• Linkedin
  • Twitter
  • Youtube

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. The views expressed are those of the author(s) and not necessarily those of the institution(s) the author(s) is/are affiliated with.

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

All SUERF Policy Notes & Briefs  are available in PDF format.

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


Date publishedSUERFIssueTitleAuthor(s)
Sep 2023Policy BriefNo 676Cash plays a key role for various groups at riskCarin van der Cruijsen, Jelmer Reijerink
Aug 2023Policy BriefNo 671An Analysis of Business Cycle Fluctuations in Slovenia and the Euro AreaJan Radovan
Aug 2023Policy BriefNo 670How to Design Carbon Pricing Under Financial Constraints? Revisiting Pigouvian Taxation when Borrowers are “Too Levered for Pigou”Robin Döttling, Magdalena Rola-Janicka
Aug 2023Policy BriefNo 667Fifty shades of QE: Robust evidenceBrian Fabo, Martina Jancokova, Elisabeth Kempf, Lubos Pastor
Aug 2023Policy BriefNo 648 European bank performance – as good as it gets, despite recent wobbles?Jan Schildbach
Jul 2023Policy BriefNo 641Exploring the informational role of inflated credit ratingsAnna Bayona, Oana Peia, Razvan Vlahu
Jul 2023Policy BriefNo 636A proposal for the European Green Transition via Significant Risk Transfer SecuritisationsFernando Gonzalez, Giuliano Giovannetti
Jul 2023Policy NoteNo 315Privatization Effects on Central and Eastern European Enterprises: An Empirical Framework from a Bibliometric AnalysisMargerita Topalli, Silvester Ivanaj
Jul 2023Policy BriefNo 630Identifying financial fragmentation in the euro areaJan Kakes, Jan Willem van den End
Jul 2023Policy BriefNo 626Macroprudential policy in the high inflation environment: Sailing uncharted watersCarsten Detken, Ján Klacso, Reiner Martin
Jun 2023Policy BriefNo 610Climate change risks and the energy and emission allowances market – An analysis based on EMIR dataMerel Vrolijk, Ellen van der Woerd, Elisabeth de Vogel
May 2023Policy BriefNo 578The effectiveness of green collateral policy as an instrument of climate policyFrancesco Giovanardi, Matthias Kaldorf, Lucas Radke, Florian Wicknig
Apr 2023Policy BriefNo 572House prices and ultra-low interest rates: Exploring the non-linear nexusDaniel Dieckelmann, Hannah S. Hempell, Barbara Jarmulska, Jan Hannes Lang, Marek Rusnák
Apr 2023Policy BriefNo 571Has the euro changeover really caused extra inflation in Croatia?Matteo Falagiarda, Christine Gartner, Ivan Mužić, Andreja Pufnik
Apr 2023Policy BriefNo 563Regulators as Risk Managers: Macroprudential Policy through a Risk Management LensDaniel Dimitrov, Sweder van Wijnbergen
Mar 2023Policy BriefNo 538How does offshoring shape labour market imperfections? A comparative analysis of Belgian and Dutch firmsSabien Dobbelaere, Catherine Fuss, Mark Vancauteren
Mar 2023Policy NoteNo 303Energy shocks and corporate performance, the case of CroatiaIvan Huljak
Feb 2023Policy BriefNo 529The effects of monetary policy across fiscal regimesRoben Kloosterman, Dennis Bonam, Koen van der Veer
Feb 2023Policy BriefNo 522Macroprudential FX Regulations: Sacrificing Small Firms for Stability?María Alejandra Amado
Feb 2023Policy NoteNo 299Convergence in GDP per capita in the euro area and the EU at the time of COVID-19Mirko Licchetta, Giovanni Mattozz
Feb 2023Policy NoteNo 297Risk reduction vs risk sharing: A sticking point in the ongoing review of the EU fiscal framework?Martin Larch, Matthias Busse, Mateja Gabrijelcic, Laszlo Jankovics, Janis Malzubris
Feb 2023Policy BriefNo 514Fund Flow Externalities Under the MicroscopeDaniel Fricke, Stephan Jank, Hannes Wilke
Dec 2022Policy BriefNo 495Asset Purchases and Sovereign Risk Premia in the Euro Area during the PandemicRobert Blotevogel, Gergely Hudecz, Elisabetta Vangelista
Dec 2022Policy BriefNo 494Introducing Green Bank Equity to fund the low-carbon transitionAaron Janowski
Dec 2022Policy BriefNo 490Systemic Bank Runs: How a Misallocation of Liquidity May Trigger a Solvency CrisisLukas Altermatt, Hugo van Buggenum, Lukas Voellmy
Nov 2022Policy BriefNo 461Dual interest rates and the transmission of monetary policyFrancesca Barbiero, Lorenzo Burlon, Maria Dimou, Jan Toczynski
Nov 2022Policy BriefNo 459Central Bank Communication with the General Public: Challenging, Yet WorthwhileAlan S. Blinder, Michael Ehrmann, Jakob de Haan, David-Jan Jansen
