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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. 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.

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Date publishedSUERFIssueTitleAuthor(s)
Nov 2023Policy BriefNo 748Monetary policy rules: model uncertainty meets design limitsAlexander Dück, Fabio Verona
Nov 2023Policy NoteNo 328Central banks’ endgame: a new policy paradigmMahmood Pradhan, Lorenzo Portelli, Tristan Perrier
Nov 2023Policy BriefNo 734Macroprudential stance assessment: problems of measurement and literature reviewTihana Škrinjarić
Nov 2023Policy BriefNo 732Quantitative easing, accounting and prudential frameworks, and bank lendingAndrea Orame, Rodney Ramcharan, Roberto Robatto
Nov 2023Policy NoteNo 327Protect the Safe Core: Restating the Central Bank MandateEnrico Perotti
Nov 2023Policy BriefNo 728Firm leverage and the low-carbon transition in EuropeOlimpia Carradori, Margherita Giuzio, Sujit Kapadia, Dilyara Salakhova, Katia Vozian
Nov 2023Policy BriefNo 726How would banks respond to central bank digital currency?Barbara Meller, Oscar Soons
Nov 2023Policy BriefNo 725Do firms listen when the ECB speaks? The impact of monetary policy shocks on firms’ bank loan expectationsAnnalisa Ferrando, Caterina Forti Grazzini
Nov 2023Policy BriefNo 723Analysis of CBDC Narrative by Central Banks using Large Language ModelsAndrés Alonso Robisco, José Manuel Carbó
Nov 2023Policy NoteNo 326Shrinking the Eurosystem’s footprint without offshoring the euroRobert N McCauley
Nov 2023Policy BriefNo 717The role of demand and supply factors during a period of high inflation – the case of IrelandThomas Conefrey, Darragh McLaughlin
Nov 2023Policy BriefNo 716Who Needs an e-Yuan?Christian Pfister, Nicolas de Sèze
Nov 2023Policy BriefNo 715Is cash losing its role as store of value?Carl Andreas Claussen, Björn Segendorf, Franz Seitz
Oct 2023Policy BriefNo 702A two-tier system of minimum reserve requirements by De Grauwe and Ji (2023): A closer lookClaudia Kwapil
Oct 2023Policy BriefNo 701How supply shocks drive disagreement in monetary policyCarlos Madeira, Joao Madeira, Paulo Santos Monteiro
Oct 2023Policy BriefNo 697On the Origins of the Federal Reserve System and Its StructureOwen F. Humpage
Oct 2023Policy NoteNo 324Money and inflationIsabel Schnabel
Oct 2023Policy BriefNo 695Including Carbon Taxation Risk in Deutsche Bundesbank’s In-house Credit Assessment System (ICAS): An Empirical AnalysisJustus Grundmann, Laura Auria
Oct 2023Policy BriefNo 694The external financial spillovers of CBDCsAlessandro Moro, Valerio Nispi Landi
Oct 2023Policy BriefNo 691Identifying the security lending channel in a central bank’s asset purchase program: a case of Bank of Japan’s ETF purchasesMitsuru Katagiri, Junnosuke Shino, Koji Takahashi
Sep 2023Policy NoteNo 322Central Banks: Firefighters or Pyromaniacs in Recent Crises?Marc-Olivier Strauss-Kahn
Sep 2023Policy BriefNo 679The current Polycrisis versus the Global Financial CrisisMarc-Olivier Strauss-Kahn
Sep 2023Policy BriefNo 676Cash plays a key role for various groups at riskCarin van der Cruijsen, Jelmer Reijerink
Aug 2023Policy BriefNo 668Fifty Shades of QE RevisitedMartin Weale, Tomasz Wieladek
Aug 2023Policy BriefNo 667Fifty shades of QE: Robust evidenceBrian Fabo, Martina Jancokova, Elisabeth Kempf, Lubos Pastor
