González-Páramo
Mar 2018Policy NoteNo 29European Monetary Union reform preferences of French and German parliamentariansSebastian Blesse, Pierre C. Boyer, Friedrich Heinemann, Eckhard Janeba, Anasuya Raj
Mar 2018Policy NoteNo 28Credit conditions and corporate investment in EuropeLaurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher
Jan 2018Policy NoteNo 25The New Silk Road: Implications for EuropeStephan Barisitz, Alice Radzyner
Jan 2018Policy NoteNo 23The occasional importance of the current account in an era of a global savings glutJesper Berg, Steffen Lind
Nov 2017Policy NoteNo 20Recent developments in Chinese shadow bankingMichael Chui, Christian Upper
Jul 2017Policy NoteNo 14Banks or platforms: The digital futurePatricia Jackson
Jun 2017Policy NoteNo 13The political economy of central banking in the digital ageSir Paul Tucker
Apr 2016Policy NoteNo 5Some seeming paradoxes or interesting points of Russia’s economy and banking sectorStephan Barisitz
Feb 2016Policy NoteNo 4Gender diversity and monetary policyDonato Masciandaro, Paola Profeta, Davide Romelli
Sep 2015Policy NoteNo 1What is money and who says so?Peter R. Fisher

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