Oct 2022Policy BriefNo 447Does the European Central Bank speak differently when in parliament? A comparative textual analysis of the European Central Bank’s speeches in the European Parliament and in press conferencesNicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet, Eric Persson
Oct 2022Policy BriefNo 444How do central bank lending operations interact with equity offering announcements?Massimo Giuliodori, Jan Kakes, Dimitris Mokas
Oct 2022Policy BriefNo 443Transition Versus Physical Climate Risk Pricing in European Financial Markets: A Text-Based ApproachGiovanna Bua, Daniel Kapp, Federico Ramella, Lavinia Rognone
Oct 2022Policy BriefNo 442New insights into inequality and wealth in the euro areaJanina Engel, Pau Gayà Riera, Joseph Grilli, Pierre Sola
Sep 2022Policy BriefNo 423Country biases in equity portfolios are less pronounced and less irrational than one might thinkMartijn Boermans, Ian Cooper, Piet Sercu, Rosanne Vanpée
Sep 2022Policy BriefNo 417Friendshoring: Who will benefit? Michael Every, Erik-Jan van Harn
Sep 2022Policy BriefNo 409A model of system-wide stress simulation: market-based finance and the COVID-19 event Giovanni di Iasio, Giulio Nicoletti, Nicholas Vause
Sep 2022Policy BriefNo 407Household inflation expectations react to high euro area inflationGabriele Galati, Richhild Moessner, Maarten van Rooij
Aug 2022Policy BriefNo 397Unbalanced macroeconomic risks over the business cycleMartin Iseringhausen, Ivan Petrella, Konstantinos Theodoridis
Jun 2022Policy BriefNo 359Scarring effects of major economic downturns: The role of fiscal policy and government investmentMartin Larch, Peter Claeys, Wouter van der Wielen
Jun 2022Policy BriefNo 353How Bad Can Financial Crises Be? A GDP Tail Risk Assessment for PortugalIvan De Lorenzo Buratta, Marina Feliciano, Duarte Maia
Jun 2022Policy BriefNo 341Economic adjustment in the euro area and the United States during the COVID-19 crisisMirko Licchetta, Giovanni Mattozzi, Rafal Raciborski, Rupert Willis
Jun 2022Policy NoteNo 280Should the ECB consider issuing its own securities?Wim Boonstra, Bas van Geffen
May 2022Policy BriefNo 339Does own wealth and wealth of others matter for life satisfaction?Antje Jantsch, Julia Le Blanc,Tobias Schmidt
May 2022Policy BriefNo 332Analysis of ESG disclosures in Pillar 3 reports. A text mining approachAngel Iván Moreno, Teresa Caminero García
May 2022Policy BriefNo 328Ideology and Monetary Policy: The role of political parties’ stances in the ECB’s parliamentary hearingsNicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet, Eric Persson
May 2022Policy BriefNo 326The impact of QE on sovereign riskDirk Broeders, Leo de Haan, Jan Willem van den End
Apr 2022Policy BriefNo 318How do carbon prices spillover along global production networks?Ivan Frankovic
Apr 2022Policy BriefNo 310Insurers’ investments before and after the COVID-19 outbreakFederico Apicella, Raffaele Gallo, Giovanni Guazzarotti
Mar 2022Policy BriefNo 298Covid-19 government subsidies and their implications for pandemic labour productivityTommaso Bighelli, Tibor Lalinsky, Juuso Vanhala
Mar 2022Policy BriefNo 290Should monetary finance remain taboo?Itai Agur, Damien Capelle, Giovanni Dell’Ariccia, Damiano Sandri
Mar 2022Policy NoteNo 267Towards a single operational indicator in the SGP – A look at the properties of the current expenditure benchmarkNicholai Benalal, Maximilian Freier, Wim Melyn, Stefan Van Parys, Lukas Reiss
Feb 2022Policy BriefNo 275The effectiveness of ECB euro liquidity lines: spillovers and spillbacksSilvia Albrizio, Iván Kataryniuk, Luis Molina, Jan Schäfer
Feb 2022Policy BriefNo 271Including inflation expectations helps to improve inflation forecasts of econometric modelsMarta Bańbura, Danilo Leiva-León, Jan-Oliver Menz
Jan 2022Policy BriefNo 267Pledge or pretext? Lessons from the Fiscal CompactMartin Larch, Matthias Busse, László Jankovics
Jan 2022Policy BriefNo 256Operating leverage and its importance during the Covid-19 pandemicKatharina Allinger, Ivan Huljak
Jan 2022Policy BriefNo 255Climate actions and macro-financial stability: The role of central banksFrancesca Diluiso, Barbara Annicchiarico, Matthias Kalkuhl, Jan. C. Minx
Dec 2021Policy BriefNo 246Public trust only partly immune to COVID-19 pandemicCarin van der Cruijsen, Jakob de Haan, Nicole Jonker
Dec 2021Policy BriefNo 236How to steer interest rates in negative territory? An analysis of reserve tiering and interbank market activityLucas Marc Fuhrer, Matthias Jüttner, Jan Wrampelmeyer, Matthias Zwicker
Nov 2021Policy BriefNo 234Optimism is bad for fiscal outcomesMartin Larch, Janis Malzubris, Matthias Busse