Aug 2023Policy BriefNo 665The Economics of Public Policy Leaks: New Evidence from Central BankingMichael Ehrmann, Phillipp Gnan, Kilian Rieder
Aug 2023Policy BriefNo 664Too Low for Too Long: Could Extended Periods of Ultra-Easy Monetary Policy Have Harmful Effects?Etibar Jafarov, Enrico Minnella
Aug 2023Policy BriefNo 655Building Central Bank Credibility: The Role of Forecast PerformanceMichael McMahon, Ryan Rholes
Aug 2023Policy BriefNo 649Do non-banks need access to the lender-of-last-resort? Evidence from fund runsJohannes Breckenfelder, Marie Hoerova
Jul 2023Policy BriefNo 646CBDC and business cycle dynamics in a New Monetarist New Keynesian modelKatrin Assenmacher, Lea Bitter, Annukka Ristiniemi
Jul 2023Policy BriefNo 642House price expectations and inflation expectations: Evidence from survey dataVedanta Dhamija, Ricardo Nunes, Roshni Tara
Jul 2023Policy BriefNo 6342020s vs 1970s: echoes, not a replayMonica Defend, Vincent Mortier
Jul 2023Policy BriefNo 630Identifying financial fragmentation in the euro areaJan Kakes, Jan Willem van den End
Jun 2023Policy BriefNo 614After the crypto-winter, the spring of crypto-assets regulation and supervisionDenis Beau
Jun 2023Policy BriefNo 609The effects of negative interest rates on bank market power: implications for euro area banks’ lending channel and stabilityYener Altunbas, Giuseppe Avignone, Christoffer Kok, Cosimo Pancaro
Jun 2023Policy NoteNo 312Empowering central bank money for a digital futureMartin Diehl, Constantin Drott
Jun 2023Policy BriefNo 600Navigating the Tightrope: Balancing Financial Stability and Inflation in the Age of Persistent Financial Cycles and CrisesThore Kockerols, Erling Motzfeldt Kravik, Yasin Mimir
Jun 2023Policy BriefNo 599Measuring the Temporal Dimension of Text: An Application to Policymaker SpeechesDavid Byrne, Robert Goodhead, Michael McMahon, Conor Parle
May 2023Policy BriefNo 598Do hawks sit on stronger branches? Central banks’ equity and policy reactionsMarcel Barmeier, André Casalis
May 2023Policy BriefNo 596Reforming the Monetary System for the Digital AgeBurkhard Drees, Sunil Sharma
May 2023Policy NoteNo 311Getting up from the floorClaudio Borio
May 2023Policy BriefNo 587CBDC Policies in Open EconomiesMichael Kumhof, Marco Pinchetti, Phurichai Rungcharoenkitkul, Andrej Sokol
May 2023Policy BriefNo 585Does IFRS 9 increase banks’ resilience?Arndt Kund, Daniel Rugilo
May 2023Policy BriefNo 581On the Macroeconomic Effects of Reinvestments in Asset Purchase ProgrammesRafael Gerke, Daniel Kienzler, Alexander Scheer
May 2023Policy BriefNo 578The effectiveness of green collateral policy as an instrument of climate policyFrancesco Giovanardi, Matthias Kaldorf, Lucas Radke, Florian Wicknig
May 2023Policy NoteNo 310Monetary and fiscal policies as anchors of trust and stabilityAgustín Carstens
Apr 2023Policy NoteNo 309The Digital Euro (CBDC) as a Monetary Anchor of the Financial SystemPeter Bofinger, Thomas Haas
Apr 2023Policy NoteNo 307Back to normal? Balance sheet size and interest rate controlIsabel Schnabel
Apr 2023Policy BriefNo 562Loose Monetary Policy and Financial InstabilityMaximilian Grimm, Òscar Jordà, Moritz Schularick, Alan M. Taylor
Mar 2023Policy NoteNo 305Climate stress tests: Are banks fit for the green transition?Ursula Walther
Mar 2023Policy BriefNo 545Is the ECB Monetary Tightening Effective? The Role of Bank Funding and Asset StructureMatjaž Volk