Nov 2021Policy BriefNo 222Central Bank Digital Currencies, Crypto Currencies, and Anonymity: Economics and ExperimentsEmanuele Borgonovo, Stefano Caselli, Alessandra Cillo, Donato Masciandaro, Giovanni Rabitti
Oct 2021Policy BriefNo 206Cost-Benefit Analysis of Borrower-Based Measures in SlovakiaMartin Cesnak, Ján Klacso, Roman Vasiľ
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 198Why did the pass-through from labor cost to price inflation decline in the US?Elena Bobeica, Matteo Ciccarelli, Isabel Vansteenkiste
Oct 2021Policy BriefNo 196Negative interest rates and the erosion of banks’ interest marginsJorien Freriks, Jan Kakes
Sep 2021Policy NoteNo 254Fiscal-Monetary Crosswinds in the Euro AreaLucrezia Reichlin, Giovanni Ricco, Matthieu Tarbé
Sep 2021Policy BriefNo 170Pension funds’ portfolio choices and investment beliefsDirk Broeders, Kristy Jansen
Aug 2021Policy BriefNo 168Monetary Gold and Central Bank CapitalKenneth Sullivan
Aug 2021Policy BriefNo 163Heterogeneous firm-level impact and responses to the COVID-19 crisisAlejandro Fernández-Cerezo, Beatriz González, Mario Izquierdo, Enrique Moral-Benito
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 156More aware societies suffered less from Covid-19Alejandro Buesa, Javier J. Pérez, Daniel Santabárbara
Aug 2021Policy BriefNo 150Digital euro has potential in the NetherlandsMichiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink
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 133Evidence of a macroeconomic reversal ratePaul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End
Jul 2021Policy BriefNo 130How well are consumers’ inflation expectations anchored to the ECB’s inflation aim?Gabriele Galati, Richhild Moessner, Maarten van Rooij
Jul 2021Policy BriefNo 129Nearshoring Perspectives after COVID-19: Can Western Balkans Benefit?Branimir Jovanovic, Mahdi Ghodsi
Jul 2021Policy BriefNo 124Global Financial Uncertainty: Does it Matter for the Global Business Cycle?Giovanni Caggiano, Efrem Castelnuovo
Jul 2021Policy BriefNo 120What is the true resilience of our financial systems to climate change with the buffers we currently have?Alejandro Díaz de León
Jun 2021Policy BriefNo 106What consumption habits tell us about the joint dynamics of government bond yields and stock prices internationallyThomas Nitschka, Shajivan Satkurunathan
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 65EMU deepening and sovereign debt spreads: using political space to achieve policy spaceIván Kataryniuk, Víctor Mora-Bajén, Javier J. Pérez
Mar 2021Policy BriefNo 58Next Generation EU: can we do better?Lorenzo Codogno, Paul van den Noord
Mar 2021Policy BriefNo 56On the Origin of Systemic RiskMattia Montagna, Giovanni Covi, Gabriele Torri
Mar 2021Policy NoteNo 226Greening the UK financial system – a fit for purpose approachYannis Dafermos, Daniela Gabor, Maria Nikolaidi, Frank van Lerven
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
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
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
Jun 2020Policy NoteNo 179The need for a new financial architecture after CORONA, an opinionFreddy Van den Spiegel
May 2020Policy NoteNo 168Cross-border consolidation in the European banking sector: between dreams and realityJan Van Hove
Apr 2020Policy NoteNo 152European banks in the corona crisisJan Schildbach
Feb 2020Policy NoteNo 135Cost-Efficiency and Productivity of euro area banksIvan Huljak, Reiner Martin, Diego Moccero
Feb 2020Policy NoteNo 129How Could Central Bank Digital Currencies Be Designed?Itai Agur, Anil Ari, Giovanni Dell’Ariccia
Nov 2019Policy NoteNo 115Putting macroprudential policy to work: a case study on the Dutch housing marketPaul Hilbers, Marco van Hengel
Dec 2018Policy NoteNo 49Bank business models: time to actRudi Vander Vennet
Oct 2018Policy NoteNo 43A Green Supporting Factor — The Right Policy?Jacob Dankert, Lars van Doorn, Henk Jan Reinders, Olaf Sleijpen
May 2018Policy NoteNo 34Modern financial repression in the euro area crisis: making high public debt sustainable?Ad van Riet
Mar 2018Policy NoteNo 29European Monetary Union reform preferences of French and German parliamentariansSebastian Blesse, Pierre C. Boyer, Friedrich Heinemann, Eckhard Janeba, Anasuya Raj

© SUERF - The European Money and Finance Forum 2010-2018 .:. Société Universitaire Européenne de Recherches Financières

Privacy Policy .:. Legal notice

Design by draganmarkovic.net