Mar 2023Policy BriefNo 541Climate Risks in Albania and their Relevance to the Central BankMargerita Topalli, Pierre Monnin
Mar 2023Policy BriefNo 540The Determinants of Cash Holdings: The case of FranceFranz Seitz, Lucas Devigne, Raymond de Pastor
Mar 2023Policy NoteNo 304Should central banks raise inflation targets?Ernest Gnan, Robert Holzmann
Feb 2023Policy BriefNo 527Central Bank digital currencies in Africa: catching upEnrique Alberola, Ilaria Mattei
Feb 2023Policy BriefNo 525FX intervention to stabilize or manipulate the exchange rate? Inference from profitabilityDamiano Sandri
Feb 2023Policy BriefNo 524Highly Dispersed inflation rates challenge the ECB’s monetary policy strategyThomas Url
Feb 2023Policy BriefNo 523Into the Universe of Unconventional Monetary Policy: State-dependence, Interaction and ComplementaritiesAndrejs Zlobins
Feb 2023Policy BriefNo 522Macroprudential FX Regulations: Sacrificing Small Firms for Stability?María Alejandra Amado
Jan 2023Policy BriefNo 511Eurozone Government Bond Spreads: A Tale of Different ECB Policy RegimesSylvester C W Eijffinger, Mary Pieterse-Bloem
Jan 2023Policy BriefNo 508Bank Competition and Bargaining over RefinancingMarina Emiris, François Koulischer, Christophe Spaenjers
Jan 2023Policy BriefNo 502Latent Fragility: Conditioning Banks’ Joint Probability of Default on the Financial CyclePaul Bochmann, Paul Hiebert, Yves Schüler, Miguel Segoviano
Jan 2023Policy BriefNo 500The use of the Eurosystem’s monetary policy instruments and its monetary policy implementation framework in 2020 and 2021Marco Corsi, Yvo Mudde
Dec 2022Policy NoteNo 294A modern credit guidance regime for the green transitionKatie Kedward, Daniela Gabor, Josh Ryan-Collins
Dec 2022Policy BriefNo 496New Frontiers in Monetary Policy Communication: Discovering Central Bank TweetingDonato Masciandaro, Oana Peia, Davide Romelli
Dec 2022Policy BriefNo 495Asset Purchases and Sovereign Risk Premia in the Euro Area during the PandemicRobert Blotevogel, Gergely Hudecz, Elisabetta Vangelista
Dec 2022Policy BriefNo 481Should central banks be involved in historical research?Ivo Maes
Dec 2022Policy BriefNo 480Quantitative forward guidance through interest rate projectionsBoris Hofmann, Dora Xia
Nov 2022Policy BriefNo 467A tale of three crises: synergies between ECB tasksKarin Hobelsberger, Christoffer Kok, Francesco Paolo Mongelli
Nov 2022Policy BriefNo 462Disclosure of climate change risks in credit ratingsMiriam Breitenstein, Stefania Ciummo, Florian Walch
Nov 2022Policy BriefNo 460Demystifying wholesale central bank digital currencyFabio Panetta
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 451Towards the holy grail of cross-border payments; the interlinking solutionUlrich Bindseil, George Pantelopoulos
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
Sep 2022Policy BriefNo 432Objectified Housing Sales and Rent Prices in Representative Household Surveys: the Impact on Macroeconomic StatisticsM. Denisa Naidin, Sofie R. Waltl, Michael H. Ziegelmeyer
Sep 2022Policy BriefNo 431Consumer Inflation Expectations and Regional Price ChangesTomasz Łyziak, Michael Pedersen, Ewa Stanisławska
Sep 2022Policy BriefNo 430Central bank capitalPaul Wessels, Dirk Broeders
Sep 2022Policy BriefNo 429Liquidity Coverage Ratios and Monetary Policy Credit in the time of CoronaViktoriya Gocheva, Yvo Mudde, Jens Tapking
Sep 2022Policy BriefNo 419Was globalization just a little thing in the process of inflation? Juhana Hukkinen, Matti Viren
Sep 2022Policy BriefNo 415How much foreign currency must a central bank buy to implement a minimum exchange rate? Estimation using the Swiss National Bank as an exampleMarkus Hertrich
Sep 2022Policy BriefNo 414The effects of Monetary Policy on Capital Flows: A Meta-AnalysisMauricio Villamizar-Villegas, Lucía Arango-Lozano, Geraldine Castelblanco-Arias, Nicolás Fajardo-Baquero, María A. Ruiz-Sánchez
Aug 2022Policy NoteNo 286The optimal quantity of CBDC in the euro areaLorenzo Burlon, Carlos Montes-Galdón, Manuel A. Muñoz, Frank Smets
Aug 2022Policy BriefNo 406Sustainable 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
Aug 2022Policy BriefNo 398Central Banking and Climate Change Policies: It is not Always a Positive Sum GameDonato Masciandaro, Riccardo Russo
Jul 2022Policy BriefNo 383Measuring the engagement in climate-related financial policymaking: the climate-related financial policy indexPaola D’Orazio
Jul 2022Policy BriefNo 382What Should the Inflation Target Be? Views from 600 EconomistsGene Ambrocio, Andrea Ferrero, Esa Jokivuolle, Kim Ristolainen
Jul 2022Policy BriefNo 372Toward a green economy: the role of central bank’s asset purchasesAlessandro Ferrari, Valerio Nispi Landi
Jul 2022Policy BriefNo 370Too little too late: ECB’s normalisation path was model- rather than data-drivenDaniel Gros, Farzaneh Shamsfakhr
Jul 2022Policy BriefNo 366Firm-level expectations and macroeconomic conditions: underpinnings and disagreementMonique Reid, Pierre Siklos
Jun 2022Policy BriefNo 351Currency demand at negative interest ratesEdoardo Rainone
Jun 2022Policy NoteNo 280Should the ECB consider issuing its own securities?Wim Boonstra, Bas van Geffen
May 2022Policy NoteNo 279Who comes after us? The correct mindset for designing a Central Bank Digital CurrencyAntoine d’Aligny, Emmanuel Benoist, Florian Dold, Christian Grothoff, Özgür Kesim, Martin Schanzenbach
May 2022Policy NoteNo 277What business model for the Digital Euro? Lessons from Brazil and SwitzerlandPeter Bofinger, Thomas Haas
May 2022Policy NoteNo 276More than an intellectual game: Exploring the monetary policy and financial stability implications of central bank digital currenciesFabio Panetta
May 2022Policy BriefNo 327Under Pressure: Credibility of Monetary PolicyAntoine Camous, Dmitry Matveev
May 2022Policy BriefNo 326The impact of QE on sovereign riskDirk Broeders, Leo de Haan, Jan Willem van den End
Apr 2022Policy NoteNo 273The return of inflationAgustín Carstens
Apr 2022Policy BriefNo 309The low-carbon transition, climate commitments and firm credit riskSante Carbone, Margherita Giuzio, Sujit Kapadia, Johannes Sebastian Krämer, Ken Nyholm, Katia Vozian
Mar 2022Policy NoteNo 271Financial stability and crypto-assetsPablo Hernández de Cos
Mar 2022Policy BriefNo 301Is the ECB applying lessons from the past?Anselm Küsters
Mar 2022Policy BriefNo 297Central banks’ in-house credit assessment systems – supporting the Eurosystem’s response to the pandemic and its climate change action planAviram Levy, Florian Resch, Anna Maria Rossi, Stephan Sauer
Mar 2022Policy BriefNo 296The political economy of reforms in central bank designDavide Romelli
Mar 2022Policy NoteNo 268Crisis-tested Europe – Solidarity with Ukraine spurs European identityHeinz Handler
Feb 2022Policy BriefNo 278The Political Phillips Curve in the Euro Area: Parliamentary Voice on ECB Monetary PolicyFederico M. Ferrara, Donato Masciandaro, Manuela Moschella, Davide Romelli
Feb 2022Policy BriefNo 276The COVID Non-Performing Loan ’Tsunami’ that Never Happened and How to Avoid it NowReiner Martin, Piroska Nagy-Mohacsi, Elina Ribakova, Jonathan M. Fortun Vargas
Feb 2022Policy BriefNo 275The effectiveness of ECB euro liquidity lines: spillovers and spillbacksSilvia Albrizio, Iván Kataryniuk, Luis Molina, Jan Schäfer
Jan 2022Policy BriefNo 265Has the Impact of the ECB’s Asset Purchases Diminished Over Time?Andrejs Zlobins
Jan 2022Policy BriefNo 260Credit Constrained Firms and Government Subsidies: Evidence from a European Union ProgramTirupam Goel, Péter Lang, Eszter Balogh, Ádám Banai, Martin Stancsics, Előd Takáts, Álmos Telegdy
Jan 2022Policy NoteNo 263Monetary Policy in a World of Radical UncertaintyMervyn King
Dec 2021Policy BriefNo 254What explains the emergence and diffusion of climate-related financial policies in G20 countries?Paola D’Orazio
Oct 2021Policy BriefNo 209The one trillion euro CBDC: Issuing a digital euro without disrupting the bank lending channelPaolo Fegatelli
Oct 2021Policy BriefNo 197How to Design a CBDC? Remuneration, Collateral Haircuts and Quantity ConstraintsKatrin Assenmacher, Aleksander Berentsen, Claus Brand, Nora Lamersdorf
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 NoteNo 255Navigating by r*: safe or hazardous?Claudio Borio
Sep 2021Policy BriefNo 178Contagious ZombiesChristian Bittner, Falko Fecht, Co-Pierre Georg
Sep 2021Policy NoteNo 253Raising r*: Why, how, and if not now, when?Robert Holzmann, Maria T. Valderrama
Sep 2021Policy BriefNo 175The Liquidity of the Government Bond Market – What Impact Does Quantitative Easing Have? Evidence from SwedenMarianna Blix Grimaldi, Alberto Crosta, Dong Zhang
Aug 2021Policy NoteNo 250Roads for the future: Central Bank Digital Currency (CBDC) and Innovative PaymentsFrançois Villeroy de Galhau
Jul 2021Policy BriefNo 141Some warning signals about average inflation targetingSeppo Honkapohja, Nigel McClung
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 NoteNo 249Gender, women economic concerns and monetary policy decision-makingSylvie Goulard
Jul 2021Policy NoteNo 248The Future of BitcoinWim Boonstra
Jun 2021Policy BriefNo 115Understanding the financial risks of nature loss: exploring policy options for financial authoritiesKatie Kedward, Josh Ryan-Collins, Hugues Chenet
Jun 2021Policy BriefNo 114How to issue a privacy-preserving central bank digital currencyChristian Grothoff, Thomas Moser
Jun 2021Policy BriefNo 105Monetary policy space and monetary policy strategies for the euro areaMarkus Haavio, Olli-Matti Laine
Jun 2021Policy NoteNo 243What does research say about the effects of central bank balance sheet policies?Paola Di Casola
May 2021Policy NoteNo 241Digital Disruption: The Inevitable Rise of CBDCChetan Ahya, Derrick Kam, Julian Richers
May 2021Policy BriefNo 91Low Interest Rates and the Distribution of Household DebtMarina Emiris, François Koulischer
May 2021Policy NoteNo 239How to prevent a too restrictive fiscal policy in Europe?Wim Boonstra
May 2021Policy NoteNo 238Monetary and Fiscal Policy: Privileged powers, entwined responsibilitiesClaudio Borio and Piti Disyatat
May 2021Policy BriefNo 84Data sharing for better policy makingClaudia Buch
May 2021Policy NoteNo 235Negative Interest Rate Policy – The Experience So FarLuis Brandao Marques, Marco Casiraghi, Gaston Gelos, Gunes Kamber, Roland Meeks
Apr 2021Policy BriefNo 71CESEE’s Macroprudential Policy Response to Covid-19Markus Eller, Reiner Martin, Lukas Vashold
Apr 2021Policy NoteNo 231The challenges to the banking sector a year after the outbreak of the COVID-19 pandemicPablo Hernández de Cos
Mar 2021Policy BriefNo 59Whatever it takes to save the planet? Central banks and unconventional green policyAlessandro Ferrari, Valerio Nispi Landi
Mar 2021Policy NoteNo 228CBDC: Where is the unique selling proposition?Peter Bofinger,Thomas Haas
Mar 2021Policy NoteNo 226Greening the UK financial system – a fit for purpose approachYannis Dafermos, Daniela Gabor, Maria Nikolaidi, Frank van Lerven
Feb 2021Policy NoteNo 223Bank stress tests: their philosophy and their use by prudential authorities during the Covid-19 crisisValère Fourel, Julien Idier, Valerio Scalone, Aurore Schilte
Feb 2021Policy NoteNo 222A pragmatic solution for the liquidity in resolution problemMatthias Gruber, Stefan W. Schmitz
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
Jan 2021Policy NoteNo 220Is the 100% Reserve Reform Finally Getting Topical?Christian Pfister
Jan 2021Policy NoteNo 216Capital Buffer Assignments to Other Systemically Important Institutions in the Euro area – Is the Country Heterogeneity in the EU caused by Regulatory Capture?Michael Sigmund
Dec 2020Policy NoteNo 214Is 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
Dec 2020Policy NoteNo 211Preparing for a higher inflation regimeElga Bartsch, Jean Boivin, Philipp Hildebrand
Nov 2020Policy NoteNo 205Retail CBDC Remuneration: The Sign MattersChristian Pfister
Oct 2020Policy NoteNo 201Central banks’ response to the “tragedy on the horizon”François Villeroy de Galhau
Oct 2020Policy NoteNo 200Finding the Right “Hall of Mirrors”: The Mixed Blessings of Lessons from the Past for Shaping a Post-COVID FutureRobert Holzmann
Oct 2020Policy NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Sep 2020Policy NoteNo 196The Eurosystem collateral framework in 2018 and 2019Marco Corsi, Benjamin Hartung, Viktoriya Gocheva
Sep 2020Policy BriefNo 29A Journey through the Monetary Cyber WorldChristian Pfister
Sep 2020Policy NoteNo 192A rule-based monetary strategy for the European Central Bank: a call for monetary stabilityJuan E. Castañeda
Aug 2020Policy NoteNo 190Finland and monetary policy through three crisesTuomas Välimäki and Meri Obstbaum
Jul 2020Policy NoteNo 183Retail Central Bank Digital Currencies: means of payment vs store of valueSantiago Fernández de Lis, Pablo Urbiola
Jul 2020Policy NoteNo 182Europe’s answer to Libra – potential and prerequisites of a programmable euroAndreas Krautscheid, Tobias Tenner, Siegfried Utzig
Jun 2020Policy NoteNo 179The need for a new financial architecture after CORONA, an opinionFreddy Van den Spiegel
Jun 2020Policy BriefNo 15There is nothing magic in central bank moneyJean Barthélemy, Adrian Penalver
May 2020Policy BriefNo 12An ECB digital currency – a flight of fancy?Yves Mersch
May 2020Policy NoteNo 165Monetary policy implications of digital currenciesKatrin Assenmacher
May 2020Policy NoteNo 164Can we compare the COVID-19 and 2008 crises?Marc-Olivier Strauss-Kahn
May 2020Policy NoteNo 161Shh, don’t say it! ECB Helicopter Money: Economics and PoliticsDonato Masciandaro
Apr 2020Policy NoteNo 148Reflections on the health and financial crisisJacques de Larosière
Apr 2020Policy NoteNo 147Does It Fit? Tweeting on Monetary Policy and Central Bank CommunicationDonato Masciandaro, Davide Romelli, Gaia Rubera
Mar 2020Policy NoteNo 143Central Bank Digital Currency: A PrimerChristian Pfister
Mar 2020Policy NoteNo 137R-star decline and monetary hysteresisPhurichai Rungcharoenkitkul
Feb 2020Policy NoteNo 131Populism, Economic Policies and Central Banking: an OverviewErnest Gnan, Donato Masciandaro
Feb 2020Policy NoteNo 129How Could Central Bank Digital Currencies Be Designed?Itai Agur, Anil Ari, Giovanni Dell’Ariccia
Jan 2020Policy NoteNo 127Europe’s role in the global financial systemLuis de Guindos
Jan 2020Policy NoteNo 125Should central banks also be supervisors: a political economy perspectiveDonato Masciandaro
Jan 2020Policy NoteNo 122TCFD: strengthening the foundations of sustainable financeMark Carney
Jan 2020Policy NoteNo 121The quest for policy scope: Implications for monetary policy strategiesKlaas Knot
Dec 2019Policy NoteNo 119Central bank independence and inflationRyszard Kokoszczyński, Joanna Mackiewicz-Łyziak
Nov 2019Policy NoteNo 117Euro Area Fiscal Policy: The Factual, the Possible and the SurprisingDaniele Antonucci
Nov 2019Policy NoteNo 116Following “Libra” German banks say: The economy needs a programmable digital euroAndreas Krautscheid, Tobias Tenner, Siegfried Utzig
Nov 2019Policy NoteNo 112Inflation In The Eurozone Is Dead. Long Live (The Right Kind Of) InflationSylvain Broyer
Oct 2019Policy NoteNo 109The rise of central banks as sovereign debt holders: Implications for investor basesAlvise Lennkh, Bernhard Bartels, Thibault Vasse
Oct 2019Policy NoteNo 105Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Jun 2019Policy NoteNo 78Central banks are too risk averse as investorsMassimiliano Castelli, Stefan Gerlach
Apr 2019Policy NoteNo 67What is „Modern Money Theory“ (MMT)?Beat Weber
Mar 2019Policy NoteNo 61Beyond voluntary disclosure: why a ‘market-shaping’ approach to financial regulation is needed to meet the challenge of climate changeJosh Ryan-Collins
Feb 2019Policy NoteNo 58Disintermediation and re-intermediation effects of the CSPPÓscar Arce, Ricardo Gimeno, Sergio Mayordomo
Jan 2019Policy NoteNo 52Monetary Policy beyond normalizationMaria Demertzis
Aug 2018Policy NoteNo 4021st century cash: Central banking, technological innovation and digital currenciesFabio Panetta
May 2018Policy NoteNo 33Populism and Central Bank IndependenceDonato Masciandaro, Francesco Passarelli
Feb 2018Policy NoteNo 27Euro area quantitative easing: Large volumes, small impact?Daniel Gros
Dec 2016Policy NoteNo 9Two turbulent centuries: Lessons from Austria’s monetary policy, 1816-2016Ernest Gnan, Clemens Jobst
Nov 2016Policy NoteNo 8Doves, Hawks and Pigeons: Behavioral Monetary Policy MakingDonato Masciandaro
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
Dec 2015Policy NoteNo 3Cash without future? Future without cash? A wider viewChristian Beer, Urs W. Birchler, Ernest Gnan
Sep 2015Policy NoteNo 1What is money and who says so?Peter R. Fisher

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